What is Fixed Deposit?
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.
July 2024 Update on Fixed Deposit Rates:
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 a strategy you can use to increase your CPF OA interest (p.s. this strategy has an expiry date too, these could be the last few months to lock in higher OA rates).
Best Fixed Deposit Rates in Singapore (July 2024)
tl;dr –
- Best 12-month fixed deposit rates in July 2024 is 3.30% by Maybank.
- Best 6-month fixed deposit rates in July 2024 is 3.40% by SBI ($50,000 required) or 3.35% by CIMB.
- Best 3-month fixed deposit rates in July 2024 is 3.50% by Bank of China (min deposit of $500 only) or 3.40% by ICBC.
| Bank | Highest interest rate (p.a.) | Tenure | Min deposit (SGD) |
| Bank of China | 3.50% | 3 months | $500 |
| ICBC | 3.40% | 3 months | $500 |
| State Bank of India (SBI) | 3.40% | 6 months | $50,000 |
| CIMB | 3.35% | 6 months | $10,000 |
| Maybank | 3.30% | 12 / 15 months | $22,000 |
| RHB | 3.25% | 3 / 6 / 12 months | $20,000 |
| HSBC | 3.25% | 6 months | $30,000 |
| DBS / POSB | 3.20% | 12 months | $1,000 |
| Standard Chartered | 2.90% | 6 months | $25,000 |
| Hong Leong Finance | 2.85% | 3 / 4 months | $20,000 |
| OCBC | 2.80% | 8 months | $30,000 |
| UOB | 2.70% | 6 months | $10,000 |
| Citibank | 2.50% | 3 / 6 months | $50,000 |
A few caveats to note.
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.
*fresh funds usually means that it is not already being banked with the bank that’s offering the fixed deposit account.
Bank of China
Bank of China offers fixed deposits across 10 different currencies including SGD. Here are their latest board rates as of 1 April 2024:
| Deposit Amount | 1Mth | 3Mth | 6Mth | 9Mth | 12Mth | 18Mth | 24Mth | 36Mth |
| Below 20,000.00 | 0.90 | 1 | 1.3 | 1.5 | 1.7 | 1.8 | 1.8 | 1.8 |
| 20,000.00 to 49,999.99 | 0.90 | 1 | 1.3 | 1.5 | 1.7 | 1.8 | 1.8 | 1.8 |
| 50,000.00 to 99,999.99 | 0.90 | 1 | 1.3 | 1.5 | 1.7 | 1.8 | 1.8 | 1.8 |
| 100,000.00 to 299,999.99 | 0.90 | 1 | 1.3 | 1.5 | 1.7 | 1.8 | 1.8 | 1.8 |
| 300,000.00 to 499,999.99 | 0.90 | 1 | 1.3 | 1.5 | 1.7 | 1.8 | 1.8 | 1.8 |
| 500,000.00 and Above | 0.95 | 1.05 | 1.35 | 1.55 | 1.75 | 1.85 | 1.85 | 1.85 |
BOC July 2024 Fixed Deposit Promo Rate
As of 17 June 2024, you can earn up to 3.50% p.a. if you lock up $500 or more with BOC for 3 months, via Mobile Banking.
| Tenure (Months) | July 2024 Promo Rate (p.a.)* | Minimum Deposit (SGD) |
| 1 | 3.0% | $500 |
| 2/5/6 | 3.3% | $500 |
| 3 | 3.5% | $500 |
| 4 | 3.35% | $500 |
| 9/12 | 3.05% | $500 |
| 18 | 2.7% | $500 |
| 24 | 2.6% | $500 |
Eligibility
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.
Minimum Initial Deposit
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.
Additional Costs / Fees to note
Premature withdrawal is possible however, you may not get any interest and may need to pay an early withdrawal fee.
How to open a BOC time deposit account?
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
ICBC July 2024 Fixed Deposit Promo Rate
ICBC offers an ongoing 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.
| Tenure (Months) | Interest Rates (p.a.)* | Minimum Deposit* (SGD) |
| 1 | 2.9% | $500 |
| 3 | 3.4% | $500 |
| 6 | 3.15% | $500 |
| 9 | 3.05% | $500 |
| 12 | 3.05% | $500 |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$500 (via e-banking)
Additional Costs / Terms to note
Early termination is possible. Interest payments will be calculated by the bank at prevailing rates.
How to open an ICBC fixed deposit account?
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.
