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Fixed Deposit Rates In Singapore

Views 30302023.01.18

Fixed deposits refer to an low-risk way for you to park your money and grow it through interest paid to you by the bank. As such, it is one of the safest ways available for risk-averse individuals to grow their wealth. In addition, leaving money in a bank to earn fixed deposit interest rates is also one of the best ways to keep yourself safe during economic downturns.

What is Fixed Deposit Rate in Singapore?

As its name suggests, interest rates for fixed deposits are fixed at a certain amount. There is usually a minimum qualifying amount that you must deposit, and there will be a stipulated tenor (measured in terms of months) whereby you must keep your money in the bank for a specified period. As the interest rates are fixed, you can calculate the amount of money you are guaranteed to receive at the end of the tenor period.

Which Banks Have Fixed Deposit Rates in Singapore?

Fixed deposit rates are available at nearly all major banks in Singapore. ICBC, RHB, Bank of China, Maybank, HSBC Hong Leong Finance, CIMB, UOB, OCBC, Standard Chartered, DBS, and Citibank offer fixed deposit rates, each with different tenors and minimum qualifying amounts.

Most of these fixed deposit rates come with promotional interest rates that require your money to be fresh funds, where fresh funds are defined as funds that are not already sitting in your existing bank account. You will also not be able to withdraw and re-deposit the funds within a specified time period.

What is T-Bills in Singapore? How Does It Work?

T-bills are largely similar to fixed deposit rates, whereby they are short-term debt securities issued and backed by the Singapore Government. They have maturities of one year or less and are one of the safer ways to grow your wealth steadily. T-bills have become popular as Singapore’s six-month T-bill offered yields of 4.19% per annum,[1] which is the highest rate offered over the past three decades.[2]


An illustration of interest rate growth of T-Bills, retrieved from https://www.mas.gov.sg

However, due to the oversubscription of T-bills, you may not get to park as much money as you wanted to.

Why Are Fixed Deposit and T-Bill Interest Rates at All-Time-Highs?

When inflation levels rise, interest rates offered typically rise as a countermeasure. This is because increased interest rates encouraged saving and reduced spending, which helps to ease demand-side growth, and curbs inflation. Given that inflation hit record levels in September,[3] it is understandable that the banks and the government are deploying a concerted effort to combat inflation, which is evident in the all-time-high interest rates seen in fixed deposits and T-bills today.

Best Fixed Deposit Rates in Singapore in 2022

Let us take a look at the list of best fixed deposit rates in Singapore today (As of 30 Oct 2022).

Lowest Qualifying Amounts Required

The following are the best fixed deposits with the lowest barriers to entry, with minimum qualifying amounts being less than $1,000.

DBS currently offers an interest rate of 1.6% per annum at a tenor of 12 months, and the minimum qualifying amount is $1,000.[4]

ICBC currently offers promotional interest rates whereby you can receive an interest rate of 3.25% per annum via E-banking, with a minimum qualifying amount of $500.[5]

You can also choose shorter tenors, which come with lower interest rates, which provides you with much greater flexibility. There are also no penalties involved, whereby you will be able to prematurely withdraw your fixed deposit and be paid at the prevailing interest rate. This promotion is currently valid and will remain valid until further notice.

Highest Interest Rates

Following that, some banks offer 3.4% interest rates but will require slightly higher minimum qualifying amounts.

Bank of China currently offers promotional rates of 3.4% for fixed deposits of $5,000 and above with a tenor of 18 months. You can also opt for shorter tenors with lower interest rates.[6]

Slightly longer tenors may not be as bad as you may think. In fact, having longer tenors now means that you can lock in higher fixed deposit interest rates for a longer period, which can provide you with a safe haven to grow your with for an extended period.

RHB also offers 3.4% per annum promotion rates when you make a 12-month placement via the RHB Mobile SG App. The minimum placement required is $20,000, and you can choose to park your money for up to 24 months, which grants you the opportunity to secure a high interest rate for your savings for the next two years.[7]

However, you will have to be certain that you do not need to access this money for the stipulated period. Any premature withdrawals will only result in you receiving your principal amount with no interest being paid.

Most banks are offering promotional rates at the moment, and if your bank is not mentioned in this article, you can go to their website and look for promotional fixed deposit rates. Interest rates offered (as of 30 Oct 2022) are typically around 3% to 3.3%, which may be attractive for investors who are looking for a safe haven investment.


While interest rates are lucrative now, you will still have to consider the potential drawbacks of fixed deposits. By parking your money in fixed deposits, you are giving up liquidity which can incur opportunity costs whereby you will not be able to use that sum of money for other investments. Premature withdrawals will often come with penalties such as receiving decreased interest rate payments or receiving no interest at all.

All in all, fixed deposits and T-bills are low risky avenues for generating guaranteed returns if you have extra liquidity to spare and are exceptional financial products, especially amid high inflation.

Additional Choice: Grow Your Money Through moomoo Cash Plus

Another method of growing your money is through moomoo Cash Plus campaign. The campaign has a special offer that guarantees the 5% p.a. (anualized percentage) rewards. With a minimum subscription of S$100 into moomoo Cash Plus, users will be invested into the underlying funds, and any yield differences between the fund and 5% p.a. will be provided by moomoo SG during the event period.

Download the moomoo app, and sign up now to get this special offer of guaranteed 5% p.a.



#One month counts as 30 days and 3 months count as 90 days

^Management fee is charged by the fund company which are included in the NAV calculation

*Moomoo SG guarantees the 5% p.a. (anualized percentage) return rewards. With a max subscription of S$10,000 into 5% p.a. return reward, users will invest into a base money market fund of their choice and moomoo SG will make up for the difference to ensure that eligible users enjoy a guaranteed return of 5% p.a. on their principal subscription. With a max subscription of S$10,000, users will receive a total of S$ 123 after 3 months.

The calculation formula is: S$10000*[(5%/365)*90]= S$123. Per annum calculation based on 365 days, while months in 30 days.

Maximum subscription for the event is S$10000.








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