Low Risk, Capital Guaranteed Options: Best Fixed Deposit Rate Singapore (September 2021)
There’re a lot of places to park your money.
And sometimes, you just have a huge amount of money lying around that you don’t really wanna risk investing.
After all, there’s no such thing as a guarantee when it comes to investments… So what’s the safest option?
Fixed deposits (or Time deposits as some banks would like to call them)
Fixed Deposits are an extremely low-risk way to grow your money without losing your capital.
It is where you can leave your money, forget about it, and come back later to collect the interest – a suitable investment product for those with low-risk appetites.
So which bank offers the best fixed deposit rate in Singapore?
TL;DR: Best Fixed Deposit Rate in Singapore (September 2021)?
| Banks | Tenor (Months) | Minimum Amount | Rate | Valid Till |
|---|---|---|---|---|
| CIMB | 24 | $10,000 & above | 0.80% | 30 Sept 2021 |
| Hong Leong Finance | 36 | $20,000 & above | 0.65% | Further notice |
| RHB Bank | 24 - 36 | $200,000 & above | 0.65% | Further notice |
| ICBC | 12 | $500 | 0.60% | Further notice |
| DBS | 8 | $1,000 - $19,999 | 0.60% | Further notice |
| Maybank | 36 | $1,000 - $999,999 | 0.60% | Further notice |
| OCBC | 36 | $5,000 - $20,000 | 0.50% | Further notice |
| UOB | 10 | $20,000 & above | 0.50% | 30 Sept 2021 |
Do note that rates are subject to change without prior notice. Information is accurate as of 6 September 2021.
For this summary table, we have picked the fixed deposits with the best rates that do not need you to be an existing customer.
Also, we have chosen the fixed deposits with a wide range of minimum deposit amounts as well.
Jump to individual banks:
- CIMB Fixed Deposit Rates
- Citibank Fixed Deposit Rates
- DBS Fixed Deposit Rates
- Hong Leong Fixed Deposit Rates
- HSBC Fixed Deposit Rates
- ICBC Fixed Deposit Rates
- Maybank Fixed Deposit Rates
- OCBC Fixed Deposit Rates
- Standard Chartered Fixed Deposit Rates
- RHB Fixed Deposit Rates
- UOB Fixed Deposit Rates
A few things to note about Fixed Deposit Rates:
- Fixed deposit interest rates listed here are promotional interest rates that change monthly. Some might not even have a specific expiry date.
- These rates are also often packaged as “welcome-offers” for new customers to the bank, although some banks like RHB offer better rates for existing customers who are renewing their fixed deposits
- Most of the time, the higher fixed deposit interest rates are only for a bank’s premium customers.
- Or if you have a huge amount of money, usually $20,000 and above, to commit.
- Higher fixed deposit interest rates are also available for foreign currencies (like USD) – you can consider this alternative if you, for some reason, have huge sums of foreign currency just lying around.
In this article, we listed both promotional and regular non-promotional board rates and compared them to find the best deal for you.
Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. Readers should always do their own due diligence and consider their financial goals before investing in any investment product.
What Is A Fixed Deposit Account?
Fixed deposits – also known as time deposit accounts – are financial instruments provided by banks that offer a higher interest rate than a regular savings account. The money, however, must stay in the account for a fixed period of time.
Pros And Cons Of Fixed Deposit
Advantages Of Fixed Deposit
Fixed deposit is popular among some Singaporeans due to a few reasons:
- Investors technically need not do anything except give up their liquidity for the additional interest rate
- Virtually risk-free: Up to $75,000 of the amount is insured by Singapore Deposit Insurance Corporation (SDIC)
- Guaranteed returns: By locking up an amount of money, it helps a certain group of people save better
- Tax-free interest: The interest you earn from your fixed deposit sum is exempted from tax in Singapore
Disadvantages Of Fixed Deposit
For the additional interest rate, parking your money into a fixed deposit has its cons too:
- Less flexibility: You’ll give up the liquidity of your savings for a fixed amount of time, in order to get the interest
- Early withdrawal fees: Withdrawing your money before the deposit reaches its maturity date will mean receiving less interest
- Minimum deposit amount required: Fixed deposit usually requires a minimum deposit amount of anywhere between $1,000 to $5,000
Why Even Consider Fixed Deposits?
I know what you’re thinking.
There’re so many financial instruments out there… why choose fixed deposits when you can only get so little back?
I mean, most fixed deposit board rates are usually under 1.00% p.a.
But given the low-interest-rate environment that we’re in.
Where banks are slashing the interest of their high-interest savings accounts (the ones which require you to credit your salary, spend a certain amount, and buy insurance or investment products).
