Best Fixed Deposit Rates in Singapore Right Now: Rates, Top Banks

The best fixed deposit rates in Singapore for 2025 range widely, with some banks offering over 2% p.a. for certain tenures and currencies.

This guide explains how fixed deposits work, which banks offer the most competitive rates including senior and foreign currency options.

As fixed deposit rates in Singapore fluctuate with global economic shifts, choosing the right FD becomes crucial for maximizing returns.

Below are the key points addressed in this article:

• What is the purpose of a Fixed Deposit?
• Which bank offers the highest FD rate in Singapore?
• Which bank has the highest FD rates for senior citizens?
• How do I calculate my fixed deposit?
• What is a fixed deposit in foreign currency?

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What is a fixed deposit and how does it work?

A fixed deposit (FD) is a type of investment offered by banks where you place a lump sum of money for a predetermined period at a fixed interest rate.

Unlike regular savings accounts, the interest on an FD remains constant throughout the tenure, regardless of market fluctuations.

This makes it especially appealing to conservative investors seeking predictable earnings.

When you open a fixed deposit, you agree not to withdraw the funds until the maturity date.

Early withdrawals are usually allowed but may come with penalties or forfeiture of earned interest.

At maturity, you receive your principal plus the interest earned, either credited to your account or rolled over into a new FD, depending on your instructions.

Fixed deposits can also vary by currency, deposit size, and customer tier, with higher rates often offered to premier or priority banking clients.

Which Singapore Bank Has the Highest FD Rate?

As of June 2025, DBS (via DBS/POSB) offers the highest fixed deposit rates in Singapore, with the top rate at 2.45% p.a. for a 12‑month tenure on fresh funds between S$1,000 and S$19,999.

For shorter tenures, DBS still leads with 2.35% p.a. for 9 months and 2.15% p.a. for 6 months.

While foreign banks such as SBI and Bank of China offer competitive rates around 2.00% (6 months) and 2.10% (3 months), respectively.

DBS remains the top choice for the highest overall rates.

CIMB, RHB, Maybank, OCBC, UOB, and others typically offer between 2.00% and 2.35% p.a., often with smaller minimum deposits but lower yields.

Promotional vs Standard FD Interest Rates
Promotional rates are usually higher but come with conditions such as minimum deposits, new funds only, or limited availability.

Standard fixed deposit rates in Singapore are typically lower but offer more flexibility and longer durations.

For instance, a bank might offer a 3.50% p.a. promotional rate for a 6-month deposit with S$20,000 in fresh funds, while their standard rate for the same term may be closer to 1.60% p.a.

Rate Duration and Context
Interest rates vary significantly with tenure.

Short-term tenures like 3 or 6 months may offer higher promotional rates, while longer tenures such as 12 or 24 months often have steadier but slightly lower rates.

Evaluating FD options by tenure is essential for aligning with your liquidity needs.

Which Bank Gives 7% Interest on FD?

You won’t find any bank offering a 7% interest rate on fixed deposits in Singapore; these are a myth or misunderstandings.

Current top promotional fixed deposit rates in Singapore as of June 2025 are around 2.45% p.a. from DBS for a 12‑month tenure.

Current Promotions or Myths Around 7% FD Rates

• No legitimate bank in Singapore is offering FD interest anywhere near 7%; such figures likely mix up structured or high-risk investment products.
• Scammers may advertise unrealistic rates; always verify against official bank announcements.

Conditions That May Apply

• Promotional FD rates (around 2–2.5% p.a.) typically come with fresh-funds requirements, minimum deposit amounts, and are limited to specific tenures like 3, 6, or 12 months.
• Before locking in an FD, review promotional terms, early withdrawal restrictions, and applicable fees.

Which Bank Gives 9.5 Interest on FD?

There are currently no legitimate fixed deposit rates in Singapore at 9.5% interest.

Such figures are highly unrealistic within the traditional banking system and are often a result of confusion with structured investment products or high-risk alternatives.

Any product offering that level of return is almost certainly not a conventional FD and may come with significant capital risk.

What to Consider Before Committing to Unusually High Returns

• Always verify the product’s classification: is it a true FD, or a structured or investment-linked product?
• Read the fine print. Look for principal guarantees, tenure lock-ins, and early withdrawal penalties.
• If it sounds too good to be true, it usually is. When in doubt, consult with a licensed financial adviser.

Best Fixed Deposit Rates Singapore 2025

Below is an updated snapshot of competitive FD rates from major banks and digital platforms in Singapore, as of June 2025. These include a mix of short-, mid-, and long-term options to suit different financial needs.