State Bank of India (SBI)
SBI provides SGD time deposit accounts for deposits of at least S$5,000. You can see their latest interest rates here:
| Tenure (Months) | Board Rates (% p.a.) Min. S$5,000 |
| 1 | 0.35 |
| 2 | 0.5 |
| 3 | 1.75 |
| 6 | 2.25 |
| 9 | 2.35 |
| 12 | 2.45 |
| 18 | 2.55 |
| 24 | 2.55 |
| 36 | 2.50 |
SBI July 2024 Fixed Deposit Promo Rate
In the month of July, SBI is offering promotional rates on their 6-, 12- month fixed deposit accounts on minimum deposits of S$50,000:
| Tenure (Months) | July 2024 Promo Rate (p.a. %) | Minimum Deposit (SGD) |
| 6 | 3.40% | S$50,000 |
| 12 | 3.20% | S$50,000 |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
Additional Costs / Terms to note
Promotional rates will not apply for early termination, board rates will be accorded based on completed quarters instead.
How to open a SBI fixed deposit account?
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
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 here.
| Tenure (Months) | Board Rates (% p.a.) S$1,000 – $99,999 |
Board Rates (% p.a.) S$100,000 & Above |
| 1* | 0.20 | 0.20 |
| 2* | 0.25 | 0.30 |
| 3 | 0.30 | 0.35 |
| 6 | 0.30 | 0.35 |
| 9 | 0.30 | 0.35 |
| 12 | 0.30 | 0.35 |
| 18 | 0.30 | 0.35 |
| 24 | 0.30 | 0.35 |
CIMB July 2024 Fixed Deposit Promo Rate
For the month of July, CIMB is offering the following Fixed Deposit Promotion Rates:
| Tenure (Months) | July 2024 Promo Rate (p.a.)* | Minimum Deposit (SGD) |
| 3 | 3.25% | $10,000 |
| 6 | 3.35% | $10,000 |
| 9 | 3.00% | $10,000 |
| 12 | 2.95% | $10,000 |
Eligibility
You need to be at least 18 years old to set up a fixed deposit with CIMB.
Minimum Initial Deposit
- S$1,000 for board rates
- S$10,000 for promotion rates.
Additional Costs / Terms to note
Early termination may result in lesser or no interest.
How to open a CIMB Fixed deposit account?
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
Maybank offers fixed deposits on amounts from S$1,000 and more, you can find their latest interest rates here:
| Tenure (Months) | Board Rates (% p.a.) Min. S$1,000 |
| 1* | 0.1 |
| 2 | 0.1 |
| 3 | 0.2 |
| 6 | 0.25 |
| 9 | 0.35 |
| 12 | 0.35 |
| 18 | 0.4 |
| 24 | 0.5 |
| 36 | 2.85 |
Maybank July 2024 Fixed Deposit Promo Rate
Maybank is running a Deposit Bundle Promotion that is only available at Maybank Branches.
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.
| Tenure (Months) | July 2024 Deposit Bundle Promo (p.a.) | Minimum Deposit (SGD) |
| 12 | 3.3% | $2,000 +$20,000 |
| 15 | 3.3% | $2,000 +$20,000 |
| 18 | 2.75% | $2,000 +$20,000 |
| 24 | 2.75% | $2,000 +$20,000 |
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 promotional rates on their iSAVvy Time Deposit 9, 12, 15, 18 and 24 months fixed deposit accounts on minimum deposits of S$20,000.
| Tenure (Months) | July 2024 Promo Rate (p.a.) | Minimum Deposit (SGD) |
| 9 | 3.0% | $20,000 |
| 12 | 2.6% | $20,000 |
| 15 | 2.6% | $20,000 |
| 18 | 2.3% | $20,000 |
| 24 | 2.3% | $20,000 |
Eligibility
You need to be at least 16 years old.
Minimum Initial Deposit
- S$1,000 for normal rates. (S$10,000 for 1 month tenure)
- S$20,000 for promotion rates.
Additional Costs / Terms to note
There may be an account set up fee of S$10.
How to open a Maybank fixed deposit account?
Existing customers can apply via the Maybank2u online banking platform.
RHB
RHB July 2024 Fixed Deposit Promo Rate
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:
| Tenure (months) | July 2024 Promo Rate (p.a.) | Minimum Deposit (SGD) |
| 3, 6, 12 | 3.25%* | $20,000 |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$20,000
Additional Costs / Terms to note
Early termination is possible. No interest will be payable for premature withdrawals.
How to open a RHB fixed deposit account?
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
HSBC provides SGD time deposit accounts for deposits of at least S$5,000. You can see their latest time deposit interest rates here:
| Tenure (Months) | Board Rates (% p.a.) Min. S$5,000 |
| 1 | 0.05 |
| 3 | 0.05 |
| 6 | 0.1 |
| 12 | 0.15 |
| 24 | 3 |
HSBC July 2024 Fixed Deposit Promo Rate
In the month of July, HSBC is offering promotional rates on their 3-, 6- and 12- month fixed deposit accounts on minimum deposits of S$30,000 (only applicable to fresh funds placements):
| Tenure (Months) | July 2024 Promo Rate (p.a.) | Deposit (SGD) |
| 3 | 3.2% | S$30,000 to S$10,000,000 |
| 6 | 3.25% | S$30,000 to S$10,000,000 |
| 12 | 2.95% | S$30,000 to S$10,000,000 |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
- S$5,000 for normal rates
- S$30,000 for promotional rates
Additional Costs / Terms to note
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.
