Best Fixed Deposit Rates in Singapore (Dec 2025)

What is Fixed Deposit?

Fixed Deposits aka Time Deposits are interest generating bank accounts with a pre-determined maturity. They let you grow your money at a fixed rate over a period of time (referred to as ‘tenure’ or ‘tenor’). 

Fixed deposits interest rates tend to follow the current market’s interest rate. Hence, although they used to be dissed at because of low rates, we saw a change in the narrative in the last few years. With high Federal Fund rates in the US, we were offered some pretty attractive fixed deposit rates by banks in Singapore. However, all banks have now revised rates downwards to align with long-term interest rate environment expectations

Dec 2025 Update on Fixed Deposit Rates:

Interest rates have continued to decline, along with other risk-free instruments such as T-bills and Singapore Savings Bonds. Looking ahead, we expect rates to continue to remain low in the coming months.

Best Fixed Deposit Rates in Singapore (Dec 2025)

tl;dr –

• Best 12-month fixed deposit rates is 1.15% by BOC, Maybank, OCBC.
• Best 6-month fixed deposit rates is 1.55% by Maybank.
• Best 3-month fixed deposit rates is 1.40% by BOC and ICBC.

Bank	Highest interest rate available (p.a.)	Tenure	Min deposit (SGD)
Maybank	1.55%*	6 months	$22,000
Bank of China	1.40%	3 months	$500
ICBC	1.40%	3 / 6 months	$500
Bank of China	1.30%	5 / 6 months	$500
CIMB	1.30%	3 months	$10,000
Hong Leong Finance	1.30%	3 / 5 months	$60,000
UOB	1.20%	6 months	$10,000
RHB	1.15%	3 months	$20,000
OCBC	1.15%	9 / 12 months	$20,000
Standard Chartered	1.15%	6 months	$25,000
DBS / POSB	1.00%	8/9/10/11/12 months	$1,000
Citibank	1.00%	3 months	$10,000
State Bank of India (SBI)	0.90%	6 months	$200,000
HSBC	0.80%	3 / 6 / 9 months	$30,000

A few caveats to note.

I’ve considered only personal banking rates on fresh funds* in this article. If you have access to preferred or premium banking, check with your bank for better rates.

*fresh funds usually means that it is not already being banked with the bank that’s offering the fixed deposit account.

Maybank

Maybank Fixed Deposit Promo Rate

Maybank’s current Singapore Dollar Time Deposit Promotion is available from 10 Nov 2025, with a minimum placement of $20,000 via online banking or the Maybank App.

Tenure (Months)	Promo Rate (p.a.)	Minimum Deposit (SGD)
6	1.3%	$20,000
9	1.1%	$20,000
12	1.15%	$20,000

Maybank is also offering a promotional 6-month Deposits Bundle promotion with a promotional rate of 1.55% p.a. (*effective rate 1.41%), but only when customers deposit fresh funds into selected Current or Savings Accounts (CASA). For every S$1,000 placed into the CASA account, customers can place S$10,000 into the Time Deposit, with a minimum Time Deposit of S$20,000 and a corresponding S$2,000 CASA deposit. The funds deposited into the CASA must be fresh funds, not transferred from existing Maybank accounts. The CASA deposit must also be made within 30 days before placing the Time Deposit.

Eligibility

You need to be at least 16 years old.

Minimum Initial Deposit

• S$1,000 for normal rates. (S$10,000 for 1 month tenure)
• S$20,000 for promotion rates.

Additional Costs / Terms to note

There may be an account set up fee of S$10. You need to maintain a minimum balance of S$10 in your savings account at all times.

How to open a Maybank fixed deposit account?

Existing customers can apply via the Maybank2u online banking platform.

