Will Singapore FD rates go up for October 2023?
After falling for a few months, Singapore FD rates are mostly unchanged for October. Despite the latest 6 months of T-bills climbing to 4.07%, most banks retain the same rates as in September.
These are the best interest rates for fixed deposits for banks in Singapore for October 2023.
BANKS | INTEREST (PA) | TENURE | MIN DEPO |
BANK OF CHINA |
3.4% (Online) |
3 mths |
$5,000 |
CIMB
| 3.5% (Online) | 6 mths | $10,000 |
CITIBANK | 3.2% (Citigold)
| 3 mths | $250,000 |
DBS/POSB
| 3.2% | 12 mths | $1,000 |
HL BANK
| 3.6%
| 12 mths | $100,000
|
HONG LEONG FINANCE
| 3%
| 8 mths | >$50,000 |
HSBC | 3.45% | 3 mths | $200,000 |
ICBC | 3.3%
| 3 mths | $500
|
MAYBANK
| 2.9% | 12 mths | $20,000 |
OCBC |
2.7% |
6 mths | $20,000
|
RHB | 3.68% | 6 mths | $20,000 |
SINGAPURA FINANCE | NA
| NA | NA |
SCB | 3.4 % (Priority)
| 12 mths | $25,000 |
UOB | 2.7% | 6,10 mths | $10,000
|
*Click on the individual banks for the latest rates
Rates are as of 1st Sep 2023. Please refer to respective banks for the latest rates
Bank of China
The best rate for BOC is 3.4% for 3 months. This has to be done via Mobile Banking.
CIMB
CIMB used to have one of the highest FD rates in town. Now it has one of the lowest at 3.45% for 6 months.
See the latest rates here
Citibank
Citibank FD raes have fallen to 3.2% for 3 months.
DBS / POSB
DBS/POSB best rate is 3.2% for 12 months. The minimum amount is $1000.
According to their website, DBS/POSB will accept new placements for tenors 12 months and below.
HL Bank
HL Bank has increased the FD rates to 3.6% for 12 months. Minimum placement is at SGD 100,000
Hong Leong Finance
Hong Leong Finance has slightly increased; it now offers the highest rate at 3% for $50K for 8 months.
HSBC
HSBC offered periods of 3 months FD rates at 3.45% for Premier Banking. The minimum amount for this promo rate is $200,000.
ICBC
ICBC offers 3.3% for 3 months via e-banking for deposits as low as $500. For OTC, the minimum would be at $20,000 with 3.25% for 3 months.
Maybank
The best interest rate for Maybank is 2.9% for 12 months. The minimum placement is $20,000.
OCBC
OCBC FD has only 1 tenure on promo. The rate is 2.7% for 6 months via Internet Banking.
RHB
RHB's best rate is at 3.68% for 6 months for Premier Banking online for 6 months.
Standard Chartered Bank
SCB offers 6 6-month FD rate of 3.4% for Priority Private Banking rate. The minimum amount is $25,000
UOB
The promo rate for UOB FD is at 2.7% for a 6 or 10-month tenure for $10,000. It is now one of the lowest in town.
Disclaimer
The information provided by TWD is for information 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 1st Oct. . Do refer to the individual banks for the latest updates.
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