How to open a HSBC fixed deposit account?
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 / POSB
DBS only accepts fresh funds for tenures 12 months and below. You can find the latest board rates here:
| Tenure (Months) | Board Rates (% p.a.) S$1,000 – S$9,000 |
| 1 | 0.3 |
| 2 | 0.5 |
| 3 | 1 |
| 4 | 1.85 |
| 5 | 2.35 |
| 6 | 2.9 |
| 7 | 2.95 |
| 8 | 3 |
| 9 | 3.1 |
| 10/11 | 3.15 |
| 12 | 3.2 |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
- S$1,000 for normal rates.
- S$10,000 for Premier Income Account (only valid for those 55 years old and above – additional 0.10% p.a. interest on top of prevailing board rate)
Additional Costs / Terms to note
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).
How to open a DBS fixed deposit account?
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
Standard Chartered Bank offers fixed deposits on amounts from S$20,000 and more, you can find their latest interest rates here:
| Tenure (Months) | Board Rates (% p.a.) (from $20,000) |
| 1 | 0.85 |
| 3 | 0.9 |
| 6 | 2.2 |
| 9 | 2.55 |
| 12 | 2.6 |
| 15 | 2.75 |
| 18 | 2.75 |
| 24 | 2.75 |
Standard Chartered’s July 2024 Fixed Deposit Promo Rate
In the month of July, Standard Chartered is offering a Promotion with a minimum deposit of S$25,000:
| Tenure (Months) | July 2024 Promo Rate (p.a.) | Minimum Deposit (SGD) |
| 6 | 2.9% | $25,000 |
Priority banking and Priority Private Banking clients get a better preferential rate of up to 3.0% – 3.1%.
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$25,000 for promotional rate.
Additional Costs / Terms to note
Early termination is possible. There will be an early withdrawal fee.
Interest ceases to be payable after maturity unless the time deposit is renewed.
How to open a Standard Chartered Bank fixed deposit account?
You can apply online via their online banking portal or visit their branch with your NRIC, passport and supporting documents.
Hong Leong Finance
Hong Leong Finance offers fixed deposits on amounts from S$500 and more, you can find their latest board interest rates here:
| Tenure (Months) | Board Rates (% p.a.) (from $500) |
Board Rates (% p.a.) (from $50,000) |
| 1 – 2 | 0.05 | 0.15 |
| 3 – 5 | 0.1 | 0.15 |
| 6 | 0.15 | 0.2 |
| 7 – 8 | 0.15 | 0.25 |
| 9 – 10 | 0.2 | 0.3 |
| 11 – 13 | 0.25 | 0.35 |
| 15 / 18 / 21 | 0.3 | 0.45 |
| 24 / 30 / 26 | 0.3 | 0.5 |
Hong Leong Finance’s July 2024 Fixed Deposit Promo Rate
Hong Leong Finance offers the following rates for various tenures in the month of July:
| Tenure (Months) | July 2024 Promo Rate (p.a.) | Minimum Deposit (SGD) |
| 3/4 | 2.85% | $20,000 to |
| 3/4 | 2.9% | $50,000 |
| 9/10 | 2.75% | $20,000 to |
| 9/10 | 2.8% | $50,000 |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$20,000 for promotional rate.
Additional Costs / Terms to note
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.
How to open a Hong Leong Finance fixed deposit account?
New customers can visit their branches with your NRIC, passport and supporting documents.
OCBC
OCBC offers fixed deposits on amounts from S$5,000 and more, you can find their latest interest rates here:
| Tenure (Months) | Board Rates (% p.a.) Min. S$5,000 |
| 1 – 2 | 0.05 |
| 3 – 5 | 0.1 |
| 6 – 8 | 0.2 |
| 9 | 0.3 |
| 10-11 | 0.4 |
| 12 | 0.5 |
| 13 | 0.9 |
| 14 | 1.4 |
| 15 – 16 | 1.95 |
| 18 | 2.3 |
| 20 | 2.4 |
| 24 | 2.5 |
| 36 | 2.8 |
| 48 | 3 |
OCBC July 2024 Fixed Deposit Promo Rate
In the month of July, OCBC is offering promotional rates on their 6-, 8- or 12-months fixed deposit accounts on minimum deposits of S$30,000, for applications via Internet Banking.
| Tenure (Months) | July 2024 Promo Rate (p.a.) | Minimum Deposit (SGD) |
| 8 | 2.8% | $30,000 |
| 6 or 12 | 2.6% | $30,000 |
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.
