So, instead of screen capturing those interest rates, we’ve collected the exact links too you can view a real-time interest rate at the top banks in Singapore. S$5,000 deposit for 24 months tenor, qualifies for semi-annual promo rates of 0.40%, 0.80%, 1.30% and 2.10%. This translates to an interest earnings of at least S$136 and S$140. The interest will be credited into your Maybank Privilege Plus Savings Account. To incentivise keeping the deposit for the full tenure, interest rates increase substantially for each subsequent cycle. They're one of the easiest forms of investing as you simply make your deposit, wait for the set period of time, and then reclaim your funds plus interest. The senior citizens are offered an additional 0.5 per cent on the deposits by all banks. for 18 months when renew/deposit fresh funds of S$20,000 and up (through online form or PayNow), Up to 16.88% p.a. In other words, this is one of the few accounts where tenure can be set for unique terms such as 4, 7, 13 months or others. It's worth mentioning that this account is a bit challenging to qualify for (consumers must maintain a S$200,000 balance, S$15,000 monthly salary credit, or have a property loan of at least S$800,000). OCBC MYR Fixed Deposit Minimum Deposit . This translates to an interest earnings per year of at least S$125 or S$162.50, respectively. Consider this if you're open to or already have a savings account with Maybank. on their deposit. (online only, expires 31 Oct) ICBC $20,000 1.85% p.a. Aside from the promotion, the current terms from 3 to 24 months long only require a S$1,000 minimum deposit with a board rate as high as 0.3% p.a., making it an accessible investment. If you select an investment that has a higher investment sales charge (2% and up), you can earn 2% p.a. on a 3-month time deposit when you purchase an insurance plan. The senior citizen FDs get the best FD rates in bank or every leading financial institution in India offers attractive FD interest rates for senior citizens. Specifically designed to meet the financial needs of people from age 50 and above, retirees or those who plan for early retirement, Golden Savers Accounts offers more free services and discounted rates on products that tend to be of greatest interest to seniors. Maybank fixed deposit promotions Maybank is running promotions on its $20,000 and $50,000 time deposits. if you pledge S$50,000, you will have a S$50,000 credit limit). for 12 months when renew/deposit fresh funds of S$20,000 and up (through online form or PayNow). S$5,000 deposit for 12 months tenor, qualifies for quarterly promo rates of 1.5%, 1.7%, 1.9% and 2.10% for quarters 1, 2, 3 and 4 respectively. That is why interest rates on fixed deposits tend to be higher than on savings accounts. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). HSBC Singapore Dollar Time Deposit is the most accessible variant, comes with impressive rates and currently offers two promotions. NRIC. Hong Leong Finance Fixed Deposit offers competitive promotional rates for deposits of medium-length tenure, making it a great option if you're considering investing for about 1 year. Consumers can make deposits for as long as 2, 3, 4, and even 5 years (60 months)–most banks limit deposits to 2 or 3 years at the most. Initial deposit: S$1,000 for tenures from 2 to 36 months. on a 3-month time deposit with a minimum funds placement of S$30,000. Rahul just left a comment answering another reader about the best fixed deposit interest rate available for senior citizens right now.. (online only, expires 31 Oct) ICBC $20,000 1.85% p.a. ICBC offers some of the best fixed deposit interest rates on the market, both in terms of promotional and board rates. However, SC SGD Time Deposits at board rates are also worth considering, especially if you're looking to deposit funds for a prolonged period of time. in Singapore Dollar Time Deposit. Maximum FD interest rate for senior citizens: 5.90% p.a. Apply Now. on a 3-month deposit with a minimum placement of S$10,000. UOB Singapore Dollar Fixed Deposit offers some of the market's highest interest rates for small-to-moderate (< S$50,000) sized deposits with longer tenures, and also comes with an attractive promotion. You will also have to agree on the length of your investment, called tenor or tenure, and the interest rate that will be paid upon maturity. Maybank has enhanced banking for seniors with its two new savings accounts namely Golden Savers Account and Golden Savers Account-i. Salary crediting or recurring monthly deposit of S$15,000 will earn a S$100 cash credit, S$200,000 will come with a S$200 cash credit and a deposit or investment of S$200,000 will come with a S$500 cash credit reward. Fixed deposit interest rates can change dramatically with promotional offers, which can make it difficult to keep up with the best rates currently available. Earn fixed rates while enjoying the ease of managing your account online . Consider this if you're interested in a large, short-term deposit. Consider this if you have a very specific deposit tenure in mind. RM 0. This account is also especially competitive, as mentioned, for long-term tenures with small-to-moderate deposits. With a current promotion, consumers receive 0.20% p.a. The 2 year tenure compounds every 6 months, with rates of 0.30% for the first cycle, 0.55% for the second, 0.70% for the third and 0.85% for the 4th. HSBC offers a variety of SGD fixed deposits and promotions according to the account holder's banking relationship: Personal banking, Premier and Advance. . These are quite high promotional rates compared to the current overall market, but consumers must already have a banking relationship with Maybank to qualify, and deposits must be made online (in fact, over-the-counter transactions incur fees). Customers of Maybank Fixed Deposit-i who are 55 years old or above will enjoy 0.25% p.a. Score up to 1.60% p.a. It also offers an attractive 3.90% interest rate per annum for a tenure of 12 months. Consider this if you're interested in a long tenure for a medium deposit. above the prevailing PLUS Fixed Deposit interest rates for the respective tenures: 0.1% p.a. Rates for shorter tenures are also below the market average. Citi's current promotional rates are clearly amongst the highest on the market, though they have amongst the highest required minimum deposits to qualify. