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Low Risk, Capital Guaranteed Options: Best Fixed Deposit Rate Singapore (September 2021)

profileJacqueline Yan

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)

Source: SpongeBob SquarePants | Giphy

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)?

 

BanksTenor (Months)Minimum AmountRateValid Till
CIMB24$10,000 & above0.80%30 Sept 2021
Hong Leong Finance36$20,000 & above0.65%Further notice
RHB Bank24 - 36$200,000 & above0.65%Further notice
ICBC12$5000.60%Further notice
DBS8$1,000 - $19,9990.60%Further notice
Maybank36$1,000 - $999,9990.60%Further notice
OCBC36$5,000 - $20,0000.50%Further notice
UOB10$20,000 & above0.50%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:

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 & Above
PREFERRED BANKING
Online Promo Rate (% p.a.)
$10,000 & Above
Valid Till
CIMB120.65%0.70%30 Sept 2021
240.75%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
CIMB1*0.20% 0.20%Further notice
2*0.25%0.30%
30.30%0.35%
60.30%0.35%
90.30%0.35%
120.30%0.35%
240.30%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 AmountTenorInterest RateValid Till
Citibank$10,000 - $3,000,0001 Month0.05%Further notice
$10,000 - $3,000,0002 - 3 Months0.08%
$10,000 - $3,000,0006 - 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 - $9,999
Interest Rate (p.a.)
$10,000 - $19,999
Interest Rate (p.a.)
$20,000 - $999,999
DBS1 mth0.05%0.05%0.05%
2 mths0.05%0.05%0.05%
3 mths0.15%0.15%0.05%
4 mths0.15%0.15%0.05%
5 mths0.15%0.15%0.05%
6 mths0.20%0.20%0.05%
7 mths0.40%0.40%0.05%
8 mths0.60%0.60%0.05%
Only For Existing Users
9 mths0.95%0.95%0.05%
10 mths1.10%1.10%0.05%
11 mths1.10%1.10%0.05%
12 mths1.15%1.15%0.05%
18 mths1.30%1.30%0.05%
24 mths0.90%0.90%0.05%
36 mths0.85%0.85%0.05%
48 mths0.75%0.75%0.05%
60 mths0.75%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 AmountTenor (Months)Interest RateValid Till
Hong Leong Finance$20,000 and above120.40%Further notice
240.60%
360.65%

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 Finance1 mth0.05%0.10%
2 mths0.05%0.10%
3 mths0.10%0.15%
4 mths0.10%0.15%
5 mths0.10%0.15%
6 mths0.15%0.20%
8 mths0.15%0.25%
9 mths0.15%0.30%
10 mths0.15%0.30%
12 mths0.25%0.35%
13 mths0.25%0.35%
15 mths0.25%0.40%
18 mths0.30%0.40%
24 mths0.30%0.45%
36 mths0.30%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 AmountTenor
1 Month
Tenor
3 Month
Tenor
6 Month
Tenor
12 Month
Tenor
24 Month
HSBC Personal Banking$5,000 & above0.05% p.a.0.05% p.a.0.10% p.a.0.15% p.a.0.25% p.a.*
HSBC Premier Banking$5,000 & above0.05% p.a.0.05% p.a.0.10% p.a.0.15% p.a.0.25% p.a.*
HSBC Jade$5,000 & above0.05% 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 DepositOver the CounterVia 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 AmountTenor (months)Interest Rate (p.a.)Valid Till
Maybank Singapore Dollar Time Deposit$1,000 and above1* | 2 0.10%Further notice
30.20%
60.25%
9 | 120.35%
180.40%
240.50%
360.60%

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 AmountTenor (months)Interest Rate (p.a.)Valid Till
OCBC SGD Time Deposit$20,000 & above120.40%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 AmountTenor (months)Interest Rate (p.a.)Valid Till
OCBC SGD Time Deposit$5,000 - $999,9991 - 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 - $20,00036 0.50%
$20,000 - $999,0000.20%
$5,000 - $20,000480.70%
$20,000 - $50,0000.20%

RHB Fixed Deposit Promotion Interest Rates (September 2021)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenor (months)Interest Rate (p.a.)Valid Till
RHB $20,000 & above60.40%
(0.50% p.a. for RHB Premier Clients)
30 Sept 2021
120.60%
(0.68% p.a. for RHB Premier Clients)

RHB Fixed Deposit Interest Rates (September 2021)

Best Fixed Deposit Promo Interest Rates

Deposit AmountTenor (months)Interest Rate (p.a.)Valid Till
RHB SGD Fixed Deposit Rates$20,000 to $200,00010.10%Further notice
$200,000 & above0.10%
$20,000 to $200,00020.15%
$200,000 & above0.15%
$20,000 to $200,00030.30%
$200,000 & above0.30%
$20,000 to $200,0006 - 90.375%
$200,000 & above0.40%
$20,000 to $200,000120.40%
$200,000 & above0.55%
$20,000 to $200,000180.40%
$200,000 & above0.60%
$20,000 to $200,00024 - 360.40%
$200,000 & above0.65%

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 AmountTenor (months)Interest Rate (p.a.)
Promotional Rate
Interest Rate (p.a.)
Priority Banking Preferential Rate
Valid Till
Standard Chartered Singapore Dollar Time Deposit$25,000 and above (fresh funds)80.35%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 Renewals1 Month3 Months6 Months
<$20,0000.05%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 Deposit9 Months12 Months15 Months18 Months24 Months36 Months48 Months60 Months
<$20,0000.50%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)TenorInterest RateValid Till
UOB SGD Fixed Deposit>$20,00010 months0.50%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 Mth0.050.050.050.05
2 Mths0.050.050.050.05
3 Mths0.050.050.050.05
4 Mths0.050.050.050.05
5 Mths0.050.050.050.05
6 Mths0.050.050.050.05
7 Mths0.100.100.100.10
8 Mths0.100.100.100.10
9 Mths0.100.100.100.10
10 Mths0.150.150.150.15
11 Mths0.150.150.150.15
12 Mths0.150.150.150.15
13 Mths0.200.200.200.20
14 Mths0.200.200.200.20
15 Mths0.200.200.200.20
18 Mths0.200.200.200.20
24 Mths0.200.200.200.20
36 Mths0.500.500.500.50

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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About Jacqueline Yan
Full-time coffee nerd playing the personal finance game to feed her insatiable wanderlust.
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