It makes more sense to look at alternatives that don’t require you to do so much just to get so little. (If you’re keen on this, here are some alternative simple, low risk, capital guaranteed options.)
And should at least give you more than the paltry 0.05% that your regular savings accounts do.
In general, fixed deposits:
- are a low-risk investment
- are virtually risk-free and give guaranteed returns
- are fuss-free (no need to deposit fresh funds or buy insurance and investment products)
- can be a low-risk component of your investment portfolio
- pay you a fixed rate of interest (it doesn’t change once you’re locked in)
- pay an interest rate that is higher than a regular savings account (0.05% per annum)
Also… contrary to what many people think.
Fixed deposits are actually liquid.
Once you put your money in, you can withdraw your money anytime.
HOWEVER, there’s a catch.
Fixed deposits require a fixed commitment period.
Hence, there may be early withdrawal clauses that require you to pay a certain administrative fee.
And you might get paid less interest or lose it altogether if you withdraw your money before the maturity date.
So before you decide to squirrel money away in a fixed deposit account.
Make sure that you can afford to put it aside for the stipulated amount of time and be cautious of the early withdrawal clauses you are signing off on.
CIMB Fixed Deposit Promotion Interest Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Tenor (Months) PERSONAL BANKING
Online Promo Rate (% p.a.)
$10,000 & AbovePREFERRED BANKING
Online Promo Rate (% p.a.)
$10,000 & AboveValid Till
CIMB 12 0.65% 0.70% 30 Sept 2021
24 0.75% 0.80%
CIMB Fixed Deposit Interest Rates (September 2021)
Best Fixed Deposit Interest Rates
Tenor (Months) Deposit Amount (p.a.)
($1,000 - $99,999)Deposit Amount (p.a.)
($100,000 & above)Valid Till
CIMB 1* 0.20% 0.20% Further notice
2* 0.25% 0.30%
3 0.30% 0.35%
6 0.30% 0.35%
9 0.30% 0.35%
12 0.30% 0.35%
24 0.30% 0.35%
*Do note that a minimum placement of $5,000 is required.
Terms & Conditions:
- Rates are subject to change without prior notice.
Citibank Fixed Deposit Promotion Interest Rates (September 2021)
Currently, Citibank is not running any promotion for their fixed deposits.
Citibank Fixed Deposit Interest Rates (September 2021)
Best Fixed Deposit Interest Rates
Deposit Amount Tenor Interest Rate Valid Till
Citibank $10,000 - $3,000,000 1 Month 0.05% Further notice
$10,000 - $3,000,000 2 - 3 Months 0.08%
$10,000 - $3,000,000 6 - 36 Months 0.10%
Citibank is also offering time deposits with a minimum deposit amount of $10,000.
Terms & Conditions:
- Rates are subject to change without prior notice.
DBS Fixed Deposit Promotion Interest Rates (September 2021)
Currently, DBS is not running any promotion for their fixed deposits
DBS Fixed Deposit Interest Rates (September 2021)
Best Fixed Deposit Interest Rates
Tenor (Month) Interest Rate (p.a.)
$1,000 - $9,999Interest Rate (p.a.)
$10,000 - $19,999Interest Rate (p.a.)
$20,000 - $999,999
DBS 1 mth 0.05% 0.05% 0.05%
2 mths 0.05% 0.05% 0.05%
3 mths 0.15% 0.15% 0.05%
4 mths 0.15% 0.15% 0.05%
5 mths 0.15% 0.15% 0.05%
6 mths 0.20% 0.20% 0.05%
7 mths 0.40% 0.40% 0.05%
8 mths 0.60% 0.60% 0.05%
Only For Existing Users
9 mths 0.95% 0.95% 0.05%
10 mths 1.10% 1.10% 0.05%
11 mths 1.10% 1.10% 0.05%
12 mths 1.15% 1.15% 0.05%
18 mths 1.30% 1.30% 0.05%
24 mths 0.90% 0.90% 0.05%
36 mths 0.85% 0.85% 0.05%
48 mths 0.75% 0.75% 0.05%
60 mths 0.75% 0.75% 0.05%
Do note that DBS is only accepting new placements for tenors eight months and below. Also, interest rates for tenors of nine months and above are applicable only to rollover of existing placements at the same tenor.
Terms & Conditions:
- Rates are effective till further notice.
- Rates are subject to change without prior notice.
Hong Leong Finance Fixed Deposit Promotion Interest Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Deposit Amount Tenor (Months) Interest Rate Valid Till
Hong Leong Finance $20,000 and above 12 0.40% Further notice
24 0.60%
36 0.65%
Terms & Conditions:
- Valid till further notice.