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
- S$5,000 for normal rate.
- S$30,000 for promotional rate.
Additional Costs / Terms to note
Early termination is possible. There will be an early withdrawal fee.
How to open a OCBC fixed deposit account?
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
UOB offers fixed deposits on amounts from S$5,000 and more, you can find their latest interest rates here:
| Tenure (Months) | Board Rates (% p.a.) Min. S$5,000 |
| 1 – 2 | 0.05 |
| 3 – 4 | 0.1 |
| 5 | 0.15 |
| 6 | 0.3 |
| 7 | 0.5 |
| 8 | 0.7 |
| 9 | 0.9 |
| 10 | 1.1 |
| 11 | 1.3 |
| 12 | 1.5 |
| 13 | 1.7 |
| 14 | 1.9 |
| 15 | 1.95 |
| 18 | 2 |
| 24 | 2.1 |
| 36 | 2.20 |
UOB July 2024 Fixed Deposit Promo Rate
From 1-31 July 2024, UOB is offering the following promotional rates with a minimum deposit of S$10,000:
| Tenure (Months) | July 2024 Promo Rate (p.a.) | Minimum Deposit (SGD) |
| 6 | 2.7% | S$10,000 |
| 10 | 2.6% | S$10,000 |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
- S$5,000 for normal rate.
- S$10,000 for promotional rate.
Additional Costs / Terms to note
Early termination is possible. There will be an early withdrawal fee.
Interest ceases to be payable after maturity unless the time deposit is renewed.
How to open a UOB fixed deposit account?
You can apply online via the UOB Personal Internet Banking platform or visit their branch with your NRIC, passport and supporting documents.
Citibank
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 calculator to see their latest interest rates, or refer to this table because I’ve already done it for you:
| Tenure (Months) | Board Rates (% p.a.) S$10,000 – S$50,000 |
| 1 | 0.05 |
| 2 | 0.08 |
| 3 | 0.08 |
| 6 | 0.1 |
| 12 | 2.25 |
| 24 | 0.1 |
| 36 | 0.1 |
Citibank July 2024 Fixed Deposit Promo Rate
Citibank requires a minimum deposit of $50,000.
| Currency | Investment Amount | 3-Months (p.a.) | 6-Months (p.a.) |
| SGD | S$50,000 to S$3,000,000 | 2.5% | 2.5% |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
- S$10,000 for normal rates.
- S$50,000 for promotion rates.
Additional Costs / Terms to note
Early termination is possible but you will not earn any interest and you’ll need to pay an admin fee.
How to open a Citibank fixed deposit account?
You can set up a fixed deposit account via online banking, phone banking or visit their branc
So…which Bank has the Highest Interest Rate for Fixed Deposit?
For the month of July 2024,
- Bank of China is offering 3.5% for 3 month tenure (min. $500 to start)
- ICBC is offering 3.4% for 3 month tenure (min. $500 to start)
- State Bank of India (SBI) is offering 3.4% for 6 month tenure (min. $50,000 to start)
- CIMB is offering 3.35% for 6 month tenure (min. $10,000 to start)
- Maybank is offering 3.3% for 12 or 15 months tenure (min. $22,000 to start)
Do note that all rates are reflected per annum.
How to choose the best Fixed Deposit Account for yourself?
When picking the best fixed deposit accounts, there’re a couple of key considerations:
- How much do you want to deposit?: Most banks require a minimum deposit amount for higher interest rates.
- How long do you wish to keep your money in the bank?: in general, the longer the fixed deposit tenure, the higher the interest rate
- Are there withdrawal penalties?: Early withdrawals are possible with fixed deposits, however you may not get any interest payout and may even need to pay a fee.
Here, we’ll use Xiao Qiang as an example:
Xiao Qiang had saved up $20,000 and wants to put his savings into a fixed deposit for the next 12 months.
| Bank | Interest Rate (p.a.) for 12- month deposits | How much could his $20,000 grow to? (estimated) |
| A | 3.2% | $20,640 |
| B | 3.1% | $20,620 |
Insurance on your fixed deposits
In Singapore, licensed banks and finance companies are supervised by MAS. By law, all SGD deposits we make are insured by the Singapore Deposit Insurance Corporation, up to S$75,000 in aggregate per depositor per bank or finance companies recognized as Scheme members.
How to beat the best fixed deposit interest rates in Singapore?
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:
Singapore Fixed Deposit Rates vs Singapore Treasury Bill (T-Bill)?
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 learn more about his strategy here.