There are  a lot of places to park your money . And sometimes, you just have a considerable amount of money lying around that you don’t really wanna  risk . 
 Source: SpongeBob SquarePants | Giphy 
 Enter  fixed   deposits  (or time deposits), an extremely low-risk way to grow your money without losing your capital. It is where you can leave your money, forget about it, and return later to collect the interest. Every bank offers different interest rates, which typically vary according to the minimum  deposit  amount and agreed-upon  tenor . 
 So, which bank offers the  best fixed deposit rates in Singapore?  
 Let’s find out! 
 
 TL;DR:  Best Fixed Deposit Rates Singapore (Dec 2023) 
 
 Best 3-month fixed deposit rate: HSBC (3.65% p.a., minimum $30,000) 
 Best 6-month fixed deposit rate: RHB (3.60% p.a., minimum $20,000) 
 Best 12-month fixed deposit rate: RHB (3.60% p.a., minimum $20,000) 
 
 
 
 
 
 Banks (Click to teleport and view all fixed deposits offered by the respective banks) Tenor (Months) Promotion's Minimum/ 
Qualifying Amount (SGD) Promotional Interest Rate (p.a.) Valid Till 
 
 
 
 
 HSBC 3 months $30,000 3.65% 31 Dec 2023 
 
 
 RHB 6, 12 months $20,000 Premier Customers: 3.68% 
 
Personal Customers: 3.60% Further notice 
 
 
 CIMB 6 months $10,000 Preferred Banking:  
3.55% 
 
Personal Banking:  
3.50% 31 Dec 2023 
 
 
 Bank of China 3 months $5,000 Mobile Banking: 3.50%  Further notice 
 
 
 Citibank 3 months $50,000 
 (Fresh funds) 3.50% 31 Dec 2023 
 
 
 Sing Investments & Finance Limited (SIF) 3 months $20,000 
 (Fresh funds) 3.45% Further notice 
 
 
 Maybank 12, 15 months $20,000 
 (Fresh funds) 3.35%* Further notice 
 
 
 ICBC 3 months $500 E-banking: 3.35% Further notice 
 
 
 Hong Leong Finance 3, 6 months $20,000 3.30% Further notice 
 
 
 DBS 12 months - 60 months 
 $1,000 3.20% Further notice 
 
 
 Standard Chartered 8 months $25,000 
 (Fresh funds) Priority Private Banking:  
3.30% 
 
Priority Banking:  
3.20% 
 
Promotional Rate: 
3.10% 31 Dec 2023 
 
 
 UOB 3, 6, 12 months $10,000 
 (Fresh funds) 3.10% 31 Dec 2023 
 
 
 OCBC 6 months $30,000 
 (Fresh funds) 3.10% Further notice 
 
 
 
 
 *For every $1,000 deposited into Maybank Current or Savings Accounts (min. $2,000), you can deposit $10,000 into the Deposit Bundle Promotion ($20,000) 
 Jump To: 
 
 What is a Fixed Deposit Account? 
 How Do Fixed Deposit Rates Compare to Guaranteed Cash Management Portfolios? 
 How Do Fixed Deposit Rates Compare to The Best Savings Accounts in Singapore? 
 How Do Fixed Deposit Rates Compare to Treasury Bills and Singapore Savings Bonds? 
 What are The Fixed Deposit Rates Offered in Singapore? 
 
 Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing in any investment product. Information is accurate as of 4 Dec 2023. 
 
 What is a Fixed Deposit Account? 
 Fixed deposits – also known as time deposit accounts – give you a guaranteed interest amount for the money you put in over a specified period. 
 Advantages of Fixed Deposit 
 Fixed deposits are popular among some Singaporeans due to a few reasons: 
 
 Virtually risk-free:  Up to $75,000 of the amount is insured by Singapore Deposit Insurance Corporation (SDIC) 
 Guaranteed returns:  By locking up an amount of money, it helps a particular group of people save better 
 Tax-free interest : The interest you earn from your fixed deposit sum is  exempted from tax  in Singapore. 
 High liquidity : Despite what many seem to think, you may withdraw your money from fixed deposits at any time but incur early withdrawal fees. 
 
 Disadvantages of Fixed Deposit 
 For the additional interest rate, parking your money into a fixed deposit has its cons, too: 
 
 Less flexibility:  You’ll give up the liquidity of your savings for a fixed amount of time to get the interest 
 Early withdrawal fees:  Withdrawing your money before the deposit reaches its maturity date will mean receiving less interest 
 Minimum deposit amount required:  Fixed deposit usually requires a  minimum amount  of anywhere between  $1,000 and $5,000. 
 