Bank of China (BOC)

Bank of China offers fixed deposits across 10 different currencies including SGD. Here are their latest board rates as of 17 Nov 2025: 

Deposit Amount	1Mth	3Mth	6Mth	9Mth	12Mth	18Mth	24Mth	36Mth
Below 20,000.00	0.5	0.7	0.8	0.85	0.9	0.95	0.95	0.95
20,000.00 to 49,999.99	0.5	0.7	0.8	0.85	0.9	0.95	0.95	0.95
50,000.00 to 99,999.99	0.5	0.7	0.8	0.85	0.9	0.95	0.95	0.95
100,000.00 to 299,999.99	0.5	0.7	0.8	0.85	0.9	0.95	0.95	0.95
300,000.00 to 499,999.99	0.5	0.7	0.8	0.85	0.9	0.95	0.95	0.95
500,000.00 and Above	0.55	0.75	0.85	0.9	0.95	1.0	1.0	1.0

BOC Fixed Deposit Promo Rate

As of 1 Dec 2025, you can earn up to 1.40% p.a. if you lock up $500 or more with BOC for 3 months via Mobile Banking. 

Tenure (Months)	Promo Rate (p.a.)*	Minimum Deposit (SGD)
1/2	1.2%	$500
3	1.4%	$500
5	1.3%	$500
	1.35%	$40,000
6	1.3%	$500
	1.35%	$40,000
9	1.15%	$500
	1.2%	$40,000
12	1.15%	$500
	1.2%	$40,000

Eligibility

You need to be at least 18 years old to set up a fixed deposit with Bank of China. Rates in the table above are for Mobile Banking Placement.

Minimum Initial Deposit

Initial account deposit requirement S$5,000, promotion rates apply for placement of min $500 via mobile banking or $10,000 when placed over the counter.

Additional Costs / Fees to note

Premature withdrawal is possible however, you may not get any interest and may need to pay an early withdrawal fee.

How to open a BOC time deposit account?

You can get more information at BOC’s branches. Bring along your ID. Foreigners will need to bring their passport, proof of residential address and supporting documents such as a proof of employment, long term visit pass, or proof of study in Singapore.

ICBC

ICBC Fixed Deposit Promo Rate

From 1 December 2025, ICBC’s has an ongoing promotion on fixed deposit rates. The minimum deposit amount via E-banking is only S$500.

Tenure (Months)	Interest Rates (p.a.)*	Minimum Deposit* (SGD)
1	1.15%	$500
3 / 6	1.4%	$500
9 / 12	1.1%	$500

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

S$500 (via e-banking)
S$20,000 (over the counter)

Additional Costs / Terms to note

Early termination is possible. Interest payments will be calculated by the bank at prevailing rates. 

How to open an ICBC fixed deposit account?

You can choose to apply via ICBC’s internet banking platform or visit their branches with your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.

CIMB

CIMB offer board rates of up to 0.3% on deposits as low as $1,000. You can check CIMB’s latest fixed deposit rates here.

Tenure (Months)	Board Rates (% p.a.) S$1,000 – $99,999	Board Rates (% p.a.) S$100,000 & Above
1*	0.20	0.20
2*	0.25	0.30
3/6/9/12/18/24	0.30	0.35

CIMB Fixed Deposit Promo Rate

From 1-31 December 2025, CIMB is offering the following Fixed Deposit Promotion Rates for Personal Banking customers.

Tenure (Months)	Promo Rate (p.a.)*	Minimum Deposit (SGD)
3	1.3%	$10,000
6	1.25%	$10,000
9 / 12	1.1%	$10,000

Eligibility

You need to be at least 18 years old to set up a fixed deposit with CIMB. 

Minimum Initial Deposit

• S$1,000 for board rates
• S$10,000 for promotion rates.

Additional Costs / Terms to note

Early termination may result in lesser or no interest.

How to open a CIMB Fixed deposit account?

If you’re an existing customer, you can set it up via the CIMB Internet Banking platform where you also have the option to change your maturity and renew your deposit automatically.

New customers can either apply for the account online or visit a branch. You’ll need to prepare a copy of their NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.

