Best Fixed Deposit Rates October 2024

FD rates look to drop even more in October

FOMC cutting rates by 50 basis points in September has impacted Singapore Interest rates. 

The yield for 6-month T Bills fell under 3% for the 1st time in 2 years. As expected, the FD rates for banks are lower across the board.

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

BANKS	INTEREST (PA)	TENURE	MIN DEPO
BANK OF CHINA	3.05% (Online)	3 mths	$500
CIMB	2.8% (Online)	3 mths	$10,000
CITIBANK	2.55 %	3 mths	$50,000
DBS/POSB	3.2%	12 mths	$1,000
HL BANK	0.4%	12 mths	NA
HONG LEONG FINANCE	2.8%	6 mths	$50,000
HSBC	3%	6 mths	$100,000
ICBC	2.8%	3 mths	$500
MAYBANK	3.1%	6 mths	$200,000
OCBC	2.6% (online)	6 mths	$30,000
RHB	2.75%  (Premier Banking)	3 mths	$20,000
SINGAPURA FINANCE	NA	NA	NA
SCB	2.9%  (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 increased dropped to 3.05% for 3 months via Mobile Banking. 

See the latest rates here

CIMB

CIMB's best FD rate has fallen to 2.8%  for 3 months. 

See the latest rates here

Citibank

Citibank's FD rate is up at 2.55% for 3 months.

See the latest rates here

DBS / POSB

DBS/POSB remains at 3.2% for 1 year. As a result, it is now the bank with the highest FD rates. Do note the cap of $19,999 to qualify for these rates.

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 highest FD rate is at  2.8% for 6 months.

See the latest rates here

HSBC

HSBC highest FD rates is at 3% for 6 months for more than $100,000. This is better than the last T Bill rate.

See the latest rates here

ICBC

ICBC best rate is at 2.8% for 3 months via e banking

See the latest rates here

Maybank

Maybank's best FD rate is at 3.1% for 6 months. this is for online placement and a minium of $200K

See the latest rates here

OCBC

OCBC FD rate is at 2.9% for 6 months online

See the latest rates here

RHB

RHB best rate is for 2.75% for a minimum placement of $20K for Premier Banking for 3 months.

See the latest rates here

Standard Chartered Bank

SCB offers a fresh fund promo of 2.9% for 3 months for Priority Private.

See the latest rates here

UOB

UOB FD rates remains at  at  2.7% for 6 months

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 30 Sep 2024