SBI Singapore fixed deposit rates (March 2024)
Tenure | Interest rate (p.a.) |
12 months | 3.20% |
In March 2024, SBI is offering an attractive interest rate of 3.20% p.a. for 12-month tenures. You'll need to make a minimum deposit of S$50,000.
Sing Investments & Finance LTD (SIF) Fixed Deposit Rates (March 2024)
Tenure | Interest rate (p.a.) |
3 months | 3.00% |
6 months | 3.05% |
12 months | 3.05% |
If you haven't heard of Sing Investments & Finance, it's time to get acquainted with their name if you're looking to grow your cash.
For a limited time, they offer a competitive interest rate of 3.05% p.a. for 6- and 12-month tenures with a minimum deposit of S$10,000.
Standard Chartered Fixed Deposit Rates (March 2024)
Priority Private Banking | Priority Banking | Promotional | |
Interest rate | 3.20% p.a. | 3.10% p.a. | 3.00% p.a. |
Tenure | 6 months | 6 months | 6 months |
Minimum deposit amount | S$25,000 | S$25,000 | S$25,000 |
For fresh funds deposits, Standard Chartered's Priority Private banking clients enjoy the highest interest rate of 3.20% p.a. for their fixed deposits with a 6-month tenure.
For the same duration, SCB priority banking customers enjoy 3.10% p.a. while personal banking customers can earn 3.00% p.a. for fresh deposits placed from 1 March to 31 March 2024.
Regardless of your banking tier, the minimum deposit is S$25,000. If you're looking for tenures longer than nine months, Standard Chartered only offers tenures of nine months and above to existing time deposits that are on auto-rollover. It's currently not available for new placements.
UOB Fixed Deposit Rates (March 2024)
Tenor | Deposit amount (fresh funds) | Promotional interest rate (p.a) |
6-month | S$10,000 | 3.00% |
10-month | S$10,000 to S$49,999 S$50,000 and above |
2.70% 2.90% |
12-month | S$10,000 | 2.90% |
For March, UOB's promotional fixed deposit rate has been revised to 3.00% p.a. for a 6-month tenure, with a minimum deposit of S$10,000. The promotional period is from 1 March to 30 March 2024.
What are the pros and cons of using fixed deposits?
Before you go hunting for the best fixed deposit rate in Singapore, do keep in mind both the benefits and pitfalls of keeping your money in fixed deposits.
Fixed deposits aside, other low-risk products you can consider include: Singapore Savings Bonds, fixed-income products, savings accounts, endowment plans, insurance savings plans and cash management accounts.
However, with low risk also comes low returns.
If you're looking to grow your wealth, you can instead consider investing in a globally diversified portfolio offered by robo-advisors, or do it yourself by purchasing securities using a brokerage account.
Fixed deposits vs Singapore Savings Bonds (SSBs): Which is better?
Another popular low-risk investment product you can find in Singapore is the Singapore Savings Bonds (SSB).
Both fixed deposits and SSBs require you to invest a fixed amount of cash, for a predetermined period of time in order to earn returns.
For fixed deposits, the tenure can range from one month to three years. For SSBs, you earn higher interest only in the later years — this encourages applicants to hold on to their SSBs for the entire ten-year duration.
What is it: SSBs are a type of Singapore Government Securities (SGS) issued and backed by the Singapore government. At issuance, interest rates for the entire 10-year term are fixed and locked in for each issue. This interest rate differs with every month’s issue and is fixed based on the average SGS yields the month before.
SSBs allow you to earn step-up interest on your savings. The interest rate starts low, increasing every year until Year 10. The longer you hold onto your SSB, the more interest you receive. Interest is paid every six months and will be automatically credited into the bank account that is linked to your CDP Securities account.
Supplementary Retirement Scheme (SRS) investors can also use their SRS funds to invest in SSBs.
Read more about fixed-income products such as SSBs.
This month's SSB rates:
Source: MAS
Like fixed deposits, the interest returns for SSBs will differ each month.
Pros of Singapore Savings Bonds (SSBs) | Cons of Singapore Savings Bonds (SSBs) |
Risk-free, fully backed by the government of Singapore. | Low interest rates, with higher interest rates only earned towards the end of the 10 years |
Low minimum amount of S$500 required | Up to S$200,000 per individual |
High liquidity. You can withdraw your money at any time, with no penalties. You will, however, lose out on the higher interest rates in the later years. | SSB interest rates change every month for every issuance |
Can use your SRS funds to purchase SSBs | Transaction fee of S$2 charged for each application and redemption request |
However, the current low interest rates have made both savings types less attractive, with insurance savings plans and cash management accounts growing in popularity by offering higher rates of returns.
Fixed deposits vs savings accounts: Which to choose?
Besides fixed deposits and SSBs, you can also consider savings accounts to keep your cash liquid. These savings accounts can earn an interest rate of up to 7.88% p.a. However, many of these accounts require you to jump through hoops to earn the higher interest rates.
What is it: Savings accounts allow you to earn interest on the money you keep in the account. With yields of up to 7.88% p.a., how much interest you earn depends on the conditions of the savings account.
Some savings accounts, such as the CIMB FastSaver, do not set any conditions to earn interest, apart from you keeping your money in the account.
Other accounts, such as the DBS Multiplier, OCBC 360 and UOB One, make you work for your money. These high-yield savings accounts have a level-up criteria such as crediting your salary, spending on one of the bank's credit cards, purchasing insurance or investment products, or taking up a loan to earn higher interest rates.
Current rates: Savings accounts have more unpredictability. Over the past year, the interest rates of savings accounts have seen downward revisions. Unlike fixed deposits or SSBs where the interest rate you earn over the months and years is set in stone from the start, savings accounts can see changes on short notice.
