Singapore Best Fixed Deposit Rates [June 2025]
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Looking to park your spare cash safely while earning a guaranteed return? Fixed deposits (FDs) in Singapore remain a popular low-risk option even when interest rates are beginning to shift after peaking in late 2023.
What is fixed deposit? Fixed deposits are investment vehicles where you deposit money at a predetermined interest rate for a fixed period.
While most banks have trimmed their promotional rates in recent months, there are still standout offers in the market. As of June 2025, you can find fixed deposit interest rates of up to 2.45%, with banks like DBS/POSB offering some of the most competitive rates depending on tenure and deposit size.
Whether you're eyeing a 3-month, 6-month or 12-month lock-in, this guide helps you compare the latest fixed deposit interest rates from top banks and finance companies in Singapore—updated monthly so you don’t miss out.
TLDR; here is the summary of best fixed deposit rates in Singapore [June 2025]:
| Bank | Tenure | Interest rate per annum |
|---|---|---|
| Bank of China | 3-9 months | 2.15% |
| Citybank | 3 & 6 months | 2.10% |
| CIMB | 3 months | 2.15% |
| DBS/POSB | 12 months | 2.45% |
| HSBC | 3 months | 1.55% |
| Hong Leong Finance | 7 months | 2.05% |
| ICBC | 3 months | 2.15% |
| Maybank | 9 months | 2.15% |
| OCBC | 9 months | 1.90% |
| RHB | 3/6/12 months | 2.10% |
| Standard Chartered | 15 months | 1.50% |
| SBI | 6 months | 2.00% |
| UOB | 6 months | 2.00% |
| SIF | 3 months | 2.05% |
Best fixed deposit rates in Singapore [June 2025]
Different banks in Singapore offer varying fixed deposit rates, often changing month to month. Below, we break down the latest rates, promos, and features from each bank to help you find the most suitable option.
| Bank | Tenure | Interest rate per annum | Minimum amount |
|---|---|---|---|
| Bank of China (Counter deposit) | 1 month | 1.85% | $20,000 |
| 3 months | 1.90% | $20,000 | |
| 6 months | 1.95% | $20,000 | |
| 9 months | 1.90% | $20,000 | |
| 12 months | 1.90% | $20,000 | |
| Bank of China (Mobile banking promo) | 1 month | 2.10% | $500 |
| 3 months | 2.15% | $500 | |
| 6 months | 2.15% | $500 | |
| 9 months | 2.15% | $500 | |
| 12 months | 2.10% | $500 | |
| Citibank (New Funds Promotion) | 3 months | 2.10% | $50,000 |
| 6 months | 2.10% | $50,000 | |
| Citibank | 3month | 1.60% | $10,000 (max $3M) |
| 6 months | 1.50% | $10,000 (max $3M) | |
| 12 months | 1.40% | $10,000 (max $3M) | |
| CIMB (Preferred Banking) | 3 months | 2.20% | $10,000 |
| 6 months | 2.10% | $10,000 | |
| 9 months | 1.90% | $10,000 | |
| 12 months | 1.90% | $10,000 | |
| CIMB (Personal banking) | 3 months | 2.15% | $10,000 |
| 6 months | 2.05% | $10,000 | |
| 9 months | 1.85% | $10,000 | |
| 12 months | 1.85% | $10,000 | |
| DBS/POSB | 6 months | 2.15% | $1,000 (max $19,999) |
| 9 months | 2.35% | $1,000 (max $19,999) | |
| 12 months | 2.45% | $1,000 (max $19,999) | |
| HSBC (Premier & Premier Elite with Wealth Holdings) | 3 months | 2.00% | $30,000 |
| 6 months | 1.95% | $30,000 | |
| 12 months | 1.80% | $30,000 | |
| HSBC (Premier & Premier Elite without Wealth Holdings) | 3 months | 1.60% | $30,000 |
| 6 months | 1.55% | $30,000 | |
| 12 months | 1.40% | $30,000 | |
| HSBC (Personal banking) | 3 months | 1.55% | $30,000 |
| 6 months | 1.50% | $30,000 | |