 How Do Fixed Deposit Rates Compare to Guaranteed Cash Management Portfolios? 
 Syfe Cash+ Guaranteed & StashAway Simple Guaranteed 
 Guaranteed cash management portfolios  are investment products that  invest your funds into fixed deposits  at partner banks. 
 When you invest in them, you will be  locking up your cash for a fixed period and enjoying a guaranteed fixed rate of return . 
 But wait, how is this different from investing in a fixed deposit directly? Here’s a table to explain the key differences: 
 
 
 
 
 Investment Product "Guaranteed" Cash Management Portfolio Fixed Deposits 
 
 
 
 
 Tenor/Term 3 - 6 months Up to 24 months 
 
 
 Liquidity None (withdrawal only at end of term) High (but with fees) 
 
 
 Minimum Investment Amount None or as low as $1 Typically $5,000 and above depending on bank 
 
 
 Insurance No SDIC coverage on an individual level.  
 
Up to $75k SDIC coverage applies to the bank account(s) used by the company.  Insured by SDIC up to $75k on an individual basis 
 
 
 
 
 One key difference that I would like to highlight is that there is absolutely  ZERO  liquidity when you invest in these guaranteed cash management portfolios. This means that you can neither withdraw nor top-up your funds invested until the term is over. So make sure that you don’t need that money for the specified period. 
 
 
 
   Syfe Cash+ Guaranteed StashAway Simple Guaranteed 
 
 
 
 
 Returns (p.a.) (lock-in period) 3.8% (3, 6 months) 
3.7% (12 months) 3.8% (3 months) 
3.7% (1, 6 months) 
3.5% (12 months) 
 
 
 Minimum Investment Amount None $1 
 
 
 Funding Cash Cash/SRS 
 
 
 Fees None 
 
 
 Liquidity None (Withdrawal only at end of term) 
 
 
 Insurance No SDIC coverage on an individual level.  
 
Up to $75k SDIC coverage applies to the bank account(s) used by the company.  
 
 
 Underlying Investments Fixed deposits with a bank 
 
 
 

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 How Do Fixed Deposit Rates Compare to The Best Savings Accounts in Singapore? 
 When it comes to savings accounts, there are some hoops you have to jump through to set up your account, credit your salary, etc., but for some accounts, it may be worth it. 
 
 How Do Fixed Deposit Rates Compare to Treasury Bills and Singapore Savings Bonds? 
 If you’re thinking about other low-risk investment options with the flexibility of withdrawal in the short term, there are options such as 
 
 Singapore Saving Bonds (SSB)   – 10-year average return (Dec 2023): 3.07% p.a. 
 Treasury Bills (T-bills)  – latest cut-off yield: 3.80% p.a. 
 
 But note that for SSBs and T-bills, you might not get the full amount you want to be allocated. 
 Apart from those mentioned above, there are these  low-risk alternatives  you can consider: 
 
 Regardless of your option and how promising a certain investment may sound… 
 Always, ALWAYS do your own due diligence when you’re  investing . 
 Read more: 
 
 When Should You Choose Fixed Deposits over Singapore Savings Bonds (SSB)? 
 Investment Products Backed By The Singapore Government: SSB vs SGS Bond vs Treasury Bills 
 
 What are The Fixed Deposit Rates Offered in Singapore? 
 With that in mind, here are the best fixed deposits in Singapore. 
 
 BOC Fixed Deposit Rates (Dec 2023) 
 
 
 
 
 Tenor Amount (SGD) Over the Counter Placement 
Interest Rates (p.a.) Via Mobile Banking Placement* 
Interest Rates (p.a.) Promotion Validity 
 
 
 
 
 1 month $5,000 and above 2.85% 2.90% Valid until further notice 
 
 
 3 months 3.45% 3.50% 
 
 
 6 months 3.40% 3.45% 
 
 
 9 months 3.25% 3.30% 
 
 
 12 months 3.20% 3.25% 
 
 
 18 months 2.90% 2.95% 
 
 
 24 months 2.70% 2.75% 
 
 
 

 *This promotional rate is only applicable to personal banking customers with placement via BOC Mobile Banking. 
 Bank of China Fixed Deposit Terms & Conditions: 
 
 The rates are indicative and applicable to personal customers only 
 Rates used at the point of transaction may differ. 
 
