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Fixed Deposits aka Time Deposits are interest generating bank accounts with a pre-determined maturity. They let you grow your money at a fixed rate over a period of time (referred to as ‘tenure’ or ‘tenor’).  Fixed deposits interest rates tend to follow the current market’s interest rate. Hence, although they have been dissed at because of low rates, we saw a change in the narrative recently. During the months when interest rates were rising, we were offered some pretty attractive fixed deposit rates by banks in Singapore. The promotional fixed deposit rates remain largely unchanged from last month as everyone continues to wait for the Fed’s decision on interest rates. Interestingly, some banks, such as BOC and SBI, have slightly raised their 12-month promotional rates. If you’re looking for alternatives to park your money, Alvin shared ( . tl;dr – I’ve considered only personal banking rates on fresh funds* in this article. If you have access to preferred or premium banking, check with your bank for better rates. Bank of China offers fixed deposits across 10 different currencies including SGD. Here are their latest board rates :  As of 17 June 2024, you can earn if you lock up $500 or more with BOC for 3 months, via Mobile Banking.  You need to be at least 18 years old to set up a fixed deposit with Bank of China. Rates in the table above are for Mobile Banking Placement. Initial account deposit requirement S$5,000, promotion rates apply for placement of min $500 via mobile banking or $10,000 when placed over the counter. Premature withdrawal is possible however, you may not get any interest and may need to pay an early withdrawal fee. You can get more information at BOC’s branches. Bring along your ID. Foreigners will need to bring their passport, proof of residential address and supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore. ICBC offers an promotion on their fixed deposit rates. The minimum deposit amount is only S$500 and you get higher rates if you deposit via their e-banking service. You need to be at least 18 years old. S$500 (via e-banking) Early termination is possible. Interest payments will be calculated by the bank at prevailing rates.  You can choose to apply via ICBC’s internet banking platform or visit their branches with your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass. SBI provides SGD time deposit accounts for deposits of at least S$5,000. You can see their latest interest rates : In the month of July, SBI is offering on their 6-, 12- month fixed deposit accounts on : You need to be at least 18 years old. Promotional rates will not apply for early termination, board rates will be accorded based on completed quarters instead. You can set up an account at any of the 5 State Bank of India branches. You’ll need to bring your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass. CIMB offer board rates of up to 0.3% on deposits as low as $1,000. You can check CIMB’s latest fixed deposit rates . For the month of July, CIMB is offering the following Fixed Deposit Promotion Rates: You need to be at least 18 years old to set up a fixed deposit with CIMB.  Early termination may result in lesser or no interest. If you’re an existing customer, you can set it up via the CIMB Internet Banking platform where you also have the option to change your maturity and renew your deposit automatically. New customers can either apply for the account online or visit a branch. You’ll need to prepare a copy of their NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass. Maybank offers fixed deposits on amounts from S$1,000 and more, you can find their latest interest rates : Maybank is running a that is . This promotion requires you to deposit at least S$2,000 to a selected account to unlock the promotion rate which would only be applicable to the additional funds you deposit. If that is sounds too complicated, or if you are not willing to make a trip to a Maybank branch, the bank is also offering rates on their iSAVvy Time Deposit 9, 12, 15, 18 and 24 months fixed deposit accounts on minimum deposits of S$20,000. You need to be at least 16 years old. There may be an account set up fee of S$10.  Existing customers can apply via the Maybank2u online banking platform.  In the month of July, RHB is offering promotional rates for their 3-, 6-, and 12- month fixed deposit accounts on minimum deposits of S$20,000: You need to be at least 18 years old. S$20,000 Early termination is possible. No interest will be payable for premature withdrawals. You can apply via RHB’s mobile app, fill up the contact form on their website or visit their branch with your NRIC, passport and supporting documents. HSBC provides SGD time deposit accounts for deposits of at least S$5,000. You can see their latest time deposit interest rates : In the month of July, HSBC is offering on their 3-, 6- and 12- month fixed deposit accounts on (only applicable to fresh funds placements): You need to be at least 18 years old. There may be an account set up fee of S$10.  Early termination is possible. The interest payments will be calculated by the bank, you may not earn any interest if you terminate your fixed deposit early.  