Alternatively, here are Hong Leong’s regular FD interest rates:
Hong Leong Fixed Deposit Interest Rates (September 2021)
Best Fixed Deposit Interest Rates
Tenor (Month) Interest Rate (p.a.)
<= S$50,000*Interest Rate (p.a.)
> S$50,000
Hong Leong Finance 1 mth 0.05% 0.10%
2 mths 0.05% 0.10%
3 mths 0.10% 0.15%
4 mths 0.10% 0.15%
5 mths 0.10% 0.15%
6 mths 0.15% 0.20%
8 mths 0.15% 0.25%
9 mths 0.15% 0.30%
10 mths 0.15% 0.30%
12 mths 0.25% 0.35%
13 mths 0.25% 0.35%
15 mths 0.25% 0.40%
18 mths 0.30% 0.40%
24 mths 0.30% 0.45%
36 mths 0.30% 0.50%
If you are aged 55 and above and your placement of fixed deposit is for 12 months and above, you enjoy an additional 0.125% p.a.!
*Minimum placement sum for 1-month or 2-months deposits is S$10,000, and for longer terms, it’s S$500.
HSBC Fixed Deposit Promotion Interest Rates (September 2021)
Currently, HSBC is not running any promotion for their fixed deposits.
HSBC Fixed Interest Rates (September 2021)
Best Fixed Deposit Interest Rates
Deposit Amount Tenor
1 MonthTenor
3 MonthTenor
6 MonthTenor
12 MonthTenor
24 Month
HSBC Personal Banking $5,000 & above 0.05% p.a. 0.05% p.a. 0.10% p.a. 0.15% p.a. 0.25% p.a.*
HSBC Premier Banking $5,000 & above 0.05% p.a. 0.05% p.a. 0.10% p.a. 0.15% p.a. 0.25% p.a.*
HSBC Jade $5,000 & above 0.05% p.a. 0.05% p.a. 0.10% p.a. 0.15% p.a. 0.25% p.a.*
Terms & Conditions:
- *For the 24 Months SGD Time Deposit placement amount of $5,000 – $49,999, each customer will be limited to one placement per banking relationship.
- Valid until further notice.
ICBC Fixed Deposit Promotion Interest Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Tenor (months) Promotional Rates (For Fresh Funds) Promotional Rates (For Non Fresh Funds) Valid Till
ICBC SGD Fixed Deposit Over the Counter Via E-Banking - Further notice
$500 & above $500 & above $500 & above
1 0.15% 0.15% 0.15%
3 0.20% 0.25% 0.20%
6 0.25% 0.30% 0.25%
9 0.45% 0.50% 0.45%
12 0.55% 0.60% 0.55%
13 - 0.55%
24 - 0.55%
Terms & Conditions:
- Valid until further notice.
- Rates are subject to change without prior notice.
- Fixed deposits with tenors of 1 month, 3 months, 6 months, 9 months or 12 months will enjoy prevailing e-banking promotional rate upon maturity.
Maybank Fixed Deposit Promotion Interest Rates (September 2021)
Currently, Maybank is not running any promotion for their fixed deposits.
Maybank Fixed Deposit Interest Rates (September 2021)
Best Fixed Deposit Interest Rates
Deposit Amount Tenor (months) Interest Rate (p.a.) Valid Till
Maybank Singapore Dollar Time Deposit $1,000 and above 1* | 2 0.10% Further notice
3 0.20%
6 0.25%
9 | 12 0.35%
18 0.40%
24 0.50%
36 0.60%
Terms & Conditions:
- *Minimum deposit for 1 month is $10,000.
- Minimum age 16 years old.
- Initial deposit:
- $1,000 for tenures from two to 36 months
- $10,000 for 1-month tenure and Choice Date with flexible tenure
- $1,000,000 for a 1-week tenure, applicable only to corporate accounts
- Valid until further notice.
- Rates are subject to change without prior notice.
OCBC Fixed Deposit Promotion Interest Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Deposit Amount Tenor (months) Interest Rate (p.a.) Valid Till
OCBC SGD Time Deposit $20,000 & above 12 0.40% Further notice
Terms & Conditions:
- Above 18 years old who is a Singaporean, Singapore PR or foreigner with a valid pass.
- Valid until further notice.
- Rates are subject to change without prior notice.
- Promotion is not available for placements via Supplementary Retirement Scheme (SRS) funds and minimum placement of $20,000 for the promotion required.
- Minimum placement of $5,000 for normal fixed deposit.
