Best Fixed Deposit Rates in Singapore (June 2022) — DBS, UOB, OCBC & More

Best Fixed Deposit Rates in Singapore (June 2022) — DBS, UOB, OCBC & More

Fixed deposit (sometimes called time deposit) accounts are low-risk investments that earn you interest over a fixed commitment period. You don’t need to do anything to earn this interest, just park your money with a bank. Think of it like mould on a piece of bread. Just leave it out in the open and mould will grow — FREE! — on your bread for you.

Seriously, though, fixed deposits are great if you have a substantial amount of money lying around and you don’t want to risk investing it. Fixed deposits are extremely low risk ways to grow your money.

You’ll be happy to learn that the fixed deposit rates are looking up again! Fixed deposit interest rates took a hit during Covid-19 but now the rates are back to pre-Covid days! If you’ve been holding out for the interest rates to pick back up, now might be a good time to park your spare money with a bank. 

Best fixed deposit rates in Singapore (June 2022)

We’ve picked the highest fixed deposit rates for SGD in attainable deposit amounts (i.e. $50,000 and below). 

Bank/financial institution Min. deposit amount Tenure Interest rates
Hong Leong Finance $60,000 6 months 1% p.a.
CIMB $10,000 12 months 1.35% p.a.
RHB $20,000 24 months 1.95% p.a. 
DBS  $1,000  18 months 1.3% p.a.
ICBC $500 12 months 1.5% p.a.
Maybank $20,000 36 months 1.8% p.a.
UOB $20,000 15 months 1.2% p.a.
HSBC $30,000 9 months 0.6% p.a.
OCBC $20,000 24 months 1.28% p.a.
Standard Chartered $25,000 12 months 0.9% p.a.
Bank of China $5,000 24 months 1.9% p.a.
State Bank of India $25,000 15 months 1.5% p.a. 

Note that most of these promotional interest rates, which change monthly and the bank can change the rates anytime. The exception is DBS’ fixed deposit rate, which is non-promotional.

State Bank of India Singapore fixed deposit rates (June 2022)

State Bank of India Singapore fixed deposit rate
Interest rate 1.5% (promo) or 1.10% p.a.
Deposit amount Min. $25,000 or $1,000
Tenure 15 months or 36 months

The State Bank of India Singapore’s interest rate is one of the highest amongst the banks here with its ongoing promotion of 1.5% for 15 months (minimum $25,000). If you’re looking for a lower minimum deposit of $1,000, you can opt for a shorter fixed deposit tenure, the State Bank of India Singapore offers an interest rate of 1.1% for a year. Either way, it’s interest rates across the board are rather attractive.

Bank of China fixed deposit rates (June 2022)

Bank of China fixed deposit rate
Interest rate 1.9% p.a.
Deposit amount Min. $5,000 
Tenure 24 months

Bank of China’s fixed deposit promotional rate ranks the highest across the board. Not only is it the highest, you only need a minimum deposit of $5,000 to get earn the 1.9% interest rate. If you’re an existing Bank of China personal banking customer, set up your fixed deposit via mobile banking to enjoy Bank of China’s generous interest rate. If you prefer to do things the old school way at a physical counter, you’d earn a lower interest rate of 1.7%. It’s still one of the highest fixed deposit interest rate across the board.

If you’re new to Bank of China, you can still enjoy a high 1.7% in interest on your $5,000 deposit when you open your account at the physical counter. Plus, you’ll also receive $100 Takashimaya vouchers (capped at $1,000) for every $50,000 deposit.

Thinking of setting up a fixed deposit with the Bank of China? Run, don’t walk!

Hong Leong Finance fixed deposit rates (June 2022)

Hong Leong Finance fixed deposit rate
Interest rate 1% p.a.
Deposit amount Min. $60,000 
Tenure 6 months

Apart from the big banks like DBS, UOB and OCBC, the fixed deposit aficionado should also look at non-bank financial institutions like Hong Leong Finance as they also offer promotions. They may not be quite as risk-free as banks, though.

