Fixed deposits are also known as time deposits. They are a popular investment option where you deposit a sum of money with a bank for a specified duration. The money is locked in for the specified period, which can range from a few months to several years. In return, the bank guarantees you a fixed interest rate on your deposit.
Fixed deposits are considered low-risk investments because they are practically risk-free. They are considered a safe investment option as they offer guaranteed returns and are not subject to market fluctuations. The interest earned on a fixed deposit is usually higher than that earned on a regular savings account, making it an attractive choice for individuals looking to grow their savings in a secure manner.
Your deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$75,000. Thus, fixed deposits are an excellent place to store your emergency funds due to their safety and guaranteed returns.
Many years ago, SORA has replaced the Singapore Interbank Offered Rate (SIBOR), and Swap Offer Rate (SOR) as the key interest rate benchmark for Singapore dollar (S$) interest rate contracts. SORA is calculated and administered by the Monetary Authority of Singapore (MAS). It is published as a daily rate and a series of 1-month, 3-month and 6-month compounded rates on the MAS website.
While SORA is a key benchmark, fixed deposit rates are not directly pegged to it in a simple way. Banks determine their own base interest rates, which may be influenced by overall market interest rate trends that SORA reflects.
Best Fixed Deposit Rates in Singapore Right Now
This table is updated monthly with the latest promotional rates from major Singapore banks and finance companies. For the full breakdown with minimum deposit amounts and terms, see my latest monthly rate snapshot.
| Bank | Best Rate | Tenure | Minimum Deposit |
|---|---|---|---|
| Citibank | 2.00% p.a. | 6 months | S$5,000 (Citigold customers) |
| RHB | 1.70-1.80% p.a. | 6 or 12 months | S$20,000 |
| Hong Leong Finance | 1.55-1.60% p.a. | 4-5 months | S$100,000 (over the counter) |
| HSBC | 1.60-2.00% p.a. | 3-6 months | S$30,000 (Premier tiers) |
| UOB | 1.50-1.55% p.a. | 6-12 months | S$10,000 (fresh funds) |
| SBI | 1.40-1.50% p.a. | 6-12 months | S$50,000 |
| OCBC | 1.30-1.50% p.a. | 6-12 months | S$20,000 |
| ICBC | 1.05-1.60% p.a. | Varies | Varies |
| DBS | 1.00% p.a. | 8-12 months | S$1,000-S$19,999 |
Rates last updated for September 2026. Fixed deposit promotions change monthly and often require “fresh funds” or a minimum banking relationship (e.g. Citigold), so always check the bank’s own page before applying. See my full September 2026 fixed deposit rates comparison for the complete tenure-by-tenure breakdown.
Below, I shall share the best fixed deposits offered by Singapore Banks – DBS, OCBC and UOB for each month. I shall also include the fixed deposits offered by other popular banks such as CIMB, MayBank2U, Bank of China (BOC), Citibank.
Find out more below on my posts on the best fixed deposits in Singapore!