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 CIMB Fixed Deposit Rates  (Dec  2023 ) 
 
 
 
 
 Tenor (Months) Personal Banking 
Online Promo Rate (% p.a.) 
$10,000 & Above Preferred Banking 
Online Promo Rate (% p.a.) 
$10,000 & Above Promotion Validity  
 
 
 
 
 3 months 3.45% 3.50% 31 Dec 2023 
 
 
 6 months 3.50% 3.55% 
 
 
 9 months 3.35% 3.40% 
 
 
 12 months 3.15% 3.20% 
 
 
 

 CIMB Fixed Deposit Terms & Conditions 
 
 
 
 
 
 
 A minimum placement of S$5,000 is required for a tenure of 1 or 2 months. Other tenures require $1,000 minimally. 
 Rates are subject to change without prior notice. 
 
 
 
 
 
 
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 Citibank Fixed Deposit Rates  (Dec 2023) 
 
 
 
 
 Type Deposit Amount 
(Fresh Funds) Tenor Interest Rate (% p.a.) Promotion Validity 
 
 
 
 
 New-To-Bank and existing with Citi Priority, Citibanking or Citi Plus relationship $50,000 to $3,000,000 3 months 3.50% 31 Dec 2023 
 
 
 6 months 3.30% 
 
 
 New-To-Bank and existing clients with Citigold* $10,000 to $250,000 3 months 3.60% 
 
 
 $250,000 to $3,000,000 3.70% 
 
 
 $10,000 to $250,000 6 months 3.40% 
 
 
 $250,000 to $3,000,000 3.50% 
 
 
 New-To-Bank and existing clients with Citigold Private Client* $10,000 to $250,000 3 months 3.60% 
 
 
 $250,000 to $3,000,000 3.70% 
 
 
 $10,000 to $250,000 6 months 3.40% 
 
 
 $250,000 to $3,000,000 3.50% 
 
 
 

 *The promotion is only applicable to all customers who have a qualified banking relationship of Citigold Private Client (AUM of ≥ S$1,500,000) or a Citigold (AUM of ≥ S$250,000) during the promotion period 
 Citibank Fixed Deposit Terms & Conditions 
 
 Citibank also offers time deposits with a minimum deposit amount of  $10,000 , with a tenor from one week to 48 months. 
 
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 DBS Fixed Deposit Rates (Dec 2023) 
 
 Next up, we have Singapore’s biggest bank. But unfortunately , DBS is not running any Fixed Deposit promotions at the moment. 
 Note that DBS only accepts new placements for tenors 12 months and below. Interest rates for tenors of 18 months and above are applicable only to the rollover of existing placements at the same tenor. 
 DBS Fixed Deposit Terms & Conditions 
 
 Interest rates are indicative. Rates apply to individual accounts only 
 Rates quoted are in % p.a. and are subject to change without prior notice 
 From 21 May 20, interest rates for new placements and renewals in an SGD FD Account will be computed based on the total SGD FD balances instead of each placement and/or renewal. 
 
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 Hong Leong Fixed Deposit Rates (Dec 2023) 
 
 
 
 
 Deposit Amount (SGD) 6-month 9-month 12-month Promotion Validity 
 
 
 
 
 $20,000 and above 3.30% 3.30% 3.25% p.a. Valid until further notice 
 
 
 

 Terms & Conditions: 
 
 The Fixed Deposit Promotion is applicable for individual accounts only and applicable to both new placement and renewal 
 Upon maturity, this Fixed Deposit will be auto-renewed at the prevailing Board/Special Rate whichever is applicable 
 For premature withdrawal, a $50 fee applies, and 0.10% p.a. interest is payable for the completed quarter(s) 
 Promotional interest rates are subject to change without prior notice. Other terms & conditions apply 
 
 Hong Leong Fixed Deposit Terms & Conditions 
 
 For sums of $1 million and higher, please enquire at our branches for rates 
 For Non-Individual Accounts, please enquire at our branches for rates 
 Rates are only indicative and subject to change at any time without prior notice 
 Overdue Fixed Deposit (3 to 36 months) will be paid on the then prevailing Board Rate for completed quarter(s) or cycle(s) 
 Short-Term Monthly Deposits (1 & 2 months) – Overdue Fixed Deposit will be paid on the then prevailing Board Rate for each successive cycle (original tenor). 
 
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 HSBC Fixed Deposit Rates (Dec 2023) 
 
 
 
 
 Tenure Placement Amount Promotional SGD Time Deposit Promotion Validity 
 
 
 
 
 3-month SGD200,000 to SGD2,000,000 3.65% p.a. 31 Dec 2023 
 
 
 3-month SGD30,000 to < SGD200,000 3.00% p.a. 
 
 
 6-month SGD200,000 to SGD2,000,000 3.50% p.a. 
 