Hong Leong Finance

Hong Leong Finance offers fixed deposits on amounts from S$500 and more, you can find their latest board interest rates here:

Tenure (Months)	Board Rates (% p.a.) (from $500)	Board Rates (% p.a.) (from $50,000)
1 – 2	0.05	0.125
3 – 5	0.1	0.15
6 – 8	0.15	0.2
9 – 11	0.2	0.3
12 – 13	0.25	0.35
15 / 18 / 21	0.3	0.4
24 / 30 / 26	0.3	0.4

Hong Leong Finance’s Fixed Deposit Promo Rate

Hong Leong Finance offers the following Special Fixed Deposit promotional rates from 5 December, for fresh funds of S$60,000 and above.

Tenure (Months)	Promo Rate (p.a.)	Minimum Deposit (SGD)
3	1.3%	$60,000 and above
5	1.3%	$60,000 and above

*minimum deposit of S$60,000 via branch counter or Online Instruction Form.

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

S$60,000 for promotional rate.

Additional Costs / Terms to note

Early termination is possible, but no interest shall be payable unless HLF in its discretion agrees ofterwise.

Upon maturity, you must instruct HLF via a prescribed form at least 2 business day before if you wish to withdraw or renew the fixed deposit. Else, HLF shall automatically renew the fixed deposit at a prevailing board rates.

How to open a Hong Leong Finance fixed deposit account?

New customers can visit their branches with your NRIC, passport and supporting documents.

UOB

UOB offers fixed deposits on amounts from S$5,000 and more, you can find their latest interest rates here:

Tenure (Months)	Board Rates (% p.a.) Min. S$5,000
1 – 2	0.05
3 – 4	0.1
5	0.15
6	0.3
7	0.5
8	0.7
9	0.8
10	0.9
11/12/13/14/15/18/24/36	1.0

UOB Fixed Deposit Promo Rate

From 1-31 December 2025, UOB is offering the following promotional rates with a minimum deposit of S$10,000.

Tenure (Months)	Promo Rate (p.a.)	Minimum Deposit (SGD)
6	1.20%	S$10,000
10	1.00%	S$10,000

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

• S$5,000 for normal rate.
• S$10,000 for promotional rate.

Additional Costs / Terms to note

Early termination is possible. There will be an early withdrawal fee.

Interest ceases to be payable after maturity unless the time deposit is renewed.

How to open a UOB fixed deposit account?

You can apply online via the UOB Personal Internet Banking platform or visit their branch with your NRIC, passport and supporting documents.

OCBC

OCBC offers fixed deposits on amounts from S$5,000 and more, you can find their latest interest rates here:

The board rates for longer tenures for S$5,000-S$20,000 (as at 5 Dec 2025) are currently quite attractive, with up to 1.7% offered for 18- and 20-month fixed deposits. However, do note that these rates are subject to daily fluctuations.

Tenure (Months)	Board Rates (% p.a.) S$5,000 – S$20,000
1 – 2	0.05
3 – 5	0.1
6 – 8	0.2
9	0.3
10-11	0.4
12	0.5
13	0.9
14	1.4
15 – 16	1.6
18	1.7
20	1.7

OCBC Fixed Deposit Promo Rate

OCBC is offering promotional rates on their 9- and 12- month fixed deposit accounts on minimum deposits of S$20,000, for applications via Internet Banking.

Tenure (Months)	Promo Rate (p.a.)	Minimum Deposit (SGD)
9	1.15%	$20,000
12	1.15%	$20,000

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

• S$5,000 for normal rate.
• S$20,000 for promotional rate.

Additional Costs / Terms to note

Early termination is possible. There will be an early withdrawal fee.

How to open a OCBC fixed deposit account?

You can apply for an OCBC SGD fixed deposit account via OCBC’s internet banking platform or visit their branch.

If you’re visiting their branch, you’ll need to bring your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.

