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.
However, as rate hikes slow, we’re seeing a reversal currently:
January 2024 Update on Fixed Deposit Rates: Rates are dropping
The banks might be preparing for a rate cut in 2024, hence this month we are seeing fixed deposit rates dropping. If you’re looking for alternatives to park your money, Alvin shared a strategy you can use to increase your CPF OA interest.
Best Fixed Deposit Rates in Singapore (January 2024)
tl;dr
- Best 12-month fixed deposit rates in January 2024 is 3.35% by Maybank.
- Best 6-month fixed deposit rates in January 2024 is 3.65% by State Bank of India.
- Best 3-month fixed deposit rates in January 2024 is 3.65% from HSBC.
| Bank | Highest interest rate available (p.a.) | Tenure | Min deposit (SGD) | Min Board Interest Rate (p.a.) for 12 months | Min initial deposit (SGD) |
|---|---|---|---|---|---|
| State Bank of India (SBI) | 3.65% | 6 months | $50,000 | 2.45% | $5,000 |
| HSBC | 3.65% | 3 months | $200,000 | 0.15% | $5,000 |
| CIMB | 3.55% | 6 months | $10,000 | 0.30% | $1,000 |
| Citibank | 3.50% | 3 months | $50,000 | 0.10% | $10,000 |
| Bank of China | 3.45% | 3 months | $5,000 | 1.70% | $5,000 |
| RHB | 3.40% | 6 months | $20,000 | 0.45% | $20,000 |
| Maybank | 3.35% | 12 / 15 months | $22,000 | 0.35% | 1,000 |
| ICBC | 3.35% | 3 months | $500 | 3.05% | $500 |
| DBS / POSB | 3.20% | 12 months | $1,000 | 3.20% | $1,000 |
| Standard Chartered | 3.10% | 6 months | $25,000 | 2.60% | $20,000 |
| UOB | 3.10% | 6/10/12 months | $10,000 | 2.30% | $5,000 |
| OCBC | 3.10% | 6 months | $30,000 | 0.50% | $5,000 |
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.
Do refer to the updated individual fixed deposit rates listed under each bank below. You can use the table of content to navigate quickly:
Table Of Contents
- What is fixed deposit?
- January 2024 Update on Fixed Deposit Rates: Rates are dropping
- State Bank of India (SBI)
- HSBC
- CIMB
- Citibank
- Bank of China
- RHB
- Maybank
- ICBC
- DBS / POSB
- Standard Chartered
- UOB
- OCBC
- How to choose the best Fixed Deposit Account for yourself?
- Insurance on your fixed deposits
- Singapore Fixed Deposit Rates vs Singapore Treasury Bill (T-Bill)?
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 | 2.85 |
SBI January 2024 Fixed Deposit Promo Rate
In the month of January, SBI is offering promotional rates on their 6 month fixed deposit accounts on minimum deposits of S$50,000:
| Tenure (Months) | January 2024 Promo Rate(p.a. %) | Minimum Deposit (SGD) |
| 6 | 3.65% | S$50,000 |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
- S$5,000 for normal rates
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.
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 January 2024 Fixed Deposit Promo Rate
In the month of January, HSBC is offering promotional rates on their 3-, and 6- month fixed deposit accounts on minimum deposits of S$30,000 (only applicable to fresh funds placements):
| Tenure (Months) | December 2023 Promo Rate(p.a.) | Minimum Deposit (SGD) |
| 3 | 3% | S$30,000 |
| 3 | 3.65% | S$200,000 |
| 6 | 3% | S$30,000 |
| 6 | 3.5% | S$200,000 |
| 12 | 3% | S$30,000 |
| 12 | 3.3% | S$200,000 |
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.
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 |
| 24 | 0.30 | 0.35 |
CIMB January 2024 Fixed Deposit Promo Rate
For the month of January, CIMB is offering the following Fixed Deposit Promotion Rates:
| Tenure (Months) | January 2024 Promo Rate (p.a.)* | Minimum Deposit (SGD) |
| 3 | 3.45% | $10,000 |
| 6 | 3.5% | $10,000 |
| 9 | 3.35% | $10,000 |
| 12 | 3.15% | $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$1,000 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.
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 | 0.1 |
| 24 | 0.1 |
| 36 | 0.1 |
Citibank January 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 | 3.5% | 3.3% |
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
- S$10,000 for normal rates.
- S$250,000 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 branch.
Bank of China
Bank of China offers fixed deposits across 10 different currencies including SGD. Here are their latest board rates as of 1 Jan 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 January 2024 Fixed Deposit Promo Rate
As of 1 Jan 2024, you can earn up to 3.45% p.a. if you lock up $5,000 or more with BOC for at least 3 months.
| Tenure (Months) | January 2024 Promo Rate(p.a.)* | Minimum Deposit (SGD) |
| 1 | 2.9% | $5,000 |
| 3 | 3.6% | $5,000 |
| 6 | 3.45% | $5,000 |
| 9 | 3.35% | $5,000 |
| 12 | 3.3% | $5,000 |
| 18 | 2.95% | $5,000 |
| 24 | 2.7% | $5,000 |
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
S$5,000
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.