| 12 months | 1.35% | $30,000 | |
| Hong Leong Finance (HLF Digital deposit) | 7 months | 2.00% | $5,000 - $20,000 |
| 7 months | 2.05% | ≥ S$20,000 | |
| 10 months | 1.80% | $5,000 - $20,000 | |
| 10 months | 1.85% | ≥ S$20,000 | |
| 13 months | 1.75% | $5,000 - $20,000 | |
| 13 months | 1.80% | ≥ S$20,000 | |
| Hong Leong Finance (New customers promotion) | 13 months | 1.85% | $20,000 |
| ICBC (E-banking) | 3 months | 2.15% | $500 |
| 6 months | 2.10% | $500 | |
| 9 months | 2.10% | $500 | |
| 12 months | 2.05% | $500 | |
| Maybank (iSAVvy Online) | 6 months | 1.80% | $20,000 |
| 9 months | 1.85% | $20,000 | |
| 12 months | 1.80% | $20,000 | |
| Maybank (Deposit bundle promotion) | 6 months | 2.05% | $20,000 |
| 9 months | 2.15% | $20,000 | |
| 12 months | 2.05% | $20,000 | |
| OCBC (Online) | 9 months | 1.90% | $30,000 |
| 12 months | 1.85% | $30,000 | |
| OCBC (Branch Placement) | 9 months | 1.80% | $30,000 |
| 12 months | 1.75% | $30,000 | |
| RHB (Personal banking) | 3 months | 2.00% | $20,000 |
| 6 months | 2.00% | $20,000 | |
| 12 months | 2.00% | $20,000 | |
| RHB (Premier banking) | 3 months | 2.10% | $20,000 |
| 6 months | 2.10% | $20,000 | |
| 12 months | 2.10% | $20,000 | |
| Standard Chartered | 6 months | 0.7% | No minimum |
| 9 months | 1.05% | No minimum | |
| 12 months | 1.10% | No minimum | |
| 15 months | 1.50% | No minimum | |
| SBI | 3 months | 1.75% | $5,000 |
| 6 months | 2.00% | $5,000 | |
| 9 months | 1.90% | $5,000 | |
| 12 months | 1.90% | $5,000 | |
| UOB | 6 months | 2.00% | $10,000 |
| 10 months | 1.70% | $10,000 | |
| Sing Investments & Finance LTD (SIF) (Online) | 3 months | 2.00% | $1,000 |
| 6 months | 1.95% | $1,000 | |
| 12 months | 1.90% | $1,000 | |
| Sing Investments & Finance LTD (SIF) (Online) | 3 months | 2.05% | $10,000 |
| 6 months | 2.00% | $10,000 | |
| 12 months | 1.95% | $10,000 | |
| Sing Investments & Finance LTD (SIF) (OTC) | 3 months | 2.00% | $10,000 |
| 6 months | 1.95% | $10,000 | |
| 12 months | 1.90% | $10,000 |
source: Bank websites as of 2 June 2025
In addition to traditional fixed deposits from Banks, investors in Singapore can opt for innovative cash management products like StashAway Simple™ Cash, which offer investors a blend of liquidity, competitive returns, and ease of management.
Bank of China Fixed Deposit Rates [June 2025]
Bank of China (BOC) offers relatively modest fixed deposit rates compared to other local banks, but stands out for its low entry barrier of just S$500 via mobile banking. As of June 2025, its highest promotional rate is 2.15% p.a. for tenures of 3 to 12 months, available only through mobile placements.
| Tenure | Min. Deposit (Mobile / OTC) | Interest Rate – Mobile Banking Promo | Interest Rate – Counter Promo |
|---|---|---|---|
| 1 month | S$500 / S$20,000 | 2.10% | 1.85% |
| 3 months | S$500 / S$20,000 | 2.15% | 1.90% |
| 6 months | S$500 / S$20,000 | 2.15% | 1.95% |
| 9 months | S$500 / S$20,000 | 2.15% | 1.90% |
| 12 months | S$500 / S$20,000 | 2.10% | 1.90% |
| 24 months | S$500 / S$20,000 | 1.90% | 1.65% |
Citibank Fixed Deposit Rates [June 2025]
Citibank offers a limited-time promotion of 2.00% p.a. for 3- and 6-month fixed deposits, applicable only to new funds ranging from S$50,000 to S$3 million. Outside of this promotion, its board rates remain flat across tiers and are more suitable for short-term placements.