This month, Hong Leong is offering 1% for 6 months. It’s a pretty sweet deal but it also requires a significant sum of $60,000. Before you lock up that much in a fixed deposit, make sure you have sufficient emergency funds first.

Otherwise, Hong Leong’s fixed deposit rates only get as high as 0.5% for sums above $50,000 with a lockdown period of 36 months. Not really worth your time if you ask us. Keep scrolling!  

CIMB fixed deposit rates (June 2022)

CIMB fixed deposit rate
Interest rate 1.35% p.a.
Deposit amount Min. $10,000 
Tenure 12 months

Malaysian bank CIMB has one of the highest fixed deposit rates for the month with their 1.35% p.a. promotion (till 30 June 2022) if you are not a CIMB Preferred customer. If you’re a CIMB Preferred customer, you’ll enjoy an even higher rate of 1.68%.

This promo is for deposits of at least $10,000. To enjoy this rate, you need to lock up your money for 12 months. This promo extends to both new and existing CIMB Personal Banking and CIMB Preferred customers.

DBS fixed deposit rates (June 2022)

DBS fixed deposit rate
Interest rate 1.3% p.a.
Deposit amount $1,000 to $19,999
Tenure 18 months

The current highest DBS fixed deposit rate is 1.3% p.a. for those who have $1,000 – $19,999 for 18 months. However, DBS has stopped taking in fixed deposits above 8 months. So, if you’re already on an existing DBS fixed deposit programme, heng ah!

If you’re opening a new fixed deposit account, the highest you can go is 0.6% p.a. for 8 monthsThe only consolations are that the lock-in period is relatively short, and the minimum of $1,000 is quite a manageable amount.

DBS logo

Total Interest Earned

S$40

Total Interest Earned
Min. Deposit
S$1,000
Tenure
1 to 60 months
Interest Rate (p.a.)
0.6%
Total Interest Earned
S$40

ICBC fixed deposit rates (June 2022)

ICBC fixed deposit rate
Interest rate 1.5% p.a.
Deposit amount Min. $500 
Tenure 12 months

It used to be that you needed at least $20,000 lying around in order to benefit from the higher promotional interest rates. However, the lower-commitment options have become a lot more competitive of late.

All the above fixed deposits have pretty low barriers to entry, but Chinese bank ICBC takes the cake by requiring just a $500 minimum deposit.

You get an impressive 1.5% p.a. (if you apply for this fixed deposit online via ICBC e-banking) with a commitment period of 12 months. When you do it the old school way, you’ll still get a competitive 1.45% p.a. If you’re looking to start somewhere, ICBC has a low barrier of entry, a decent fixed deposit rate to offer and a low commitment period of only a year. 

Maybank fixed deposit rates (June 2022)

Maybank fixed deposit rate
Interest rate 1.8% p.a.
Deposit amount Min. $20,000 
Tenure 36 months

You can earn 1.8% p.a. with Maybank’s Singapore Dollar Time Deposit. Unfortunately you have to leave it in for 36 months (3 whole years!) to earn that amount. It is one of the highest across the board at the moment but if you don’t want to commit for the time it takes to build a BTO flat, there are shorter commitment fixed deposits. 

If you’re looking to commit for a shorter time period, Maybank also offers 1.3% p.a. for 12 months or 1.6% p.a. for 24 months.

Maybank logo

Total Interest Earned

S$615

Total Interest Earned
Min. Deposit
S$1,000
Tenure
1 to 36 months
Interest Rate (p.a.)
2.05%
Total Interest Earned
S$615

UOB fixed deposit rates (June 2022)

UOB fixed deposit rate
Interest rate 1.2% p.a.
Deposit amount Min. $20,000 
Tenure 15 months

Right now, local bank UOB is offering 1.2% p.a. on their 15-month fixed deposits while promotion lasts till 3o June 2022. While the lock-in period is relatively short at a little over a year, it still does require a minimum deposit of $20,000. 

Note that if you have an UOB fixed deposit that’s maturing this month, UOB will auto-renew your account at the current “promotional” rate. You might want to check and update your standing instructions.

