Sometimes, promotional gifts are offered if certain minimum deposit amount is met.įor a fair comparison of fixed deposit rates (including promotional and non-promotional rates) in Singapore, we have included the comparison table below for reference. These limited time promotions are usually extremely competitive and might or might not be renewed upon expiry. They frequently conduct fixed deposit promotions for certain tenures and deposit amounts to attract fresh funds so as to boast their deposit base. As a rule of the thumb, banks or financial companies reward depositors with higher interest for longer tenures and higher deposit amounts. The minimum amount and period for fixed deposits differs from bank to bank. Fixed deposits are hence considered very low risk financial products although the returns might be unexciting compared to other investment products.įixed Deposit Minimum Amount and Minimum Period This is due to the fact that the Singapore Deposit Insurance Corporation (linked to the Singapore government) insures all deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000.Ĭonsumer banks or finance companies operating in Singapore are also subjected to strict capital requirements well above global standards to protect depositors. Both rates are expected to ease off in the coming months as inflation wanes off in the course of the current year.Ĭontrary to belief that certain foreign banks might be more risky, the first $75,000 parked in fixed deposits at any bank is risk-free. The difference has narrowed in recent months as savings deposit rates play catch up to fixed deposit interest rates which soared to record highs in 2023.

Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit accounts.

You can save your money in either regular current or savings deposit accounts or fixed deposit accounts in Singapore. Which Bank has Highest Fixed Deposit Rate? Best Fixed Deposit Rates in Singapore 2024Ĥ. Fixed Deposit Minimum Amount and Minimum Periodģ.

Ocbc fixed deposit rate in singapore