Earn higher interest on your savings with that Citi Plus Account that goes beyond a regular savings account.
Here's an overview of the interest rates you can potentially get with the various banks in Singapore.
Savings account
|
Maximum interest rate (p.a.)
|
Bank of China Smart$aver
|
7.00%
|
3.50%
|
|
Citi Interest Booster
|
4.00%
|
4.10%
|
|
GXS Savings Account
|
2.68%
|
Maybank Save Up
|
4.00%
|
7.65%
|
|
RHB High Yield Savings Account
|
7.00%
|
Standard Chartered Bonus$aver
|
7.88%
|
Trust Savings Account
|
2.50% |
7.80%
|
|
UOB Stash Account
|
5.00%
|
Again, do keep in mind that many of these savings accounts have multiple criteria for you to earn higher interest.
Pros of savings accounts | Cons of savings accounts |
Higher interest rates than fixed deposits and SSBs | Might have to jump through hoops to earn higher interest |
High liquidity. Money can be put in and taken out anytime. | Interest rates subject to change anytime, although banks tend to give a few weeks notice before the change |
No minimum period required to earn interest. You earn interest every day the money is in the account. | Could incur fall-below fees or early account closure fees |
Frequently Asked Questions about fixed deposits
How can I get the maximum returns from a fixed deposit?
Fixed deposit interest rates are dependent on the tenure of the fixed deposit. To get the highest possible interest rate on offer, you'll have to look at the tenure the bank is offering and whether you're comfortable with that tenure for your fixed deposit.
Promotional fixed deposit interest rates could also have higher minimum deposits required, such as S$10,000 or S$20,000. You'll need to be willing to deposit that amount for that specific tenure in order to enjoy those interest rates.
Can I withdraw my fixed deposit before the tenure is up?
Yes, you can withdraw your fixed deposit before the tenure is up. However, you will likely lose any interest returns that you have earned. Other terms and conditions may also apply depending on the bank policies.
Can I top up a fixed deposit account?
Unlike a savings account, you can't top up your fixed deposit. When you open a fixed deposit account, the sum of money you put into the account stays there until the end of the fixed deposit tenure.
If you want to put more money into a fixed deposit, what you can do instead is open another fixed deposit account. Keep in mind that the interest rates for the new fixed deposit account could differ based on the bank's current promotion.
What are the requirements to open a fixed deposit account?
If you are an existing account holder, you will have to log in to the bank's internet banking platform to open a fixed deposit. If you do not have an existing account with the bank, you might be required to open an account. This would require the following:
- Front and back of your NRIC (for Singaporeans / PRs)
- Passport and Employment Pass (for foreigners)
- Proof of residential address
How do I apply for a fixed deposit account?
You can apply for a fixed deposit with any bank in Singapore. Upon application, you will have to transfer your funds into the fixed deposit account to start earning interest on your money.
Do keep in mind that promotional fixed deposit rates typically also require your deposits to be fresh funds. This means that it can't be money you're transferring from a savings account (with the same bank) to the fixed deposit.
Are fixed deposits taxable in Singapore?
No, the interest received from deposits with approved banks or licensed finance companies in Singapore is not taxable.
Can foreigners open fixed deposits in Singapore?
Yes. If you are a foreigner, you will need your passport, proof of address, and an Employment Pass/Dependent Pass/S Pass/Student Pass or Long-Term Visit Pass, whichever is applicable.
Can I open a fixed deposit using foreign currency?
Yes, besides Singapore dollar deposits, you can also put your foreign currencies in fixed deposits. Many banks offer fixed deposits for common foreign currencies like the US dollar, Australian dollar, Euro, and British pound sterling. You might even find higher fixed deposit interest rates for foreign currency deposits!
Check the fine print for terms and conditions related to conversion fees or auto-renewal clauses and remember to shop around for the best promotional rate before locking in your savings.
Why should I open a fixed deposit account?
Fixed deposit interest rates are generally low and promotional rates often come with a higher minimum deposit requirement.
However, there are situations when opening a fixed deposit account could be an attractive option:
- You're sitting on a considerable amount of cash that is earning a meagre 0.05% p.a. in an ordinary savings account.
- You want a virtually risk-free investment option. Even if something happens to the bank, your deposits and interest earned are still protected (up to S$75,000 thanks to the SDIC).
- You want regular cash flow. Interest payments are paid out regularly at quarterly or annual intervals.
- You need liquidity in your investments. A partial or full withdrawal of fixed deposits can be done at any time so your cash remains liquid. However, you might lose out on any interest to be paid if the money is withdrawn before the fixed deposit reaches full maturity.
Other low-risk, low-returns products include:
- Singapore Savings Bonds
- Fixed-income products
- Savings accounts
- Endowment plans
- Insurance savings plans
- Cash management accounts
If you're looking to truly grow your money, look away from fixed deposits and towards investing. One way to start is with a robo-advisor that offers a well-diversified portfolio tailored to your investment goals and risk appetite.
When's the best time to open a fixed deposit account?
Fixed deposit rates are highly dependent on the current interest rate environment. In today's low interest rate environment, you can expect fixed deposits to have lower interest rates, similar to how savings accounts have also been lowering the interest you can earn in the account.
So unless you're sitting on a mountain of idle cash, it's best to wait for an attractive promotional rate from the bank before committing (banks typically change their rates monthly). In general, such interest rates can range from 0.6% to 1.5% p.a., but higher interest rates could also come with higher minimum deposit requirements.
As with all financial decisions, you should also consider the opportunity costs. In the case of fixed deposits, consider that the money could have been invested in higher yield investment products, or spent on some form of appreciating asset.
Remember, once your money is deposited, it is locked in until the fixed deposit hits maturity (unless you're willing to forgo any interest you've earned by withdrawing early).
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