There will be premature withdrawal fees. You can set up a fixed deposit account via online banking or by setting up an online banking account using Singpass. You can also choose to visit their branch with your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass. DBS only accepts fresh funds for tenures . You can find the latest board rates : You need to be at least 18 years old. Early termination is possible but you will not earn any interest and you’ll need to pay an early withdrawal fee. Currently DBS is only accepting fresh funds for fixed deposits with tenures of 12 months or less. Only existing funds can roll over (and at a higher rate). Existing customers can set up a fixed deposit account via DBS’ online banking platform or digibank mobile app. New customers will need to visit a branch with your NRIC or passport (foreigners and PR) and supporting documents. Standard Chartered Bank offers fixed deposits on amounts from S$20,000 and more, you can find their latest interest rates : In the month of July, Standard Chartered is offering a with a minimum deposit of S$25,000: Priority banking and Priority Private Banking clients get a better preferential rate of up to 3.0% – 3.1%. You need to be at least 18 years old. S$25,000 for promotional rate. Early termination is possible. There will be an early withdrawal fee. Interest ceases to be payable after maturity unless the time deposit is renewed. You can apply online via their online banking portal or visit their branch with your NRIC, passport and supporting documents. Hong Leong Finance offers fixed deposits on amounts from S$500 and more, you can find their latest board interest rates : Hong Leong Finance offers the following rates for : You need to be at least 18 years old. S$20,000 for promotional rate. Early termination is possible, but no interest shall be payable unless HLF in its discretion agrees ofterwise. Upon maturity, you must instruct HLF via a prescribed form at least 2 business day before if you wish to withdraw or renew the fixed deposit. Else, HLF shall automatically renew the fixed deposit at a prevailing board rates. New customers can visit their branches with your NRIC, passport and supporting documents. OCBC offers fixed deposits on amounts from S$5,000 and more, you can find their latest interest rates : In the month of July, OCBC is offering on their 6-, 8- or 12-months fixed deposit accounts on minimum deposits of S$30,000, for applications via Internet Banking. You can get the same rate of 2.8% for a 12-months fixed deposit on your CPF OA funds. Apply for it via the OCBC Digital App. You need to be at least 18 years old. Early termination is possible. There will be an early withdrawal fee. You can apply for an OCBC SGD fixed deposit account via OCBC’s internet banking platform or visit their branch. If you’re visiting their branch, you’ll need to bring your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass. New customers can visit their branch with your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass. Early termination is possible. The interest payments will be calculated by the bank, you may not earn any interest if you terminate your fixed deposit early. You may be charged an early withdrawal fee. UOB offers fixed deposits on amounts from S$5,000 and more, you can find their latest interest rates : From 1-31 July 2024, UOB is offering the following with a minimum deposit of S$10,000: You need to be at least 18 years old. Early termination is possible. There will be an early withdrawal fee. Interest ceases to be payable after maturity unless the time deposit is renewed. You can apply online via the UOB Personal Internet Banking platform or visit their branch with your NRIC, passport and supporting documents. Citi offers a range of tenure on their SGD fixed deposit accounts. At the point of writing, the board rate is as follows for deposits. You can use their to see their latest interest rates, or refer to this table because I’ve already done it for you: requires a minimum deposit of $50,000. You need to be at least 18 years old. Early termination is possible but you will not earn any interest and you’ll need to pay an admin fee. You can set up a fixed deposit account via online banking, phone banking or visit their branc For the month of July 2024, Do note that all rates are reflected When picking the best fixed deposit accounts, there’re a couple of key considerations: Here, we’ll use Xiao Qiang as an example: Xiao Qiang had saved up and wants to put his savings into a fixed deposit for the . In Singapore, licensed banks and finance companies are supervised by MAS. By law, all SGD deposits we make are insured by the , up to S$75,000 in aggregate per depositor per bank or finance companies recognized as Scheme members. If locking up your capital in return for ~3% interest rates no longer sounds enticing, you may want to look beyond fixed deposit accounts. Some other vehicles you can consider include: Of course, you may also be wondering if you should park your money in T-Bills instead. Here’s a quick comparison of the rates: 6 month T-bill rates are currently at 3.74% in the last auction. Rates increased slightly from last month’s update. For those who prefer to invest for yields, Christopher Ng, our early retirement mastery trainer shares how he picks the best dividend stocks to grow a second income stream. You can . READ MORE READ MORE