 
 6-month SGD30,000 to < SGD200,000 3.00% p.a. 
 
 
 

 The  minimum fresh fund  placement amount for the HSBC SGD Time Deposit Promotion is  $30,000 . 
 For placement amounts  greater than $1,200,000 , please contact either HSBC or your Relationship Manager. 
 HSBC Fixed Deposit Terms & Conditions 
 
 Rates are subject to change without notice 
 The Premier-exclusive rates set out in the table above shall apply only to account(s) which are subject to the terms and conditions governing the use of the HSBC Premier Account Package. 
 
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 ICBC Fixed Deposit Rates (Dec 2023) 
 
 
 
 
 Tenor Over the Counter 
Promotion Rates 
(Min. $20,000 & Above) Via E-Banking 
Promotion Rates 
(Min. $500 & Above) Valid Till 
 
 
 
 
 1 month 2.85%  2.90% 
 Further notice 
 
 
 3 months 3.30%  3.35% 
 
 
 6 months 3.15% 3.20% 
 
 
 9 months 3.05% 3.10% 
 
 
 
 12 months 3.05%  3.10%  
 
 
 

 Terms & Conditions: 
 
 Rates are subject to change without prior notice, and p romotion is valid until further notice 
 There is no penalty for pre-matured withdrawal of fixed deposit; you will get paid based on the prevailing current account interest rate 
 “Fresh Funds” refers to funds that do not originate from any existing accounts you have with ICBC. For example, any transfer of funds between ICBC account(s) would not be considered fresh funds. 
 The minimum deposit amount over the counter is $20,000, and the minimum deposit amount via E-banking is $500 
 
 Also, the following applies to the maturity of the FD with auto-renewal instructions provided via electronic banking (ICBC Internet Banking or Mobile Banking) (“ E-banking ”): 
 For FD placed before 28th April 2020 
 1. Tenor of 1 month, 3 months, 6 months, or 9 months : 
FD will enjoy the prevailing Over-the-Counter Promotion Rate upon maturity of FD. For example, if you place 3 months FD on 5th February 2020, the prevailing Over-the-Counter Promotion Rate will automatically apply on renewal. 
 2. Tenor of 12 months : 
FD will enjoy the prevailing E-banking Promotion Rate upon maturity of FD. 
 ICBC Fixed Deposit Terms & Conditions 
 
 Minimum deposit of $500 
 No penalty for pre-matured withdrawal of a fixed deposit, you will get paid based on the prevailing current account interest rate 
 ‘Fresh Funds” refers to funds that do not originate from any existing accounts you have with us. For example, any transfer of funds between ICBC account(s) would not be considered fresh funds. 
 
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 Maybank Fixed Deposit Rates (Dec 2023) 
 
 
 
 
   Minimum Placement Amount Tenor (months) Interest Rate (p.a.) Valid Till 
 
 
 
 
 Deposit Bundle Promotion (Placement in Branch) 
 
 Available to Individual, SME and Commercial Banking customers $20,000 and above 12 months 3.35%* Further notice 
 
 
 15 months 3.35% 
 
 
 18 months 2.80% 
 
 
 24 months 2.80% 
 
 
 iSAVvy Time Deposit Promotion (Online Placement) 
 
 Available to Individual Banking customers $20,000 and above 9 months 2.55% 
 
 
 12 months 2.65% 
 
 
 15 months 2.65% 
 
 
 18 months 2.35% 
 
 
 24 months 2.35% 
 
 
 SGD Time Deposit Promotion (Placement in Branch) $20,000 and above 9 months 2.55% 
 
 
 12 months 2.65% 
 
 
 15 months 2.65% 
 
 
 18 months 2.35% 
 
 
 24 months 2.35% 
 
 
 

 Terms and Conditions: 
 
  *Deposit Bundle Promotion (Placement in Branch) 
 
 For every $1,000 deposited into Maybank Current or Savings Accounts (min. $2,000), you can deposit $10,000 into the Deposit Bundle Promotion ($20,000) 
 Available to Individual, SME, and Commercial Banking customers 
 Minimum placement: $20,000 
 
 
 SGD Time Deposit/Term Deposit- i  promotion :
 
 Available to Individual, SME, and Commercial Banking customers 
 Minimum placement: $20,000 
 
 
 iSAVvy Time Deposit promotion :
 
 Available to Individual Banking customers 
 Minimum placement: $25,000 
 
 
 
 Maybank Fixed Deposit Terms & Conditions 
 
 Minimum age 16 years old 
 To qualify for promotional interest/profit rates, the placement of Singapore Dollar Time Deposit/Term 
Deposit-i (“Time Deposit”) has to meet a minimum amount of $10,000 
 Promotion is valid until further notice, and r ates are subject to change without prior notice. 
 
