“Banks are now more sophisticated institutions that offer a bigger range of products and services that can help to contribute to their profits,” he explained. While lenders make swift adjustments to their borrowing rates, they also have to remain competitive in courting deposits.ĭeposits are typically one of the cheapest sources of funds for banks, said Professor Lawrence Loh from the National University of Singapore (NUS) Business School. These fixed deposit promotions come as global central banks go on a rate-hike race to combat soaring inflation. The bank has a minimum placement requirement of S$10,000.Īt another Malaysian bank RHB, the promotional rate for a 24-month deposit is now at 4.1 per cent for Singapore customers who make a minimum placement of S$20,000 via its mobile app. Longer tenors of 12 and 18 months are at 4.15 per cent. UOB, which was among the more aggressive banks with monthly deals last year, has maintained its promotional rates this month at a range of 3.55 to 3.95 per cent across varying tenors.ĭBS, Singapore’s largest bank, has largely refrained from jumping on the bandwagon of promotions, instead opting to raise its board rates or general fixed deposit rates thrice last year.Īt least two foreign lenders also increased their Singapore-dollar fixed deposit rates to more than 4 per cent as early as last month.Ī promotion on Malaysian bank CIMB’s Singapore website offers customers a rate of 4.05 per cent per annum for a nine-month fixed deposit. OCBC is the only local bank to have rates for fixed deposits above 4 per cent so far.

“This is the highest Singapore-dollar time deposit interest rate we have offered to customers in recent history,” said OCBC Bank's head of deposits Na Kok Peng.Īn eight-month tenor was offered for the promotion as the number symbolises prosperity in Chinese, Mr Na said, adding that a shorter tenor also offers customers greater flexibility. The bank is also offering its Premier Banking and Premier Private clients a promotional rate of 4.18 per cent for an eight-month fixed deposit.

Non-360 customers get a rate of 3.88 per cent. SINGAPORE: Interest rates for fixed deposits in Singapore are inching up above 4 per cent, as banks continue to dish out sweet deals amid a competition for cash.Īt OCBC, customers of the bank’s flagship 360 savings account can get a per-annum rate of 4.08 per cent for a minimum placement of S$20,000 over eight months as part of a Chinese New Year promotion rolled out this week.

Ocbc fixed deposit rate malaysia 2022