Promotional Fixed Deposit (New Funds Only)
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$50,000 | 2.10% |
| 6 months | S$50,000 | 2.10% |
Standard Fixed Deposit Rates (All funds)
| Tenure | Placement Amount | Standard Rate (p.a.) |
|---|---|---|
| 3 months | S$10,000 – S$3,000,000 | 1.60% |
| 6 months | S$10,000 – S$3,000,000 | 1.50% |
| 12 months | S$10,000 – S$3,000,000 | 1.40% |
CIMB Fixed Deposit Rates [June 2025]
CIMB offers exclusive online promotional fixed deposit rates for both Personal Banking and Preferred Banking customers. A minimum deposit of S$10,000 is required for all tenures. As of June 2025, Preferred Banking customers can earn up to 2.20% p.a. on 3-month deposits.
| Tenure | Min. Deposit | Personal Banking Rate (% p.a.) | Preferred Banking Rate (% p.a.) |
|---|---|---|---|
| 3 months | S$10,000 | 2.15% | 2.20% |
| 6 months | S$10,000 | 2.05% | 2.10% |
| 9 months | S$10,000 | 1.85% | 1.90% |
| 12 months | S$10,000 | 1.85% | 1.90% |
DBS/POSB Fixed Deposit Rates [June 2025]
DBS/POSB currently offer tiered fixed deposit rates based on the deposit amount and tenure. As of June 2025, the highest rates are offered for deposits between S$1,000 and S$19,999, with up to 2.45% p.a. for tenures of 12 months and beyond. For deposits above S$20,000, interest rates flatten significantly across all tenures.
| Tenure | Min. Deposit | Interest Rate (p.a.) |
|---|---|---|
| 3 months | S$1,000 | 1.00% |
| 6 months | S$1,000 | 2.15% |
| 9 months | S$1,000 | 2.35% |
| 12 months | S$1,000 | 2.45% |
| 18 months | S$1,000 | 2.45% |
| 24 months | S$1,000 | 2.45% |
🔍 Note: Rates apply specifically to deposits ranging from S$1,000 to S$19,999. For deposits above S$20,000, the interest rate is only 0.05% p.a. across all tenures.
HSBC Fixed Deposit Rates [June 2025]
HSBC offers promotional fixed deposit rates based on customer segments, with the highest rates available to Premier and Premier Elite customers with wealth holdings. All rates below require a minimum of S$30,000 in fresh funds and are valid until 31 May 2025 for placements via the HSBC Singapore app.
Premier & Premier Elite Customers (With Wealth Holdings)
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$30,000 | 2.00% |
| 6 months | S$30,000 | 1.95% |
| 12 months | S$30,000 | 1.80% |
Premier & Premier Elite Customers (Without Wealth Holdings)
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$30,000 | 1.60% |
| 6 months | S$30,000 | 1.55% |
| 12 months | S$30,000 | 1.40% |
Personal Banking Customers
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$30,000 | 1.55% |
| 6 months | S$30,000 | 1.50% |
| 12 months | S$30,000 | 1.35% |
Hong Leong Finance Fixed Deposit Rates [June 2025]
Hong Leong Finance (HLF) currently offers multiple fixed deposit promotions, including branch rates, online-exclusive rates, and a special campaign for first-time customers. Tenures range from 7 to 13 months, with rates of up to 2.05% p.a. depending on deposit amount and channel.
You can also earn an extra $10 cash credit when you sign up for HLF Digital!
Special FD Promotion (New Customers Only)
| Tenure | Min. Deposit | Interest Rate (p.a.) |
|---|---|---|
| 13 months | ≥ S$20,000 | 1.85% |
Online Fixed Deposit Special (Via HLF Digital)
| Tenure | Min. Deposit | Interest Rate (p.a.) |
|---|---|---|
| 7 months | S$5,000 – S$20,000 | 2.00% |
| 7 months | ≥ S$20,000 | 2.05% |
| 10 months | S$5,000 – S$20,000 | 1.80% |
| 10 months | ≥ S$20,000 | 1.85% |
| 13 months | S$5,000 – S$20,000 | 1.75% |
| 13 months | ≥ S$20,000 | 1.80% |
Standard Fixed Deposit Promotion (Branch Placement)
| Tenure | Minimum Deposit | Interest Rate (p.a.) |
|---|---|---|
| 7 months | S$20,000 – S$50,000 | 1.95% |
| 7 months | ≥ S$50,000 | 2.00% |
| 10 months | S$20,000 – S$50,000 | 1.75% |
| 10 months | ≥ S$50,000 | 1.80% |
| 13 months | S$20,000 – S$50,000 | 1.70% |
| 13 months | ≥ S$50,000 | 1.75% |
ICBC Fixed Deposit Rates [June 2025]
ICBC Singapore offers fixed deposit promotions with different rates depending on whether you place your deposit over the counter or via E-banking. The E-banking option not only allows for a significantly lower minimum deposit of S$500, but also offers higher interest rates across all tenures.
