Ultimate Guide to Fixed Deposit Rate Singapore 2024

  • Posted on Jan 7, 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

BankInterest Rate (% p.a.)TenureMinimum Deposit
DBS0.20 – 2.651 – 36 monthsS$1,000
OCBC0.15 – 2.701 – 36 monthsS$1,000
UOB0.15 – 2.801 – 36 monthsS$1,000
Maybank0.20 – 2.651 – 36 monthsS$1,000
Standard Chartered0.15 – 2.751 – 36 monthsS$1,000
HSBC3.653 monthsS$200,000
Citibank3.503 monthsS$50,000
RHB3.606 monthsS$20,000
ICBC3.353 monthsS$500
SBI3.656 monthsS$50,000
Bank of China2.85 – 3.301 – 12 monthsS$5,000
The Singapore Police Co-operative Society2.15 – 2.651 – 36 monthsS$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.

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