RHB
RHB January 2024 Fixed Deposit Promo Rate
In the month of January, RHB is offering promotional rates for their 3-, 6-, and 12- month fixed deposit accounts on minimum deposits of S$20,000:
| Tenure (months) | January 2024 Promo Rate (p.a.)* | Minimum Deposit (SGD) |
| 3 | 3% | $20,000 |
| 6 | 3.4% | $20,000 |
| 12 | 3.3% | $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.
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 January 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) | January 2024 Deposit Bundle Promo (p.a.) | Minimum Deposit (SGD) |
| 12 | 3.35% | $2,000 +$10,000 |
| 15 | 3.35% | $2,000 +$10,000 |
| 18 | 2.8% | $2,000 +$10,000 |
| 24 | 2.8% | $2,000 +$10,000 |
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) | January 2024 Promo Rate(p.a.) | Minimum Deposit (SGD) |
| 9 | 2.55% | $20,000 |
| 12 | 2.65% | $20,000 |
| 15 | 2.65% | $20,000 |
| 18 | 2.35% | $20,000 |
| 24 | 2.35% | $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.
ICBC
ICBC January 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 | 3.35% | $500 |
| 6 | 3.2% | $500 |
| 9 | 3.1% | $500 |
| 12 | 3.1% | $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.
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 |
| 12 | 3.2 |
Eligibility
You need to be at least 12 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 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 January 2024 Fixed Deposit Promo Rate
In the month of January, Standard Chartered is offering the following rates with a minimum deposit of S$25,000:
| Tenure (Months) | January 2025 Promo Rate (p.a.) | Minimum Deposit (SGD) |
| 8 | 3.1% | $25,000 |
Priority banking and Priority Private Banking clients get a better preferential rate of up to 3.2% – 3.3%.
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.
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 Mth | 0.05 |
| 2 Mths | 0.20 |
| 3 Mths | 0.35 |
| 4 Mths | 0.55 |
| 5 Mths | 0.75 |
| 6 Mths | 0.95 |
| 7 Mths | 1.15 |
| 8 Mths | 1.35 |
| 9 Mths | 1.55 |
| 10 Mths | 1.80 |
| 11 Mths | 2.05 |
| 12 Mths | 2.30 |
| 13 Mths | 2.55 |
| 14 Mths | 2.80 |
| 15 Mths | 2.95 |
| 18 Mths | 3.05 |
| 24 Mths | 3.10 |
| 36 Mths | 3.20 |
UOB January 2024 Fixed Deposit Promo Rate
In the month of January, UOB is offering the following rates with a minimum deposit of S$10,000:
| Tenure (Months) | January 2024 Promo Rate(p.a.) | Minimum Deposit (SGD) |
| 6 / 10 / 12 | 3.1% | S$10,000 |
Eligibility
You need to be at least 15 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.
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 January 2024 Fixed Deposit Promo Rate
In the month of January, OCBC is offering promotional rates on their 6-months fixed deposit accounts on minimum deposits of S$5,000.
| Tenure (Months) | January 2024 Promo Rate(p.a.) | Minimum Deposit (SGD) |
| 6 | 3.1% | $30,000 |
As of January 2024, you can also place a 6-month SGD Fixed Deposit via your CPF OA funds with OCBC for 3.1% (p.a.). You can now set that up via the OCBC Digital App!
Eligibility
You need to be at least 18 years old.
Minimum Initial Deposit
S$5,000
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.
So…which Bank has the Highest Interest Rate for Fixed Deposit?
In the month of January 2024, State Bank of India is currently offering the highest rate at 3.65% for a 6-month fixed deposit of at least S$50,000.
Coming in with the next highest FD rates in Singapore are:
- HSBC at 3.65% for 3 months tenure (min. $200,000 to start)
- CIMB at 3.55% for 6 months tenure (min. $10,000 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 is considering if he should put his savings into a fixed deposit for the next 12 months. These are the top 2 banks he can consider:
| Bank | Interest Rate (p.a.) for 12- month deposits | How much could his $20,000 grow to? (estimated) |
| CIMB | 3.55% | $20,710 |
| DBS | 3.2% | $20,640 |
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 ~3.65% interest rates doesn’t sound enticing, you may want to look beyond fixed deposit accounts.
Some other vehicles you can consider include:
- Singapore Savings Bonds: offering 2.81% on the February 24 tranche
- Dividend Investing: you could unlock sustainable dividend yields of 5% or more (that’d probably outlast the high interest rates from banks) by picking the right stocks.
- Foreign currency fixed deposits: rates are rising for selected currencies. See the best USD Fixed Deposit Rates here
Singapore Fixed Deposit Rates vs Singapore Treasury Bill (T-Bill)?
At this point, you may also be wondering if you should park your money in T-Bills instead. Here’s a quick comparison of the rates:
| Tenure | Best Fixed Deposit Rate | T-Bill Rate |
| 6 month | 3.65% – ↓ from Dec | 3.8% (from 23 Nov auction results) |
| 12 month | 3.65% no change from Dec | 3.7% ↓ from Jul (from 19 Oct 2023 auction results) |
At the point of writing, the upcoming 6-month T-bill is open for auction till 4 Jan 2024. The next one will be announced on 11 Jan 2024.
The 1-year T-bill will be announced on 18 Jan 2024. You can find the latest here.
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.
