Dbs Fixed Deposit

Posted on 4/12/2022by admin

From now until 31 March 2021, place your Time Deposit via DBS iBanking (using the specified promotion code), DBS digibank or DBS iWealth ® App to enjoy preferential interest rates! HKD preferential interest rates up to 0.25% p.a.
A fixed deposit (FD) allows you to invest a one-off sum of money for a chosen period (tenure) to earn a fixed rate of interest. Until the tenure ends a fixed deposit usually earns a higher interest rate than a regular savings account.

Bank Fixed Deposit Rates
Dbs Fixed Deposit Rate For Senior Citizens
Dbs Fixed Deposit Account
Dbs Fixed Deposit Promo Code
Dbs Fixed Deposit Rates History
Dbs Fixed Deposit Rates

DBS/POSB Fixed Deposit (FD) DBS/POSB fixed deposit board rates. With the effect from 4th May 2020, there is a downward revision of interest rates for DBS/POSB SGD Fixed Deposit. Note: The interest rates for 9 months and above tenors are applicable only to rollover.

Looking for the best fixed deposits in October 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.

Fixed Deposit or Singapore Savings Bonds?

Forget about the Singapore Savings Bonds. The 1 year interest rate for November 2020 Singapore Savings Bonds has fallen as low as 0.23%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

The Alternatives – Short Term Endowments

I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.

At the point of writing, the second tranche of the popular NTUC Gro Capital Ease (1.96% for 3 years) is fully subscribed.

The Alternatives – GIGANTIC, Dash EasyEarn or Singlife

Alternatively, you can check out GIGANTIC, Dash EasyEarn or Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account and Dash EasyEarn.

GIGANTIC	Dash EasyEarn	Singlife Account
Lock In Period	No	No	No
Minimum investment amount	S$50	S$2,000	S$500
Return rate per annum	2.0% per annum on your first S$10,000 for the first year 1.0% for amounts above S$10,000 for the first year	2.0% p.a. return for the first year (Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year, available on a first come, first served basis)	2.0% for first S$10,000 1.0% for next S$90,000 Note: * Singlife will be adjusting their crediting rates on the Singlife Account from 2.5% to 2% per annum (p.a.) for the first S$10,000 with effect from 1 November 2020. * From 1 November 2020, customers who spend S$500 within their specified card spend period on the Singlife Visa Debit Card will qualify for a bonus 0.5% p.a. return on top of the new base return of 2% p.a. for the duration of one policy month.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for October 2020. The current low interest rates offered by most banks remained unattractive to me.

Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.

DBS is the best fixed deposits in October 2020!

DBS Fixed Deposit (Recommended)

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.

For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.85%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 0.85% p.a., the interest that you will receive upon maturity is S$170.00. This is on the condition that you perform the renewal or fresh funds deposit via PayNow.

Deposit Amount	12 months (Renewal or Fresh Funds via PayNow)	12 months (Fresh Funds At Branch)
S$20,000 and above	0.85%	0.80%

MayBank iSAVvy Time Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated

MayBank has reduced their interest rate across the tiers. Here are the interest rates for MayBank iSAVvy Time Deposit as of 9th October 2020.

For a 6 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$10.00.

For a 12 months placement of S$25,000 at 0.65% p.a. and 24 months at 0.85% p.a., the interest that you will receive upon maturity is S$162.50 and $426.81 respectively.

UOB Time Deposit

Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 31st October 2020

The interest rate has fallen from 0.65% p.a. in September to 0.55% p.a. in October.

For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$20,000	10 months	0.55% p.a.

OCBC Time Deposit

Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020

OCBC has reduced their fixed deposit rate from 0.60% p.a. in September to 0.50% p.a. in October.

Minimum Placement (Fresh Funds)	Tenor	Promotional Rate
S$5,000	12 months	0.50% p.a.

For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020

For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.

Standard Chartered Bank Singapore Dollar Time Deposit

Bank Fixed Deposit Rates

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 12th October 2020

For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.

If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.

Minimum Placement	Tenure	Promotional Rate	Priority Banking Preferential Rate
S$25,000	6 months	0.20% p.a.	0.30% p.a.

© Provided by MoneySmart Fixed deposit (sometimes called time deposit) accounts are low-risk investments that earn you interest over a fixed commitment period. You don't need to do anything to earn this interest, just park your money with a bank. Think of it like mold on a piece of bread. Just leave it out in the open and mold will grow — FREE! — on your bread for you. Seriously, though, fixed deposits are great if you have a substantial amount of money lying around and you don’t want to risk investing it. Fixed deposits are an extremely low risk way to grow your money.

Best fixed deposit rates in Singapore (Feb 2021)

We've picked the highest fixed deposit rates for SGD in attainable deposit amounts (i.e. $50,000 and below). Note that these promotional rates change monthly and the bank can change the rates anytime.