UOB logo

Total Interest Earned

S$37.50

Total Interest Earned
Min. Deposit
S$5,000
Tenure
1 to 36 months
Interest Rate (p.a.)
0.45%
Total Interest Earned
S$37.50

RHB fixed deposit rates (June 2022)

RHB fixed deposit rate
Interest rate 1.95% p.a.
Deposit amount Min. $20,000 
Tenure 24 months

Malaysian bank RHB‘s interest rate ranks pretty high on the table with 1.95% per annum. If you have $20,000 to spare and lock away for two years, this is definitely one to consider . If you are an RHB Premier customer, you get a higher 2% interest rate instead.

RHB logo

Total Interest Earned

S$176

Total Interest Earned
Min. Deposit
S$20,000
Tenure
12 months
Interest Rate (p.a.)
0.88%
Total Interest Earned
S$176

What about HSBC and Standard Chartered fixed deposits?

The rest of the banks — Standard Chartered and HSBC — are offering even poorer deals on their fixed deposits, which is hardly worth your time.

In fact, you can get 1% p.a. on your savings (up to $10,000) with no lock-in just by opening a regular CIMB FastSaver account and applying/ activating a CIMB Visa Signature Credit Card.

Of course, banks are notoriously fickle about their interest rates, and all these could easily change next month. For the latest promotional rates, remember to bookmark this page and our MoneySmart fixed deposit comparison page before you commit.

Plus, here’s a quick and easy summary of what you need to know about fixed deposits.

Fixed deposit vs savings account — what’s the difference?

Once an attractive alternative to the 0.05% p.a. interest on savings accounts, fixed deposits are fading from collective memory. Today, every bank in Singapore is competing for your dollar with high interest savings accounts, which may actually offer better returns.

Here are the differences between fixed deposits and savings accounts at a glance:

Fixed deposit Savings account
Tenure As low as 3 months, but go for at least 12 months for better rates None
Interest rate The longer the tenure, the better the interest rate Usually the same regardless of tenure
Amount to deposit Fixed amount, usually at least $10,000 Smaller initial deposit and minimum monthly balance ($500 to $3,000)
Currency SGD by default, but some banks offer higher interest rates for foreign currency SGD by default. There are a few multi-currency accounts, but no difference in interest rate
Can you withdraw? Contrary to popular belief, yes, but you lose the interest Yes, no impact on interest, but don’t fall below the minimum balance
Interest payments Quarterly or annually Monthly
Risk level Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)

Fixed deposit vs Singapore Savings Bonds (SSB) — which is better?

In an earlier article, we compared the Singapore Savings Bonds to fixed deposits. There are a few key distinctions between these virtually risk-free investment vehicles.

First, interest rates. Believe it or not, fixed deposit interest rates were actually higher than SSBs in 2021. The March 2021 issue of SSBs offered a measly 0.35% p.a. interest average return after the first 2 years. However, things have changed in the past year.

In fact, the Singapore Savings Bonds interest rates are looking up. The July 2022 Singapore Savings Bond (SSB) has a ten-year average return of 2.71% p.a, while even 2-year rates are close to 2.16% p.a average return. While fixed deposit interest rates might be more attractive than SBSs in the short term, SBSs outperform fixed deposit rates in the long run. 

Next, entry point. It takes just $500 to invest in Singapore Savings Bonds, which is lower than the $1,000 or more for most fixed deposits. That said, ICBC fixed deposits only require $500 to start. (On the flip side, there’s a cap of $200,000 you can put into Singapore Savings Bonds. There’s no cap for fixed deposits.)

Finally, tenure. Fixed deposits are shorter term investments. After the lock-in period is over, you should shop around again for another place to park your money.

With SSBs, however, the interest rate climbs every year, so the longer you keep the money in there (up to a maximum of 10 years) the more you get. At the same time, SSBs have higher liquidity than fixed deposits. You will not be penalised if you withdraw your money at any point. You do have to pay a $2 transaction fee each time you buy or redeem a bond, though.

Know anyone who likes to park their cash in fixed deposits? Share this article with them.