Highest Fixed Deposit Interest Rates
Promotion in Singapore 2019


Highest Fixed Deposit Interest Rates Promotion in Singapore

Fixed Deposit Accounts in Singapore

Fixed deposit accounts in Singapore offer a much higher interest rate (at least a 1.00% p.a. difference) as compared to your basic savings deposit account. Fixed deposit interest rates has been rising over the past year and has been hitting new 10 year highs. Contrary to belief that certain foreign banks might be more risky, the first $75,000 parked in fixed deposits at any bank is risk-free. This is due to the fact that the Singapore Deposit Insurance Corporation (linked to the Singapore government) insures all deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000. This amount was raised from $50,000 on 1 Apr 2019 and is good news for depositors as it provides more security for depositors.

Consumer banks or finance companies operating in Singapore are also subjected to strict capital requirements well above global standards to protect depositors. Fixed deposits are hence considered very low risk financial products although the returns might be unexciting compared to other investment products.

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Tenure and Deposit Amount

As a rule of the thumb, banks or financial companies reward depositors with higher interest for longer tenures and higher deposit amounts. They frequently conduct fixed deposit promotions for certain tenures and deposit amounts to attract fresh funds so as to boast their deposit base. These limited time promotions are usually extremely competitive and might or might not be renewed upon expiry. Sometimes, promotional gifts are offered if certain minimum deposit amount is met.

For a fair comparison of fixed deposit rates (including promotional and non-promotional rates) in Singapore, we have included the comparison table below for reference. The fixed deposit interest rates are based on popular tenures of between 6 to 18 months and fresh funds of $75,000 (Risk-free since insured by SDIC). We have also included the latest one year returns for Singapore Savings Bonds (Risk-free bonds by Singapore government) so as to facilitate comparison of Singapore Savings Bonds vs Singapore Fixed Deposits.

Fixed Deposit Comparison Table

Financial Institution Interest Rate

State Bank of India






Singapore Savings Bonds




Bank of China


Hong Leong Finance


Sing Investments and Finance


Standard Chartered


Singapura Finance












Bank of East Asia






* Interest Rate based on deposit amount of $75,000 and tenures ranging from 3 to 18 months

Best Highest Fixed Deposit Interest Rates in Singapore

This highest fixed term deposit rate is by State Bank of India Fixed Deposit which offers an interest rate of 2.00% p.a. with a tenure of 12 months for funds of $50,000 and above. Comparatively, Maybank Fixed Deposit also offers a fixed term deposit rate of 2.00% p.a. with a tenure of 12 months and for funds of $20,000 and above but only if accompanied with a deposit of $1,000 into existing Maybank banking account for every $10,000 deposited into the fixed deposit account. The effective interest rate will be somewhat lower if you were to choose a Maybank Passbook Savings account as the bundle account for the promotion but can actually be higher if you choose the Maybank SaveUp Account which earns up to 3% interest per annum.

This is followed by a similar offer by ICBC Fixed Deposit which offers an interest rate of 1.95% p.a. with a tenure of 12 months for funds of $20,000 and above for placement via e-banking.

Smart Search for Fixed Deposit Account

Still unable to find the fixed deposit account due to a different tenure or deposit amount? Feel free to use our Lobangs Smart Search which will narrow your choices down to 3 deposit accounts that are most suitable for you according to your deposit amount and preferred tenure.


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Reviews or Comments (5)

Ave. Rating:
4/5 (10)
Topic: Highest Fixed Deposit Interest Rates Promotion in Singapore
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Mar 2018
N says...

Well presented

Huixin Lee
Sep 2014
First Poster
Huixin Lee says...

Rates are very low as compared to few years ago when it was hitting 2% p.a. Interesting that Singapore Savings Bonds rank highly as compared to fixed deposits.


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