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:
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Some facts might change from the time of writing. Nothing written here is financial, legal, tax, or any kind of individual advice, nor is it a solicitation to invest or a recommendation of any specific product or service.
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.
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.
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
Conditions That May Apply
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
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.
| Bank / Platform | 3‑Month | 6‑Month | 9‑Month | 12‑Month | Notes |
| DBS / POSB | 1% | 2.15 % | 2.35 % | 2.45 % (S$1k–19k) | Tiered rates; max for SGD 19,999 |
| State Bank of India | 1.75% | 2.00 % | 1.90% | 1.90 % | Higher tier for six months |
| Bank of China | 2.10 % | 2.00 % | 1.95 % | 1.90 % | Via mobile app |
| ICBC | 2.05 % | 2.00 % | 2.00 % | 1.95 % | Higher via e-banking |
| CIMB | 2.10 % | 2.00 % | 1.80 % | 1.80 % | Preferred banking tier |
| Citibank | 2.10 % | 2.10 % | – | – | Minimum S$50k |
| Maybank | – | 2.05 % | 2.15 % | 2.05 % | Up to 2.15 % in-branch “Deposit Bundle” promo |
| Hong Leong Finance | – | – | 1.78 % – 1.83 % | – | Digital-exclusive offer |
| RHB | 2.30 % | 2.30 % | – | 2.10 % | Premier banking rates via app |
| UOB | – | 1.85 % | – | – | Fresh funds only |
| OCBC | – | – | 1.70 % | 1.65 % | Online promo |
| HSBC | 1.40 % – 1.85 % | 1.40 % -1.85 % | – | 1.25 % – 1.70 % | Tiered by customer status |
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.
Other Benefits for Seniors with FD Accounts
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.
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:
FD calculators typically require three key inputs:
Most calculators assume simple interest, but some account for compounding frequency especially for tenures longer than one year.
Advanced tools may even break down:
Examples Using Different Scenarios
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:
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:
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:
Risks:
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.