Early termination is possible. The interest payments will be calculated by the bank, you may not earn any interest if you terminate your fixed deposit early. You may be charged an early withdrawal fee.

Interest ceases to be payable after maturity unless the time deposit is renewed.

RHB

RHB Fixed Deposit Promo Rate

From 24 November 2025, RHB is offering promotional rates of 1.15% for personal banking customers for their 3-months fixed deposit accounts on minimum deposits of S$20,000.

Tenure (months)	Promo Rate (p.a.)*	Minimum Deposit (SGD)
3	1.15%*	$20,000
6	1.10%	$20,000
12	1.05%	$20,000

*Personal banking rates. Premier Banking clients can enjoy a higher rate of up to 1.25%, full details here.

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

S$20,000

Additional Costs / Terms to note

Early termination is possible. No interest will be payable for premature withdrawals.

How to open a RHB fixed deposit account?

You can apply via RHB’s mobile app, fill up the contact form on their website or visit their branch with your NRIC, passport and supporting documents.

Standard Chartered

Standard Chartered Bank offers fixed deposits on amounts from S$10,000 and more, you can find their latest interest rates here:

Tenure (Months)	Board Rates (% p.a.) (from $10,000)
1	0.05%
3	0.1%
6	0.3%
9	0.55%
12	0.6%
15/18/24	1.0%

Standard Chartered’s Fixed Deposit Promo Rate

From 1 to 8 December 2025, Standard Chartered is offering a Time Deposit Promotion with a minimum deposit of S$25,000.

Tenure (Months)	Promo Rate (p.a.)	Minimum Deposit (SGD)
6	1.15%	$25,000

Priority banking and Priority Private Banking clients get a better preferential rate of up to 1.25%.

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

S$25,000 for promotional rate.

Additional Costs / Terms to note

Early termination is possible. There will be an early withdrawal fee.

How to open a Standard Chartered Bank fixed deposit account?

You can apply online via their online banking portal or visit their branch with your NRIC, passport and supporting documents.

DBS / POSB

DBS only accepts fresh funds for tenures 12 months and below. You can find the latest board rates (as at 5 Dec) here. Rates remained unchanged from last month.

Tenure (Months)	Board Rates (% p.a.) S$1,000 – S$9,000
1/2	0.05
3	0.15
4	0.25
5	0.40
6	0.80
7	0.95
8/9/10/11/12	1.00

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

• S$1,000 for normal rates.
• S$10,000 for Premier Income Account (only valid for those 55 years old and above – additional 0.10% p.a. interest on top of prevailing board rate)

Additional Costs / Terms to note

Early termination is possible but you will not earn any interest and you’ll need to pay an early withdrawal fee.

Currently DBS is only accepting fresh funds for fixed deposits with tenures of 12 months or less. Interest rates for tenors of 18 months and above are only applicable to the renewal of existing placements with the same tenor.

How to open a DBS fixed deposit account?

Existing customers can set up a fixed deposit account via DBS’ online banking platform or digibank mobile app. New customers will need to visit a branch with your NRIC or passport (foreigners and PR) and supporting documents.

Citibank

Citi offers a range of tenure on their SGD fixed deposit accounts. At the point of writing, the board rate is as follows for deposits.

Tenure (Months)	Board Rates (% p.a.) S$10,000 – S$3,000,000
1/2	0.9%
3	1.0%
6	0.9%
12	0.7%
24/36	0.1%

Citibank Fixed Deposit Promo Rate

Citibank is offering promotional rates for existing or New-to-Bank clients with Citigold relationship during the promotional period of 1-31 December 2025. A minimum deposit of $10,000 is required.

Currency	Investment Amount	3-Months (p.a.)	6-Months (p.a.)
SGD	S$10,000 to S$250,000	1.3%	1.4%
SGD	S$250,000 to S$5 million	1.4%	1.5%

Citigold Private Clients enjoy higher rates of up to 1.4-1.6%.

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

• S$10,000 for promotion rates.

