Best Fixed Deposit Rates Singapore

Min Deposit
6-12 months

DBS fixed deposit rates

For minimum deposit: $1,000 - $19,999
6 months 2.90%
7 months 2.95%
8 months 3.00%
9 months 3.10%
10 months 3.15%
11 months 3.15%
12 months 3.20%
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6-10 months

UOB fixed deposit rates

For minimum deposit: ≥$10,000
6 months 2.70%
10 months 2.60%
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6-12 months

OCBC fixed deposit rates

For minimum deposit: ≥$30,000
6 months 2.90%
12 months 2.80%
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3-12 months

CIMB fixed deposit rates

For minimum deposit: ≥$10,000
3 months 3.25%
6 months 3.35%
9 months 3.00%
12 months 2.95%
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3-12 months

RHB fixed deposit rates

For minimum deposit: ≥$20,000
3 months 3.35%
6 months 3.35%
12 months 3.25%
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9-24 months

Maybank fixed deposit rates

For minimum deposit: ≥$20,000
9 months 3.00%
12 months 2.60%
15 months 2.60%
18 months 2.30%
24 months 2.30%
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3-12 months

HSBC fixed deposit rates

For minimum deposit: $30,000 - $199,999
3 months 3.20%
6 months 3.25%
12 months 2.95%
For minimum deposit: ≥$200,000
3 months 3.30%
6 months 3.35%
12 months 3.10%
See more details:
6 months

Standard Chartered fixed deposit rates

For minimum deposit: ≥$25,000
6 months 2.90%
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3-6 months

Citibank fixed deposit rates

For minimum deposit: $50,000 - $3,000,000
3 months 2.50%
6 months 2.50%
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1-24 months

Bank of China fixed deposit rates

For minimum deposit: ≥$500
1 months 3.00%
2 months 3.30%
3 months 3.50%
4 months 3.35%
5 months 3.30%
6 months 3.30%
9 months 3.05%
12 months 3.05%
18 months 2.70%
24 months 2.60%
See more details:
1-12 months

ICBC fixed deposit rates

For minimum deposit: ≥$500
1 months 2.90%
3 months 3.35%
6 months 3.15%
9 months 3.00%
12 months 3.00%
For minimum deposit: ≥$50,000
3 months 3.50%
See more details:
Here we summarize the best fixed deposit rates for various durations:
  • The best 1-month fixed deposit is 3.00% from Bank of China.
  • The best 3-month fixed deposit is 3.50% from Bank of China.
  • The best 6-month fixed deposit is 3.35% from CIMB.
  • The best 9-month fixed deposit is 3.10% from DBS.
  • The best 12-month fixed deposit is 3.25% from RHB.
  • The best 24-month fixed deposit is 2.60% from Bank of China.

Note regarding the best fixed deposit rates in Singapore above:

  • Some of the rates above are promotional offers that may only be available temporarily.
  • Some offers also require a higher minimum deposit, with some requiring up to $50,000 per deposit.
  • Some offers are only applicable for fresh funds deposited into the banks.
  • We do not include preferential rates available only to premier banking customers as they are not widely available to everyone.
  • The interest rate has been climbing fast recently; therefore, banks have raised their fixed deposit rate offerings to match the rising interest rate. In the long term, interest rates may revert down again.

Fixed Deposit Explained

A fixed deposit account is a financial instrument banks offer that provides a fixed interest rate typically higher than a regular savings account. You need to keep the money in the account for a fixed term, which usually ranges from several months to several years. You will get the principal back plus the interest at the end of the term.


Advantages of Fixed Deposit

Guaranteed Fixed Returns

The returns are fixed and guaranteed, so we know how much we will earn before investing in a fixed deposit account. There is no volatility risk to both the principal and the interest. You can see the best fixed deposit rates in Singapore above for the rates across banks.

Almost Risk-Free

Your principal, as well as the interest, are guaranteed by the issuing bank. On top of that, up to $75,000 is guaranteed by the Singapore Deposit Insurance Corporation (SDIC). In the case of banking failure, SDIC will guarantee up to $75,000 of your deposit per bank. If you want to minimize the risk further, spread your fixed deposits across banks if they exceed the insured amount.


The interest payout from your fixed deposit is exempt from tax in Singapore.


Disadvantages of Fixed Deposit

Less Flexible

Once you put your money in a fixed deposit account, you cannot access the money without penalty until the end of the fixed term. If you urgently need the money, depending on the banks, you may be able to break the fixed deposit earlier by contacting them. This early termination will usually trigger penalties and administrative fees.

Minimum Deposit

There is usually a minimum amount to deposit into a fixed deposit account – though some are as low as $500. For promotional rates, the minimum deposit can be even higher, reaching more than $10,000.

Relatively Lower Interest Rate

The interest rate from a fixed deposit is usually lower than that from other instruments such as stocks or real estate. The return may be unable to keep pace with inflation, which can erode our purchasing power over time.


Fixed Deposit Alternatives


The most popular alternative to fixed deposits is T-bills. T-bills are short-term Singapore government bonds with guaranteed principal and interest payout. This is very similar to fixed deposits, except the one guaranteeing your money is the Singapore government, not the bank. T-bills have a maturity duration of six months or twelve months. T-bills usually have competitive rates compared to fixed deposits, so it’s worth checking their latest yield to see which offers the better return on your money.

You may check our coverage on the latest and historical Singapore T-bills interest rates.

To learn more about T-bills, you may refer to our comprehensive guide about T-bills and how to buy T-bills.

Singapore Savings Bonds

Singapore Savings Bond (SSB) is a long-term 10-year Singapore government bond that allows monthly redemption (partially or in full) without any penalty. You even earn the accrued interest. Although SSB is a long-term bond, because it provides monthly redemption, investors can utilize it for short-term investment, similar to fixed deposits. If you plan to use SSB as a short-term solution, compare its first-year rate with other alternatives like fixed deposits. You may refer to our SSB interest rates coverage for its historical rates and latest offering.

If you are interested in applying for SSB, you may follow our guide on how to buy SSB.

Cash Management Accounts

Cash management accounts offer several different alternatives to fixed deposits. For example, Syfe Cash+ Guaranteed and StashAway Simple Guaranteed offer guaranteed payout by locking your money for a specific duration. This is very similar to fixed deposits.

Other cash management accounts do not offer guaranteed payouts but may provide higher returns and liquidity in exchange for higher volatility. You may follow our coverage of some of the best cash management accounts in Singapore.


The fixed deposit interest rate offered depends on the market rate at the time of the placement. In a normal economic condition, the longer the fixed deposit duration, the higher the interest rate. However, in times of uncertainty, the shorter tenure may offer a higher return. Before deciding how long you want to commit to the fixed deposit, you can check the various duration offerings to ensure you get the best offers for the time horizon you are comfortable with.

Fixed deposit rates in Singapore have been continuously increasing, so these offerings have recently become much more attractive. You can consider investing in fixed deposits for an almost risk-free short-term investment.