In this month’s search of The Best Fixed Deposits of April 2020, some readers have highlighted to me that DBS Bank is offering fixed deposit interest rates as high as 1.40% per annum. This is slightly lower than what MayBank have to offer at 1.45% per annum but it is still attractive.
When you navigate to the DBS Bank Rates Online for Fixed Deposits, a banner that says “Revision of SGD Fixed Deposit interest rates from 2 April 2020. Click here for information on revised rates.” will appear at the top of the web page as shown in the below screenshot. Clicking on the link opens a PDF document that shows the revised interest rates. Alternatively, you can lookup the interest rate that you will get on the web page itself.
Based on a deposit of S$10,000 at the interest rate of 1.40% per annum for 12 months, you will receive S$140 at maturity. It is very strange but if you decided to do a longer placement of 18 months, 24 months or longer, the interest rate gets lower as shown in the table below.
Where to Find the Fixed Deposit Interest Rates
DBS Fixed Deposit Interest Rates (Effective 06/04/2020)