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 OCBC Fixed Deposit Rates (Dec 2023) 
 
 
 
 
 Type Minimum Deposit (SGD) Tenor (Months) Over the Counter Interest Rate (p.a.) Via E-banking Interest Rate (p.a.) 
 
 
 
 
 SGD Time Deposit Rate $30,000 6 2.70% 3.10% 
 
 
 CPF Time Deposit Rate $30,000 6 2.70% 3.10% 
 
 
 

 *Fresh funds refer to funds not transferred or withdrawn from existing OCBC Bank deposit accounts and re-deposited and do not include funds in the form of OCBC Bank cheque/cashier’s order/demand drafts 
 Promotion Terms & Conditions 
 
 The minimum placement amount for the above SGD promotion is  $30,000 . 
 This promotion is not available for placements via  Supplementary Retirement Scheme (SRS)  funds 
 The maximum placement amount for all the above Time Deposit promotions is $999,999 or equivalent. For deposits above $1 million 
 
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 RHB Fixed Deposit Rates (Dec 2023) 
 
   
 
 
 
 Deposit Amount Tenor (Months) Personal Customers 
Interest Rate (p.a.) Premier Customers / Online Promo Rates (p.a.) Valid Till 
 
 
 
 
 $20,000 and above 3 months 3.00% 3.10% Further notice 
 
 
 6 months 3.60% 3.68% 
 
 
 12 months 3.60% 3.68% 
 
 
 

 Promotional rates are subject to change without prior notice. Terms and conditions apply. To enjoy the promotional rate, you will need a deposit amount of  at least $20,000 . 
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 SIF Fixed Deposit Rates (Dec 2023) 
 Next up, we have  Sing Investments & Finance Limited (SIF) : a lender and financier that was incorporated in Singapore on 13 November 1964 and was listed on the Singapore Stock Exchange since July 1983. 
 
 FYI: SIF has an Exempt Capital Markets Services Entity that has a  license  to deal in capital markets products (securities), product financing, and provision of custodial services from the Monetary Authority of Singapore (MAS). 
 Here are its Fixed Deposit promotions: 
 
 
 
 
 Daily Special Fixed Deposit Rates (Fresh Funds only) 3 months 6 months 12 months 
 
 
 
 
 $20,000 3.45% p.a. 3.40% p.a. 3.35% p.a. 
 
 
 
 
*Applicable to personal accounts & fresh funds only. Note that rates are subject to change without prior notice. Terms and conditions apply. 
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 Standard Chartered Fixed Deposit Rates (Dec 2023) 
 
 
 
 
 Deposit Amount (SGD) Tenor (Months) Promotional Interest Rate (p.a.) Priority Banking Preferential Interest Rate (p.a.) Priority Private Banking Preferential Interest Rate (p.a.) Promotion Validity 
 
 
 
 
 $25,000 and above in fresh funds 8 months 3.10% 3.20% 3.30% 31 Dec 2023 
 
 
 

 Note: 
 
 *For Standard Chartered’s Fresh Funds promotions, you need to place a minimum of  $25,000   in  fresh funds 
 
 Fresh funds refer to funds not originating from any existing account with Standard Chartered Bank (Singapore) Limited (the “Bank”) and funds that are not withdrawn and re-deposited within the last 30 days of opening your Time Deposit 
 
 
 The promotional interest rates are only applicable if the Time Deposit is held until the maturity of the tenor. 
 
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 UOB Fixed Deposit Rates (Dec 2023) 
 
 
 
 
 Minimum Deposit Amount (Fresh Funds) Tenor (Months) Interest Rate (p.a.) Promotion Validity 
 
 
 
 
 $10,000 and above 6 months 
10 months 
12 months 
 3.10% 31 Dec 2023 
 
 
 

 Those with a fixed deposit account with UOB must commit to at least a 6-month tenor and deposit at least  $10,000  in  fresh funds  to enjoy the promotional interest rate. 
 UOB Fixed Deposit Terms & Conditions 
 
 You must be at least 15 years old 
 Minimum placement of $5,000 for tenors of one month and above 
 Minimum placement of $250,000 for a tenor of between seven days and 14 days 
 Minimum placement of $1,000,000 for a tenor of fewer than seven days 
 
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 Don’t be shy to ask our friendly  Seedly Community  for their opinions when in doubt, or hop over to our  product review  page to read personal experiences! 
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