| Tenure | Minimum Deposit (OTC / E-banking) | Over-the-Counter Rate (p.a.) | E-banking Rate (p.a.) |
|---|---|---|---|
| 1 month | S$20,000 / S$500 | 1.90% | 2.00% |
| 3 months | S$20,000 / S$500 | 2.05% | 2.15% |
| 6 months | S$20,000 / S$500 | 2.00% | 2.10% |
| 9 months | S$20,000 / S$500 | 2.00% | 2.10% |
| 12 months | S$20,000 / S$500 | 1.95% | 2.05% |
Maybank Fixed Deposit Rates [June 2025]
Maybank currently offers two main time deposit promotions: a Deposit Bundle Promotion that offers the highest rate when combined with a savings deposit, and the iSAVvy Time Deposit Promotion available for individual customers placing time deposits online. Both require a minimum deposit of S$20,000.
Deposit Bundle Promotion
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 6 months | S$20,000 | 2.05% |
| 9 months | S$20,000 | 2.15% |
| 12 months | S$20,000 | 2.05% |
📌 Promotion is valid when you also deposit at least S$2,000 into a linked Maybank Savings or Current Account.
iSAVvy Time Deposit Promotion (Online only)
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 6 months | S$20,000 | 1.80% |
| 9 months | S$20,000 | 1.85% |
| 12 months | S$20,000 | 1.80% |
OCBC Fixed Deposit Rates [June 2025]
OCBC offers promotional SGD fixed deposit rates for both branch and online applications, with higher interest rates available via Internet Banking. All tenures require a minimum placement of S$30,000.
Branch Placement Promotion
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 9 months | S$30,000 | 1.80% |
| 12 months | S$30,000 | 1.75% |
Online Fixed Deposit Promotion
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 9 months | S$30,000 | 1.90% |
| 12 months | S$30,000 | 1.85% |
RHB Fixed Deposit Rates [June 2025]
RHB Bank offers flat promotional interest rates across 3-, 6-, and 12-month tenures. Premier Banking customers enjoy slightly higher rates, but both segments require a minimum deposit of S$20,000.
Personal Banking
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$20,000 | 2.00% |
| 6 months | S$20,000 | 2.00% |
| 12 months | S$20,000 | 2.00% |
Premier Banking
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$20,000 | 2.10% |
| 6 months | S$20,000 | 2.10% |
| 12 months | S$20,000 | 2.10% |
Standard Chartered Fixed Deposit Rates [June 2025]
Standard Chartered offers uniform fixed deposit rates across all deposit sizes — meaning there's no minimum deposit requirement to earn these rates. As of June 2025, the most competitive rates are available for mid- to long-term placements starting from 6 months.
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 6 months | No minimum | 0.70% |
| 9 months | No minimum | 1.05% |
| 12 months | No minimum | 1.10% |
| 15 months | No minimum | 1.50% |
SBI Fixed Deposit Rates [June 2025]
State Bank of India Singapore offers fixed deposit rates starting from S$5,000, with competitive returns especially for 3 to 12-month placements. As of June 2025, the highest rate is 2.00% p.a. for a 6-month tenure.
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$5,000 | 1.75% |
| 6 months | S$5,000 | 2.00% |
| 9 months | S$5,000 | 1.90% |
| 12 months | S$5,000 | 1.90% |
UOB Fixed Deposit Rates [June 2025]
UOB offers simple fixed deposit promotions with two tenure options and a minimum deposit of S$10,000 in fresh funds. As of June 2025, the highest rate is 2.00% p.a. for a 6-month placement.
| Tenure | Min. Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 6 months | S$10,000 | 2.00% |
| 10 months | S$10,000 | 1.70% |
Sing Investments & Finance (SIF) Fixed Deposit Rates [June 2025]
SIF offers competitive fixed deposit rates with flexible options based on placement method and deposit size. Customers can enjoy slightly higher interest rates when applying online with a minimum deposit of S$10,000, though online placement is available from as low as S$1,000.
Online Placement Promotion
| Tenure | Minimum Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$1,000/ S$10,000 | 2.00%/ 2.05% |
| 6 months | S$1,000/ S$10,000 | 1.95%/ 2.00% |
| 12 months | S$1,000/ S$10,000 | 1.90%/ 1.95% |
📌 Higher rate applies to deposits of S$10,000 and above.
