Best Fixed Deposit Rate May 2024

May FD rates are mixed across the banks.

With the expectation of reduced US rate cuts, many are hoping for higher rates. Instead, the rates remained mostly in a range.

There are the best interest rates for fixed deposits for banks in Singapore for May 2024

BANKS	INTEREST (PA)	TENURE	MIN DEPO
BANK OF CHINA	3.3% (Online)	3 mths	$5,000
CIMB	3.3% (Online)	6 mths	$10,000
CITIBANK	2.5 %	3 mths	$50,000
DBS/POSB	3.2%	12 mths	$1,000
HL BANK	0.4%	12 mths	NA
HONG LEONG FINANCE	2.9%	3 mths	$50,000
HSBC	3.25%	3 mths	$200,000
ICBC	3.35%	3 mths	$500
MAYBANK	2.6%	12 mths	$20,000
OCBC	2.8% (online)	6 mths	$20,000
RHB	3.2%	6 mths	$20,000
SINGAPURA FINANCE	NA	NA	NA
SCB	3.2%  (Priority Private)	6 mths	$25,000
UOB	2.7%	6 mths	$10,000

*Click on the individual banks for the latest rates

Rates are as of 1 Dec 2023. Please refer to respective banks for the latest rates

Bank of China

The best rate for BOC has dropped to 3.3% for 3 months via Mobile Banking. 

See the latest rates here

CIMB

CIMB's best FD rate is at 3.25% for 6 months. 

See the latest rates here

Citibank

Citibank's FD rate has dropped significantly from 3.1% to 2.5% for 3 months.

See the latest rates here

DBS / POSB

DBS/POSB remains at 3.2%. It has been at this rates for the past few months.

According to their website, DBS/POSB will accept new placements for tenors 12 months and below.

See the latest rates here

HL Bank

Based on HL Bank website, only board rates are offered

See the latest rates here

Hong Leong Finance

Hong Leong Finance FD rates have fallen to 2.9% for 3 months.

See the latest rates here

HSBC

HSBC FD rate is at 3.25% for 3 months.

See the latest rates here

ICBC

ICBC offers 3.35% for 3 months via e-banking for deposits from $500. OTC starts from $20,000.

See the latest rates here

Maybank

Maybank's best FD rate is at 2.6% for  12m.

See the latest rates here

OCBC

OCBC FD is at 2.8% for 6 months online

See the latest rates here

RHB

RHB's interest rates bump up to 3.3% for 6 months for Premier Client.

See the latest rates here

Standard Chartered Bank

SCB offers a fresh fund promo of 3.2% for 6 months for online promo for priority clients.

See the latest rates here

UOB

UOB has dropped to 2.7% for 10 months, one of the lowest rates in the market now.

See the latest rates here

Disclaimer
The information provided by TWD is for information purposes only and is not meant to be investment advice. Readers must do their due diligence and consult financial advisors for their investment needs. The information is correct as of 1st May