Fixed Deposits in Singapore: Rates, Tenors, and Tips

What a fixed deposit is

A fixed deposit (FD), also called a time deposit, is a sum of money placed for a set period at a stated interest rate. You lock in the tenor upfront and receive interest according to the bank’s terms. In Singapore, placements are available in Singapore dollars (SGD) and major foreign currencies.

How FD rates are presented

• Board (published) rates: The standard rate for each tenor. These can change without notice.
• Promotional rates: Time-limited offers—often for specific tenors, amounts, or channels (online vs. branch). Promos may require fresh funds or qualifying accounts/cards.
• Simple interest basis: Most FDs pay simple interest, credited at maturity for shorter tenors. Longer tenors may credit interest periodically (e.g., monthly/quarterly) depending on the product.
• Day-count convention: Banks disclose how days are counted (commonly actual/365). This affects the exact dollar interest you earn.
• SGD vs foreign currency: Foreign-currency FDs can have different rates and additional considerations like exchange rate movement and unwinding costs on early withdrawal.

Tip: Always check the product page for the latest table, any fresh-funds requirement, and whether the rate shown is for online placement only.

Typical tenors and minimum placements

Common SGD FD tenors range from 1 to 24 months, with 3, 6 and 12 months being the most widely promoted. Minimum placement amounts vary by bank and channel; for online placements, minimums commonly start from about S$1,000 to S$10,000, while branch minimums can be higher. Foreign-currency FDs often require a higher minimum and may offer a wider tenor range.

How your interest is computed

For simple interest FDs that pay at maturity, a basic illustration is:

Interest ≈ Principal × (Annual Rate) × (Actual Days ÷ 365)

Exact outcomes depend on the bank’s day-count basis, whether interest is paid monthly/quarterly (if applicable), and any special promotional rules.

Comparing rates across banks

• Match tenor to goals: Decide when you’ll need the money. A slightly lower rate on the right tenor can be better than chasing the highest rate on a term you won’t comfortably complete.
• Check channel: Many promotions are exclusive to online banking or mobile app placements.
• Look for fresh-funds notes: Some offers require new money transferred from outside the bank.
• Read the renewal rule: Auto-renew typically uses the prevailing board rate on maturity day, not the original promotional rate.
• Confirm fees: Review pricing guides for administrative fees or remittance charges if you plan to withdraw or send funds out.

Safety and deposit insurance

Singapore-dollar deposits (including eligible FDs) with member banks and finance companies are covered under the Singapore Deposit Insurance Scheme (SDIC), generally up to S$100,000 per depositor per member institution. Foreign-currency deposits are not covered. Always review the SDIC pages and your bank’s member status and disclosures.

Withdrawing before maturity

Banks usually allow early withdrawal, but interest is reduced (sometimes to a lower board/savings rate) or may be nil for short holding periods. Some products or currencies may include an administrative fee or unwinding cost. If you think you might need funds earlier, consider shorter tenors or a ladder strategy.

Simple strategies to get more from your FD

• Ladder your deposits: Split a lump sum across staggered maturities (e.g., 3, 6, 12 months). This improves liquidity while keeping most funds on term.
• Use targeted tenors: Promotions often focus on a few tenors—choose one that aligns with when you’ll need cash.
• Set a maturity reminder: Decide whether to credit proceeds to your account or to auto-renew at maturity; review rates a few days in advance.
• Consider alternatives for near-term needs: If liquidity is important, a savings account or short-term cash solution may fit better than a long tenor.
• For foreign currency FDs: Understand FX conversion spreads and the possibility of receiving less when converting back if exchange rates move against you.

Frequently asked questions

Where do I see the latest rates?

On each bank’s fixed deposit product page. Many banks also show rates inside their mobile apps during placement.

Can I place a partial amount online and top up later?

Top-ups generally create a new placement. If you need flexibility, use a ladder of smaller tranches.

Do joint FDs affect insurance coverage?

SDIC coverage rules account for single and joint accounts separately. Review SDIC’s scope of coverage to understand how limits apply across accounts.

Is interest paid monthly?

Most SGD FDs pay at maturity for short tenors. Some products offer monthly/quarterly payouts—check the product page for payout options.

Official sources & rate pages

• DBS — Fixed Deposit (rates & tenors) · Premature withdrawal (Support)
• OCBC — Fixed Deposit Account (rates & placement) · Withdraw before maturity guide
• UOB — Singapore Dollar Fixed Deposit · Additional T&Cs (PDF)
• Standard Chartered — SGD Time Deposit · Time Deposits overview
• Maybank Singapore — SGD Time Deposit (rates & rules)
• CIMB Singapore — SGD Fixed Deposit (rates)
• HSBC Singapore — Time Deposit (rates & tenure)
• Bank of China (Singapore) — Time Deposit (product details)
• ICBC Singapore — Fixed Deposit (SG)
• SDIC — Deposit Insurance: Scope of Coverage · Deposit Insurance FAQs
• MoneySense (Singapore’s national financial education programme) — What is a Fixed Deposit?