Over-the-Counter Placement Promotion
| Tenure | Minimum Deposit | Promotional Rate (p.a.) |
|---|---|---|
| 3 months | S$10,000 | 2.00% |
| 6 months | S$10,000 | 1.95% |
| 12 months | S$1,0000 | 1.90% |
Comparison of fixed deposit rates with other low-risk investment options
If you're considering investing in low-risk investments like fixed deposit accounts or cash management portfolios, it's crucial to compare them with other similar options to ensure they align with your financial objectives and risk preferences.
Fixed deposits vs. Singapore Savings Bonds (SSB)
Singapore Savings Bonds provide a secure, government-backed investment opportunity, featuring returns that gradually increase over time.
The interest rates for SSBs are typically linked to Singapore's long-term government securities rates and are subject to change with each new issue of the bonds.
The return over 10 years on the most recent issuance of the Singapore Savings Bonds (SSB) stands at 2.20% (year 1) - 2.56% (year 10), which is slightly higher than the highest 12-month fixed deposit rate available from banks. The interest is paid every 6 months starting from the month of issue.
For the SSB, the minimum investment required is S$500 and the maximum investment amount for SSB is $200,000. Fixed deposits on the other hand require a minimum investment amount of $500 to $10,000 and above.
Which to consider?: Both options present unique advantages — fixed deposits for more consistent returns and SSBs for long-term safety and incremental growth.
Fixed deposit vs. Treasury Bills (T-Bills)
Treasury Bills or T-Bills are short-term government-issued securities sold at a discount and redeemed at par value at maturity.
The earnings from T-Bills depend on market conditions, which can offer higher but less predictable returns than the steady interest from fixed deposits. The fluctuation seen in the yields are undeniably higher but the most recent yields (as of 7 Ma7 2025) is at 2.30% for 6-months tenor.
T-Bills are issued on a regular basis, either fortnightly or quarterly, as outlined in the issuance calendar, and investors have the option between two tenures: 6 months or 1 year.
Echoing the Singapore Savings Bonds (SSB), T-Bills also feature a low minimum investment threshold, requiring just $1,000 to start, with subsequent investments in multiples of $1,000, making them accessible to a broad range of investors looking for short-term government-backed securities.
Which to consider?: If you prioritize stability, fixed deposits are preferable, but T-Bills might be a suitable choice if you're open to market fluctuations for potentially higher returns.
Fixed deposit vs. High-yield savings account
High-yield savings accounts offer lower interest rates but with significantly greater flexibility, including immediate access to funds. These accounts often have tiered interest rates, with the potential to earn more based on fulfilling certain criteria like crediting your salary or spending on linked credit cards.
The effective interest rates can vary, with some of the best offerings with higher interest rates compared to even the best fixed deposits such as the Standard Chartered Bonus Saver that offers 6.05% per annum; UOB One Account that offers 5.30% per annum; and OCBC 360 Account that offers 6.30%.
These rates however, are subject to fulfilling specific criteria and the balance on which the high rate applies.
Source: OCBC 360 account
Which to consider?: Both FD and high-yield savings serve different purposes in a financial portfolio, with fixed deposits offering a more conservative, set-and-forget approach to earning interest, and high-yield savings accounts requiring more active management but offering the flexibility and potential for higher returns.
Fixed deposit vs. Foreign currency fixed deposit
In Singapore, while SGD fixed deposits offer stable returns, foreign currency fixed deposits, such as those in USD, can yield higher returns due to global interest rate trends. However, they come with the risk of currency fluctuations.
For June 2025, the best 12-month USD fixed deposit was 4.55% - 4.60% p.a. offered by Bank of China, with a minimum deposit requirement of US$500 and US$2,000 respectively.
Yet, it's important to note that these foreign currency deposits are not covered by the Singapore Deposit Insurance Scheme, adding a layer of risk due to potential currency value changes and the absence of deposit insurance
Which to consider?: SGD fixed deposits might be a safer bet for conservative investors, while foreign currency deposits appeal to those seeking potentially higher gains with an understanding of forex risks.
Fixed deposit vs. Cash Management Accounts
In Singapore, cash management accounts like StashAway is gaining popularity as alternatives to traditional banking options. They provide an avenue for higher returns by investing in money market and bond funds.