Bank/financial institution	Min. deposit amount	Tenure	Interest rates
DBS	$1,000	18 months	1.3% p.a.
Maybank	$1,000	36 months	1% p.a.
Hong Leong Finance	$20,000	24 months	0.75% p.a.
ICBC	$500	12 months	0.6% p.a.
UOB	$20,000	10 months	0.5% p.a.
Standard Chartered	$25,000	3 months	0.45% p.a.
OCBC	$20,000	12 months	0.4% p.a.
RHB	$20,000	12 months	0.4% p.a.
CIMB	$1,000	3 months	0.3% p.a.
HSBC	$30,000	6 months	0.25% p.a.

Fixed deposit board rates are usually very low, but every month, many banks come up with fixed deposit promotions to offer good rates. In 'normal', non-Covid-19 times, promotional fixed deposit rates can go up to 1.8% to 2% p.a. However, with the current sluggish economy, fixed deposit interest rates remain low — although they might still be better than savings accounts.

DBS fixed deposit rates (Feb 2021)

DBS fixed deposit rate
Interest rate	1.3% p.a.
Deposit amount	$1,000 to $19,999
Tenure	18 months

Ever since COVID-19 hit our economy, DBS has been one of the consistent winners when it comes to fixed deposit rates. This month is no exception. The current highest DBS fixed deposit rate of 1.3% p.a. is considered sky-high by today's standards. The minimum of $1,000 is is quite a manageable amount, although you have to commit to a tenure of 18 months. Otherwise, you can still get a slightly lower interest rate of 1.15% p.a. for 12 months. Dbs fixed deposit for senior citizens

DBS is the best out there this month given the current economic climate and decreasing interest rates all around. It’s a good option if you want to save up and prefer local banks. [ms-inline-widget account_type='fixed-deposit' amount='10000' tenure='18' locale='en' country_code='sg' channel='fixed-deposit' product_slug='dbs-singapore-dollar-fixed-deposit' ]

Maybank fixed deposit rates (Feb 2021)

Maybank fixed deposit rate
Interest rate	1% p.a.
Deposit amount	Min. $1,000
Tenure	36 months

The next best alternative to DBS is usually a Maybank fixed deposit. In February, you can earn 1% p.a. with Maybank's Singapore Dollar Time Deposit. Unfortunately you have to leave it in for 36 months (3 whole years!) to earn that measly 1% p.a. [ms-inline-widget account_type='fixed-deposit' amount='10000' tenure='24' locale='en' country_code='sg' channel='fixed-deposit' product_slug='maybank-singapore-dollar-time-deposit' ]

Dbs Fixed Deposit Rate For Senior Citizens

Hong Leong Finance fixed deposit rates (Feb 2021)

Hong Leong Finance fixed deposit rate
Interest rate	0.75% p.a.
Deposit amount	Min. $20,000
Tenure	24 months

Apart from the big banks like DBS, UOB and OCBC, the fixed deposit aficionado should also look at non-bank financial institutions like Hong Leong Finance as they also offer promotions. They may not be quite as risk-free as banks, though. This month, Hong Leong is offering 0.75% p.a. for 24 months, 0.68% for 18 months, or 0.6% for 12 months, but it also requires a significantly larger sum of $20,000. Before you lock up that much in a fixed deposit, make sure you have sufficient emergency funds first.

ICBC fixed deposit rates (Feb 2021)

ICBC fixed deposit rate
Interest rate	0.6% p.a.
Deposit amount	Min. $500
Tenure	12 months

It used to be that you needed at least $20,000 lying around in order to benefit from the higher promotional interest rates. However, now that the general rates have gone down, suddenly the lower-commitment options are a lot more competitive. All the above fixed deposits have pretty low barriers to entry, but Chinese bank ICBC takes the cake by requiring just $500 minimum deposit. You get an okay-ish 0.6% p.a. (if you apply for this fixed deposit online) with a commitment period of 12 months.

UOB fixed deposit rates (Feb 2021)

UOB fixed deposit rate
Interest rate	0.5% p.a.
Deposit amount	Min. $20,000
Tenure	10 months

Oh dear, local banks UOB and OCBC (see below) certainly fall short of DBS when it comes to fixed deposit rates of late. Right now, UOB is offering only 0.5% p.a. on their 10-month fixed deposits. The saving grace is that the lock-in period is relatively short. [ms-inline-widget account_type='fixed-deposit' amount='10000' tenure='11' locale='en' country_code='sg' channel='fixed-deposit' product_slug='uob-singapore-dollar-fixed-deposit' ] Note that if you have an UOB fixed deposit that's maturing this month, UOB will auto-renew your account at the current 'promotional' rate. You might want to check and update your standing instructions.