Best Fixed Deposit Rates Singapore for Senior Citizens

Senior citizens in Singapore often enjoy preferential interest rates on fixed deposit accounts, along with additional banking perks aimed at financial stability in retirement.

While Singapore doesn’t mandate a nationwide senior FD scheme, several banks do offer improved rates or exclusive promotions for clients aged 55 and above.

These enhancements may include slightly higher rates, lower minimum deposit thresholds, or flexible withdrawal terms.

• DBS / POSB: Occasionally runs promotions under the POSB Save As You Earn or fixed deposit bundles that provide additional perks to seniors with CPF-linked accounts.
• OCBC: Offers senior-friendly savings plans, which may pair with fixed deposit promos during seasonal campaigns.
• UOB: While not exclusive, UOB occasionally provides “wealth management packages” for older clients, which include FD components.
• Hong Leong Finance & Maybank: These institutions are known for tailoring FD promotions with retirees in mind, especially for tenors of 6 to 12 months with enhanced interest on fresh funds.

Other Benefits for Seniors with FD Accounts

• Priority banking services: Seniors may receive dedicated relationship managers or concierge services.
• Waived fees: Many banks waive fall-below fees or offer reduced charges on transactions.
• Flexible maturity handling: Some allow automatic renewal with interest rate reassessment or early withdrawal with minimal penalties.

Although the interest rate uplift for seniors may be modest (e.g., 0.05–0.20% higher), the added financial convenience and lower risk make these options worth considering for retirees focused on preserving capital.

Singapore Best Fixed Deposit Rates Calculator

Fixed deposit calculators are invaluable tools that provide instant estimates of maturity value based on deposit amount, tenor, and interest rates.

Several banks and financial comparison websites in Singapore offer FD calculators or rate comparison tools:

• Bank websites: DBS, OCBC, and UOB each provide FD calculators tailored to their specific products.
• Comparison sites: Platforms like SingSaver, Seedly, and MoneySmart let users compare FD offers across multiple banks with a single input.
• Financial institutions: Finance companies like Hong Leong Finance also provide downloadable FD schedules for manual comparison.

FD calculators typically require three key inputs:

1. Principal amount (e.g., S$10,000)
2. Tenure (e.g., 6, 12, or 24 months)
3. Interest rate (e.g., 3.50% p.a.)

Most calculators assume simple interest, but some account for compounding frequency especially for tenures longer than one year.

Advanced tools may even break down:

• Total interest earned
• Maturity amount
• Effective interest rate if interest is paid monthly or quarterly

Examples Using Different Scenarios

• A S$20,000 FD at 3.8% for 12 months yields roughly S$760 interest (simple interest).
• A S$50,000 FD at 4.2% for 24 months, compounded annually, would return around S$4,284.
• Shorter tenures like 3 months typically offer lower absolute returns but more liquidity.

Best Foreign Currency Fixed Deposit Rates Singapore

Foreign currency fixed deposits (FCFDs) are time deposits held in currencies other than the Singapore dollar (SGD), such as USD, AUD, HKD, or EUR. These are popular among investors seeking higher yields or currency diversification.

Unlike SGD fixed deposits, FCFDs are tied to the interest rates of the underlying currency’s country.

For example:

• USD FDs may reflect US Federal Reserve interest rate trends.
• AUD or NZD FDs often offer higher yields due to their domestic rate environments.

FCFDs typically require a higher minimum deposit and may come with shorter tenures or flexible rollover options.

As of 2025, several banks in Singapore offer attractive FCFD rates:

• CIMB and RHB have historically provided strong USD and AUD FCFD promotions.
• HSBC often markets premium foreign currency FDs to wealth customers, with preferential rates.
• Maybank offers regular campaigns on MYR and USD FDs with enhanced returns for online placements.

Keep in mind that rates vary frequently based on global monetary conditions and internal bank promotions.

Risks and Advantages of Foreign Currency FDs vs SGD FDs
Advantages:

• Potential for higher yields in currencies with higher base rates (e.g., AUD).
• Currency diversification, which may benefit internationally exposed investors or expats.

Risks:

• Foreign exchange risk: Gains in interest may be wiped out by unfavorable exchange rate movements when converting back to SGD.
• Liquidity constraints: Early withdrawal may incur penalties or loss of interest, especially when exchange rates move against the investor.

Conclusion: Is a fixed deposit worth it in Singapore?

Fixed deposits in Singapore remain a reliable tool for capital preservation and modest growth, particularly in a volatile market environment.

As new digital banks and global rate shifts introduce more variability, staying informed and agile is key to maximizing returns.

Regularly reviewing available options for fixed deposits in Singapore across tenures, currencies, and institutions, can help ensure your money works efficiently while staying secure.

Pained by financial indecision?

Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.