These accounts, offering up to 3.5% p.a. on SGD and up to 4.2% p.a. on USD funds, stand out for their liquidity and the ability to withdraw funds swiftly.
However, they lack the capital guarantee and SDIC insurance that fixed deposits benefit from, presenting a trade-off between higher flexibility and increased risk.
StashAway Simple™
Earn a projected 2.8% p.a. at ultra-low risk with no minimum or maximum deposit amount, no lock-ins, no cap on earnings and low fees.
StashAway Simple™ Guaranteed Interest Rates (June 2025)
Earn guaranteed returns of up to 2.1% p.a. with no fees and no minimum or maximum deposits.
| Tenure | Interest rate per annum |
|---|---|
| 1 month | 2% |
| 3 months | 2.1% |
| 6 months | 2% |
| 12 months | 1.85% |
StashAway Simple™ Plus
Earn 3.5% p.a. YTM on any amount with no lock-ins, no cap on earning, and low fees.
Which to consider?: SGD fixed deposits offer a secure option for those preferring stability, while cash management accounts cater to investors looking for flexibility and potentially higher returns, albeit without the capital guarantee and SDIC insurance.
Factors to consider: Choosing the right fixed deposit account in Singapore
When selecting the best bank in Singapore to open your fixed deposit account, you should consider several key factors to ensure your investment aligns with your financial goals and circumstances.
Here are the crucial aspects to consider:
- Interest Rates: The primary appeal of a fixed deposit account is the interest rate offered. Higher rates translate to better earnings but often come with specific conditions or longer tenures.
- Tenures: Fixed deposit accounts vary in tenure length, ranging from a few months to several years. Your choice should reflect your liquidity needs and investment horizon.
- Minimum Requirements: Banks often set a minimum deposit amount for opening a fixed deposit account. Ensure that the required amount aligns with your investment capacity.
- Bank Interest Promotions: Look out for promotional offers that banks occasionally provide, including higher interest rates than usual or additional perks like cashback or bonus interest for maintaining the deposit for a certain period.
- Other Terms and Conditions: Pay close attention to the fine print. Some accounts may require the deposit to be fresh funds not previously held with the bank or may have penalties for early withdrawal. Understanding these terms is crucial to avoid any unforeseen drawbacks.
How fixed deposit works?
A fixed deposit (FD) is a low-risk savings product where you park a lump sum with a bank or finance company for a set period—anywhere from 1 month to 3 years or more.
In return, you earn a fixed interest rate that’s typically much higher than regular savings accounts. For example, as of June 2025, banks in Singapore are offering up to 2.45% p.a., with promotions like Maybank’s 6-month FD at 2.45% p.a. (minimum S$20,000). The catch? You’ll need to lock in your funds and forfeit interest if you withdraw early.
The interest you earn is based on a straightforward formula:
Principal × Interest Rate × (Tenure in months ÷ 12).
So, if you place S$10,000 in a 12-month FD at 2.70% p.a., you’ll receive S$270 in interest upon maturity.
Most banks allow you to choose how interest is paid—either monthly, annually, or at the end of the term. Upon maturity, you can withdraw your funds, roll them into a new FD at the latest rate, or let it auto-renew (if you’ve opted in).
While standard FDs are the most common, banks in Singapore also offer variations like promotional FDs with higher short-term rates, foreign currency FDs (with forex risk), and step-up FDs that reward longer commitments.
Despite their limitations in liquidity, fixed deposits remain popular in Singapore for savers who value capital preservation and predictable returns—especially in uncertain economic times.
Read more: How do Fixed Deposits Work
Calculating your returns with S$10,000 in FD
Here are a few examples to illustrate how interest is earned over different tenures assuming an initial investment of S$10,000; you can also use this fixed deposit calculator to do your own projection:
| Principal | Interest Rate (p.a.) | Tenure | Interest Earned | Maturity Amount |
|---|---|---|---|---|
| SGD 10,000 | 2.50% | 3 months | SGD 62 | SGD 10,062 |
| SGD 10,000 | 2.50% | 6 months | SGD 123 | SGD 10,123 |
| SGD 10,000 | 2.50% | 12 months | SGD 247 | SGD 10,247 |
The maturity amount shows the total you’ll get back at the end of your FD term—provided you don’t withdraw early.
While longer tenures can offer better rates, they tie up your cash for a longer period. It’s always worth comparing rates across banks, especially when limited-time promos could give you more for the same lock-in period.
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