Standard Chartered fixed deposit rates (Feb 2021)

Standard Chartered fixed deposit rate
Interest rate	0.45% p.a.
Deposit amount	Min. $25,000
Tenure	3 months

Dbs Fixed Deposit Account

If you have $25,000 to spare, but don't want to lock it up the whole year, Standard Chartered has a 3-month fixed deposit promotion that lets you earn 0.45% p.a. [ms-inline-widget account_type='fixed-deposit' amount='10000' tenure='3' locale='en' country_code='sg' channel='fixed-deposit' product_slug='standard-chartered-singapore-dollar-time-deposit' ]

OCBC fixed deposit rates (Feb 2021)

OCBC fixed deposit rate
Interest rate	0.4% p.a.
Deposit amount	Min. $20,000
Tenure	12 months

OCBC fixed deposit interest rates are lower than UOB's, offering 0.4% p.a. for minimum $20,000 deposit for at least 12 months. [ms-inline-widget account_type='fixed-deposit' amount='10000' tenure='24' locale='en' country_code='sg' channel='fixed-deposit' product_slug='ocbc-time-deposit-account' ]

RHB fixed deposit rates (Feb 2021)

RHB fixed deposit rate
Interest rate	0.4% p.a.
Deposit amount	Min. $20,000
Tenure	12 months

Tying with OCBC for 7th place is Malaysian bank RHB. Like OCBC, its 0.4% p.a. interest rate is really not spectacular, so think carefully before you commit for the full year. [ms-inline-widget account_type='fixed-deposit' amount='10000' tenure='36' locale='en' country_code='sg' channel='fixed-deposit' product_slug='rhb-singapore-dollar-fixed-deposit' ]

What about HSBC and CIMB fixed deposits?

The rest of the banks — CIMB and HSBC — are offering 0.3% or less on their fixed deposits, which is hardly worth your time. In fact, you can get 0.3% p.a. on your savings with no lock-in just by opening a regular CIMB FastSaver account. Of course, banks are notoriously fickle about their interest rates, and all these could easily change next month. For the latest promotional rates, remember to bookmark this page and our MoneySmart fixed deposit comparison page before you commit. Plus, here’s a quick and dirty summary of what you need to know about fixed deposits.

Fixed deposit vs savings account — what's the difference?

https://youtu.be/Sq9hjlnEgY0 Once an attractive alternative to that pathetic 0.05% p.a. interest on savings accounts, fixed deposits — like so many ageing Channel 8 starlets — are fading from collective memory. Today, every bank in Singapore is competing for your dollar with high interest savings accounts, which may actually offer better returns. Here are the differences between fixed deposits and savings accounts at a glance:

Fixed deposit	Savings account
Tenure	As low as 3 months, but go for at least 12 months for better rates	None
Interest rate	The longer the tenure, the better the interest rate	Usually the same regardless of tenure
Amount to deposit	Fixed amount, usually at least $10,000	Smaller initial deposit and minimum monthly balance ($500 to $3,000)
Currency	SGD by default, but some banks offer higher interest rates for foreign currency	SGD by default. There are a few multi-currency accounts, but no difference in interest rate
Can you withdraw?	Contrary to popular belief, yes, but you lose the interest	Yes, no impact on interest, but don’t fall below the minimum balance
Interest payments	Quarterly or annually	Monthly
Risk level	Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)

Fixed deposit vs Singapore Savings Bonds (SSB) — which is better?

In an earlier article, we compared the Singapore Savings Bonds to fixed deposits. There are a few key distinctions between these virtually risk-free investment vehicles. First, interest rates. Believe it or not, fixed deposit interest rates are actually higher than SSBs

Dbs Fixed Deposit Rates History

. The November issue of SSBs offers a measly 0.23% p.a. interest average return after the first 2 years, which you can easily beat with a well-chosen fixed deposit promotion. Next, entry point. It takes just $500 to invest in Singapore Savings Bonds

Dbs Fixed Deposit Rates

, which is lower than the $1,000 or more for most fixed deposits. That said, ICBC fixed deposits only require $500 to start. (On the flip side, there's a cap of $200,000 you can put into Singapore Savings Bonds. There's no cap for fixed deposits.) Finally, tenure. Fixed deposits are shorter term investments. After the lock-in period is over, you should shop around again for another place to park your money. With SSBs, however, the interest rate climbs every year, so the longer you keep the money in there (up to a maximum of 10 years) the more you get. At the same time, SSBs have higher liquidity than fixed deposits. You will not be penalised if you withdraw your money at any point. You do have to pay a $2 transaction fee each time you buy or redeem a bond, though. Know anyone who likes to park their cash in fixed deposits? Share this article with them. [ms_related_articles] The post 7 Best Fixed Deposit Rates in Singapore (Feb 2021) — DBS, Maybank & More appeared first on the MoneySmart blog.

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