One key difference between fixed deposit rates and other types of interest rates is that they are typically higher than savings account rates due to the longer-term commitment involved.
Also, some of them may have minimum deposit amount.Īccording to Monetary Authority of Singapore ( MAS), deposit-taking institutions in Singapore comprise full banks, wholesale banks, merchant banks and finance companies. The rate is usually fixed for a specific period of time and is guaranteed, meaning the depositor will receive the agreed-upon rate regardless of any changes in market conditions.
Indicates 5 Banks' fixed deposit rates (as of 1 November 2023) in Singapore with SGD currency, including DBS, HSBC, ICBC, UOB, CIMB and their promotion interest rates, highlighting their deposit rate in period of 1-month, 3-month, 6-month, 9-month, 12-month.Ī fixed deposit rate (also known as time deposit rate) is an interest rate that a bank or financial institution pays to a depositor of a fixed deposit account holder.