OCBC Fixed Deposit Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Deposit Amount Tenor (months) Interest Rate (p.a.) Valid Till
OCBC SGD Time Deposit $5,000 - $999,999 1 - 2
0.05% Further notice
3 - 5
0.05%
6 - 8
0.10%
9 - 12
0.10%
13 - 14
0.15%
15 - 24
0.20%
$5,000 - $20,000 36 0.50%
$20,000 - $999,000 0.20%
$5,000 - $20,000 48 0.70%
$20,000 - $50,000 0.20%
RHB Fixed Deposit Promotion Interest Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Deposit Amount Tenor (months) Interest Rate (p.a.) Valid Till
RHB $20,000 & above 6 0.40%
(0.50% p.a. for RHB Premier Clients)30 Sept 2021
12 0.60%
(0.68% p.a. for RHB Premier Clients)
RHB Fixed Deposit Interest Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Deposit Amount Tenor (months) Interest Rate (p.a.) Valid Till
RHB SGD Fixed Deposit Rates $20,000 to $200,000 1 0.10% Further notice
$200,000 & above 0.10%
$20,000 to $200,000 2 0.15%
$200,000 & above 0.15%
$20,000 to $200,000 3 0.30%
$200,000 & above 0.30%
$20,000 to $200,000 6 - 9 0.375%
$200,000 & above 0.40%
$20,000 to $200,000 12 0.40%
$200,000 & above 0.55%
$20,000 to $200,000 18 0.40%
$200,000 & above 0.60%
$20,000 to $200,000 24 - 36 0.40%
$200,000 & above 0.65%
Terms & Conditions:
- Minimum 18 years old.
- Valid until further notice.
- Rates are subject to change without prior notice.
- Minimum placement of $20,000 for tenures of three months and above.
Standard Chartered Fixed Deposit Promotion Interest Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Deposit Amount Tenor (months) Interest Rate (p.a.)
Promotional RateInterest Rate (p.a.)
Priority Banking Preferential RateValid Till
Standard Chartered Singapore Dollar Time Deposit $25,000 and above (fresh funds) 8 0.35% 0.45% 30 Sept 2021
Do note you need to place a minimum of $25,000 for eight months in fresh funds from your recently matured time deposit.
Standard Charted Fixed Deposit Rates (New Time Deposit Placements and/or Renewals)
New Time Deposit Placements and/or Renewals 1 Month 3 Months 6 Months
<$20,000 0.05% 0.10% 0.15%
$20,000 & above
Standard Charted Fixed Deposit Rates (Existing Time Deposit And For Auto Rollover of Existing Time Deposits of Same Tenor)
Existing Time Deposit 9 Months 12 Months 15 Months 18 Months 24 Months 36 Months 48 Months 60 Months
<$20,000 0.50% 0.55% 0.70% 0.70% 0.70% 0.72% 0.85% 0.95%
$20,000 to $49,999
$50,000 to $99,999
$100,000 to $499,999
>$500,000
Terms & Conditions:
- Rates are subject to change without prior notice
UOB Fixed Deposit Promotion Interest Rates (September 2021)
Best Fixed Deposit Promo Interest Rates
Minimum Deposit Amount (Fresh Funds) Tenor Interest Rate Valid Till
UOB SGD Fixed Deposit >$20,000 10 months 0.50% 30 Sept 2021
UOB Fixed Deposit Interest Rates (September 2021)
Deposit Tenure
(% p.a)<$50,000 $50,000 -
S$249,999$250,000 -
S$499,999$500,000 -
S$999,999
1 Mth 0.05 0.05 0.05 0.05
2 Mths 0.05 0.05 0.05 0.05
3 Mths 0.05 0.05 0.05 0.05
4 Mths 0.05 0.05 0.05 0.05
5 Mths 0.05 0.05 0.05 0.05
6 Mths 0.05 0.05 0.05 0.05
7 Mths 0.10 0.10 0.10 0.10
8 Mths 0.10 0.10 0.10 0.10
9 Mths 0.10 0.10 0.10 0.10
10 Mths 0.15 0.15 0.15 0.15
11 Mths 0.15 0.15 0.15 0.15
12 Mths 0.15 0.15 0.15 0.15
13 Mths 0.20 0.20 0.20 0.20
14 Mths 0.20 0.20 0.20 0.20
15 Mths 0.20 0.20 0.20 0.20
18 Mths 0.20 0.20 0.20 0.20
24 Mths 0.20 0.20 0.20 0.20
36 Mths 0.50 0.50 0.50 0.50
Terms & Conditions:
- You must be at least 15 years old
- Minimum placement of $5,000 for tenors of one month and above
- Minimum placement of $250,000 for a tenor of between seven days and 14 days
- Minimum placement of $1,000,000 for a tenor of less than 7 days
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