Ultimate Guide to Fixed Deposit Rate Singapore 2024

Imagine a piggy bank you can’t break for a set period. That’s like a fixed deposit (FD)! You park your money in a bank for a fixed term (say, 6 months or 5 years) and earn guaranteed interest at a predetermined rate. It’s like a savings account with a lock and key.

Here’s the gist:

• Safety: FDs are super safe. Your money is insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$75,000 per depositor per bank.
• Guaranteed returns: Unlike the stock market’s rollercoaster, you know exactly how much interest you’ll earn with an FD. No surprises!
• Predictable income: Need regular interest payments? Choose an FD with monthly or quarterly payouts. Like clockwork!
• Limited flexibility: Can’t touch your money before the term ends? Early withdrawals attract penalties. So, plan wisely!

January 2024 Fixed Deposit Rate in Singapore

Bank	Interest Rate (% p.a.)	Tenure	Minimum Deposit
DBS	0.20 – 2.65	1 – 36 months	S$1,000
OCBC	0.15 – 2.70	1 – 36 months	S$1,000
UOB	0.15 – 2.80	1 – 36 months	S$1,000
Maybank	0.20 – 2.65	1 – 36 months	S$1,000
Standard Chartered	0.15 – 2.75	1 – 36 months	S$1,000
HSBC	3.65	3 months	S$200,000
Citibank	3.50	3 months	S$50,000
RHB	3.60	6 months	S$20,000
ICBC	3.35	3 months	S$500
SBI	3.65	6 months	S$50,000
Bank of China	2.85 – 3.30	1 – 12 months	S$5,000
The Singapore Police Co-operative Society	2.15 – 2.65	1 – 36 months	S$1,000

Please note:

• Rates are for new placements as of January 6, 2024.
• Rates may vary depending on the deposit amount and tenure.
• Always check the bank’s website for the latest rates and terms and conditions.