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. As mentioned, this account is only open to consumers with an Advance banking relationship, which also comes with a preferential savings rate and one of the best flat rebate credit cards on the market. eFixed Deposit. 1 month. Senior citizens can look forward to higher returns /dividends of up to 1.70%* as their account balance grows. Use the calculator below to find your best fixed deposit and apply for free! S$1,000,000 for a 1-week tenure, applicable only to corporate accounts. These accounts mostly differ only in their accessibility and whether they are deemed halal for Muslim customers. If you are looking for more flexibility regarding your investment, then a savings account might be the right choice for you. deposit amount Promotional interest rate Maybank $20,000 2.10% p.a. for 2 years to less than 3 years. What are the documents I need to open an account? The answer depends on several factors: the deposit amount, the length of the initial deposit and the current promotions offered by the bank. The fact that the minimum requirement is so low and the interest rate is so high makes Maybank SGD Time Deposit the best option for those with small deposits looking for a long-term investment, considering the deposit board rates alone. Every bank offers different promotional interest rates, which typically vary according to minimum deposit amount and agreed upon tenure. Other banks' promotions often boost rates for medium size deposits of 6 to 12 month tenure, which can compromise DBS SGD Time Deposit's competitiveness in this range. FIND OUT MORE Maybank SGD Fixed Deposit Interest Rate : 0.55%: 9 months: ICBC Bank SGD Fixed Deposit Interest Rate. Promotions with highest interest rates shown; lower rates available for shorter tenures and/or smaller deposit placement amounts. The best method to maximise your earnings is to watch out for Citi's excellent promotions and take advantage whenever possible. Joint Account. A fixed deposit (also known as a time deposit or term deposit) is a type of investment which gives you a higher interest rate than a regular savings account. Few other banks offer such range. on their investment. For 18 months tenure when they renew or deposit fresh funds via online form or PayNow with a S$20,000 minimum deposit. ICBC offers promotional rates for 1,3,6, and 9 month tenors as well, which is far more flexible than any other banks' promotional schema. across 12 months with just S$20,000 minimum deposit. In fact, board rates from 1 to 12 months range from 0.05% to 0.25%, but a 24 month tenure earns an impressive 1.10% p.a. If you're looking to invest less than S$1,000, you'll have a very hard time qualifying for a fixed deposit account with most banks. ValuePenguin is not in control of, or in any way affiliated with, the content displayed on this website. to 5.40% p.a. The fixed deposit with the highest interest we could find was the Affin Bank Term Deposit-i at a rate of 4.%, while the lowest interest rate was the Citibank Time Deposit at a rate of 2.85%.
Standard Chartered Singapore Dollar Time Deposit stands out as one of the only accounts offering both promotion rates as well as particularly long tenure options. We've identified the best fixed deposit promotions currently on the market, clarifying key factors that may influence your decision–deposit tenure, size requirement (placement amount), and interest rate per annum. for 12 months tenure with minimum deposit of $25,000. Maybank Launches Golden Savers Account for Senior Citizens. Some of the offers that appear on this website are from companies which ValueChampion receives compensation. 6 months. This is one of the highest 24 month rates on the market, making the HSBC Advance Fixed Deposit excellent for long-term deposits. Unlike a savings account, you cannot withdraw a fixed deposit before the date of maturity. Consider this if you want top promotional rates for a smaller deposit size. Bear in mind that the credit limit will mirror the amount of fixed deposit you place with the bank (i.e. Investment Returns RM 170.00. The site does not review or include all companies or all available products. 1.50. No. Maybank has enhanced banking for seniors with its two new savings accounts namely Golden Savers Account and Golden Savers Account-i. deposit amount Promotional interest rate Maybank $20,000 2.10% p.a. (online iSAVvy) CIMB $10,000 1.85% p.a. Only select tenures and deposit sizes are featured for reference. Sole Proprietor. In terms of ICBC's current promotions, depositing at least S$500 in fresh funds earns up to 0.75% p.a. Consider this if you want to make a deposit with greater flexibility for withdrawal. Citi Fixed Deposits require a S$10,000 minimum deposit, Board rates only, promotions are not displayed. Via E- Banking: 0.65%: 10 months: UOB Bank SGD Fixed Deposit Promotional Interest Rate: 0.55%: 12 months: Hong Leong Finance Promotional SGD Fixed Deposit Interest Rate. Account holders can set deposits for as little as 1-2 weeks or for as long as 48 months. In fact, with just S$1,000 minimum deposit, consumers can earn a market-leading 1.00% p.a. Consider this if you're seeking top promotional rates for as little as S$500 deposit. 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