Best Fixed Deposit Rates Dec 2022 Singapore




 Interest rates are on an uptrend for December 2022

Banks are expected to maintain the high-interest rates as the US is anticipated to raise interest rates later this month.Currently, some banks are already offering rates as high as 4.15%

 Note that most banks' rates are for fresh funds only.

BANKS

INTEREST (PA)

TENURE

MIN DEPO

 

BANK OF CHINA

 

 

4.05 % (Online) 

4.1%                  


 

12 mths

12 mths        

 

$50K-$300k

$300K and above

 

CIMB

 

 

 

4.15% -Online

4.2% -PB Online

 

 

 

12 mths

 

$10,000

 

CITIBANK

 

 

 

3.9%-Citigold

 

 

 

 

6 mths

 

$50,000

 

DBS/POSB

 

 

 

1.7%

 

 

 

 

18 mths

 

$1,000

 

HL BANK

 

 

 

4%

4.1%

 

 

 

12 mths

 

$100,000

$500,000

 

HONG LEONG FINANCE

 

 

3.8%

3.88%

 

 

 

11 mths

 

$20,000

$1,000,000

 

HSBC

 

 

3.8%

 

 

 

 

7 mths

 

$30,000

 

ICBC

 

 

3.7% -OTC

3.75%-Online

 

 

 

12 mths

 

$20,000

$500

 

MAYBANK

 

 

 

3.9%

 

15 mths

 

$20,000

 

OCBC

 


3.8%                    

3.9%- Premier Private

 


24 mths    

12 mths

 

$20,000

$20,000

 

 

 

RHB

 

 

4.1%

 

 

 

24 mths

 

$20,000

 

SINGAPURA FINANCE

 

 

3.88%

 

 

 

24 mths

 

 

 

$50,000

 

SCB

 

 

3.4 %

3.7% (Priority)


 

12 mths

 

$25,000

 

UOB

 

 

3.55%                   

3.85%

3.95%

 

 

6,10,12 mths

 

$10,000-$49,999

$50,000-$99,999

>$1,000,000


*Click on the individual banks for the latest rates
Rates are as of 28 Nov 2022. Please refer to individual banks for the latest rates


Bank of China




BOC best rate is 4.1% for online transactions for above $300K.  

CIMB





CIMB allows multiple tenures from 6 months to 18 months. The best rate is 4.15 % for Personal Banking and 4.2% for Preferred Banking for 12 and 18 months. This is the highest as of Nov 24.

citibank




Citibank only provides exclusive time deposit rates for Citigold and Citigold Private Clients. The rate is at 3.9% for 6 months.

DBS / POSB
Source: DBS


Despite being the largest bank in Singapore, it has the lowest FD rates. Currently, the best rate is only 1.7% for 18 months. They do have online promotions such as 5month SGD FD at 3.6%. However, these rates are not officially publicised. 

HL Bank




HL Bank provides attractive rates. However, the minimum deposit starts from $100,000. To get the highest tier at 4.1%, you would need to place a minimum of $500,000

Hong Leong Finance


Hong Leong Finance offers an 11.11 promo rate of 3.8% for 50K-200K and 3.88% for $200k and above. Rates are for 11 months.

HSBC



HSBC offered periods of 4,7 and 12 months FD rates. The best rates will be for 7 months at 3.8%

ICBC



ICBC offers 3.75% via e-banking for deposits as low as $500. For OTC, the minimum would be at $20,000 with 3.7% over 1 year.

Maybank




The best interest rates for Maybank would be at 3.9% for 15 months. The minimum placement is $20,000.

OCBC


OCBC offers 3 different interest rates for their different market segment. The highest will be at 3.9% over 1 year for Premier Private Clients. For all, it will be 3.8% for 24 months.

RHB




RHB gives 4.1% for 24 months FD.  You would need to make the placement via the RHB mobile SG App. It is currently offering the highest rate for FD.

SINGAPURA FINANCE
Source: Singapura Finance


Singapura Finance offers 3.88% placement for 24 months. Minimum placement is for $50,000

Standard Chartered Bank


SCB offers 3.4% for retail and 3.7% for Priority clients for placement online. The tenure will be for 12 months.

UOB






UOB best rate will be at 3.9 for 12 months if you have 1 million. They also offer 10 and 12-month FD rates starting from 3.2% and 3.4%, respectively. The minimum amount starts from $10,000



Disclaimer
The information provided by TWD serves is for educational purposes. It is not meant to be personalised investment advice. Readers must do their due diligence and refer to financial advisors for their investment needs. The information is correct as of 1 Dec 2022.
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