Chinese New Year Fixed Deposit Promotion 2024

UOB Chinese New Year New Notes 2024

Today, I am going to share with you the best Chinese New Year Fixed Deposit Promotion in February 2024. This year, Chinese New Year 2024 falls on Saturday, 10th February 2024. Every year during this festive lunar period, banks in Singapore will give out promotional interest rates for fixed deposits.

If you are new to fixed deposit, it is a type of bank account where you deposit a lump sum of money for a predetermined duration. In return, the bank pay you a fixed rate of interest on that amount.

Fixed deposits are low-risk investments because they are practically risk-free. In Singapore, your deposits are also insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$75,000.

Fixed deposits (also known as time deposits) are popular among our parents and grandparents. They are also popular investment option for individuals who want to earn guaranteed interest on their savings over a specified period of time.

Last month, we saw some Chinese New Year 2024 Bank Promotions. As we draw closer to Chinese New Year, let us find out more below which banks offer the most attractive fixed deposit rates.

OCBC Bank Fixed Deposit Rates

OCBC Chinese New Year New Notes 2024

Let us first take a look at OCBC bank’s fixed deposit rates. The minimum placement for OCBC bank’s fixed deposit remained high at S$30,000.

If you do a fixed deposit placement of S$30,000 with OCBC Bank for 6 months via Internet Banking, the interest you will receive upon maturity is S$465.

As you can see from the table below, the interest rate of 3.10% p.a. only applies to placement performed via Internet Banking. I do not see why you want to visit the Branch to do a placement and get lower interest rate of 2.70% p.a.

TenorInterest Rate (p.a.)Minimum Deposit (Fresh Funds)Banking Type
6 months2.70%S$30,000Branch
6 months3.10%S$30,000Online

UOB Bank Fixed Deposit Promotion

UOB is offering an interest rate of 3.10% p.a. for a 6, 10 or 12 months fixed deposit placement.

If you make a fixed deposit placement of S$10,000 with UOB Bank for 6 months, the interest you will receive upon maturity is S$155.

In the event you wish to lock down your money longer with UOB for a period of 10 months or 12 months, the interest rate you will receive upon maturity is S$258.33 and S$310 respectively.

TenorInterest Rate (p.a.)Minimum Deposit (Fresh Funds)Banking Type
6, 10, 12 months3.10%S$10,000All

DBS Bank Fixed Deposit Rates

DBS Chinese New Year Fixed Deposit Rates 2024

DBS Bank is offering attractive interest rates for a fixed deposit placement ranging from 9 months to 12 months. As usual, I have box up the ranges which I think is the sweet spot (8 to 12 months).

Based on DBS Bank’s interest rate table above, the interest rate p.a. for 8 months fixed deposit placement is 3.00%. For a 9 months fixed deposit placement, you get 3.10% p.a. If you can afford a longer duration such as 10 or 11 months, DBS Bank is offering you 3.15% p.a. for your fixed deposit placement.

The highest interest rate DBS Bank can offer you is the 12 months fixed deposit placement at an interest rate of 3.20% per annum. Upon the maturity of a S$10,000 placement, the interest you will receive is S$320.

CIMB Bank Fixed Deposit Rates

CIMB Chinese New Year Fixed Deposit Promotion 2024

In January, CIMB Bank offered the highest fixed deposit rates in town. CIMB Bank’s fixed deposit interest rates remained unchanged in February.

As you can see from the table below, CIMB Bank’s 6 months fixed deposit is the most attractive at 3.50% p.a. A 6-month fixed deposit placement of S$10,000 with CIMB will give you an interest of S$175 upon maturity.

TenorPERSONAL BANKING
ONLINE PROMO INTEREST RATE (%P.A.)
$10,000 AND ABOVE
PREFERRED BANKING
ONLINE PROMO INTEREST RATE (%P.A.)
$10,000 AND ABOVE
3 months3.45%3.50%
6 months3.50%3.55%
9 months3.35%3.40%
12 months3.15%3.20%

RHB Bank Fixed Deposit Rates

RHB Chinese New Year Fixed Deposit Promotion 2024

RHB Bank is offering 3.25% p.a. for a 6 months fixed deposit placement. For a S$20,000 fixed deposit placement with RHB Bank, the interest that you will receive upon maturity is S$325.

TenorPersonal Banking
(p.a.)
Premier Banking
(p.a.)
Minimum Placement
(S$)
6 months3.25%3.30%S$20,000
12 months3.15%3.20%S$20,000

Bank of China Fixed Deposit Promotion

Bank of China has the lowest minimum fixed deposit placement amount at S$500 if performed over Mobile Banking. The minimum fixed deposit placement amount for Over The Counter is S$10,000.

With not many branches in Singapore, I will opt for their mobile banking if I want to enjoy the Bank Of China Fixed Deposit Promotion.

The 3 months placement via Mobile Banking is the most attractive at 3.45% p.a.

TenorOver The Counter
(p.a.)
Mobile Banking
(p.a.)
3 months3.35%3.45%
4 months3.30%3.40%
5 months3.25%3.35%
6 months3.25%3.35%
7 months3.20%3.30%
8 months3.10%3.20%
9 months3.10%3.20%

The Best Chinese New Year Fixed Deposit Promotion in 2024?

It is obvious CIMB Bank offers the best Chinese New Year Fixed Deposit Promotion in 2024! At 3.50% p.a., a S$10,000 6 months fixed deposit placement with CIMB Bank will give you an interest of S$175 upon maturity.

Tomorrow (Sunday, 4th February 2024) is Li Chun, which signifies the beginning of spring in Chinese culture, is a day associated with auspiciousness. Depositing money on Li Chun is believed to symbolize a steady flow of wealth throughout the year.

So what are you waiting for? Do a fixed deposit placement tomorrow now!

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