Additional Costs / Terms to note

Early termination is possible but you will not earn any interest and you’ll need to pay an admin fee.

How to open a Citibank fixed deposit account?

You can set up a fixed deposit account via online banking, phone banking or visit their branch.

State Bank of India (SBI)

SBI provides SGD time deposit accounts for deposits of at least S$5,000. You can see their latest interest rates here:

Tenure (Months)	Board Rates (% p.a.) Min. S$5,000
1	0.35
2	0.5
3	0.7
6/9	0.8
12	0.7
18/24	0.25

SBI Fixed Deposit Promo Rate

SBI is offering promotional rates for 6- or 12- month deposits. A minimum deposit of $200,000 is required.

Tenure (Months)	Promo Rate (p.a.)
6	0.90%
12	0.80%

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

• S$5,000 for normal rates
• $50,000 for promotional rates

Additional Costs / Terms to note

Promotional rates will not apply for early termination, board rates will be accorded based on completed quarters instead.

How to open a SBI fixed deposit account?

You can set up an account at any of the 5 State Bank of India branches.

You’ll need to bring your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.

HSBC

HSBC provides SGD time deposit accounts for deposits of at least S$5,000. You can see their latest time deposit interest rates here:

Tenure (Months)	Board Rates (% p.a.) Min. S$5,000
1/3	0.05
6	0.1
12	0.15

HSBC Fixed Deposit Promo Rate

From 1 to 31 Dec 2025, HSBC is offering promotional rates on their 1-, 3-, 6- and 12- month fixed deposit accounts for Personal Banking customers. A minimum deposits of S$30,000 is required (only applicable to fresh funds placements):

Tenure (Months)	Promo Rate (p.a.)	Minimum Deposit (SGD)
1	0.70%	S$30,000
3	0.80%	S$30,000
6	0.80%	S$30,000
12	0.80%	S$30,000

Premier and Premier Elite customers enjoy higher interest rates of up to 1.20% (depending on with/without wealth holdings).

Eligibility

You need to be at least 18 years old.

Minimum Initial Deposit

• S$5,000 for normal rates
• S$30,000 for promotional rates

Additional Costs / Terms to note

There may be an account set up fee of S$10. 

Early termination is possible. The interest payments will be calculated by the bank, you may not earn any interest if you terminate your fixed deposit early. 

There will be premature withdrawal fees.

How to open a HSBC fixed deposit account?

You can set up a fixed deposit account via online banking or by setting up an online banking account using Singpass.

You can also choose to visit their branch with your NRIC or Passport (for foreigners), a proof of residential address (such as your latest telephone bill, bank statement or government issued letter). Foreigners also need to provide supporting documents such as an employment pass, work permit, dependent’s pass or student pass.

So…which Bank has the Highest Interest Rate for Fixed Deposit?

At the time of writing (5 December 2025),

• Maybank is offering 1.55% (*effective rate 1.41%) for 6 month tenure for their Time Deposit Bundle Promotion (min. $22,000)
• Bank of China (BOC) is offering 1.4% for 3 month tenure and 1.3% for 5 / 6 month tenure (min. $500 to start)

Do note that all rates are reflected per annum.

How to choose the best Fixed Deposit Account for yourself?

When picking the best fixed deposit accounts, there’re a couple of key considerations:

1. How much do you want to deposit?: Most banks require a minimum deposit amount for higher interest rates.
2. How long do you wish to keep your money in the bank?: in general, the longer the fixed deposit tenure, the higher the interest rate
3. Are there withdrawal penalties?: Early withdrawals are possible with fixed deposits, however you may not get any interest payout and may even need to pay a fee. 

Insurance on your fixed deposits

In Singapore, licensed banks and finance companies are supervised by MAS. By law, all SGD deposits we make are insured by the Singapore Deposit Insurance Corporation, up to S$100,000 in aggregate per depositor per bank or finance companies recognized as Scheme members.

How to beat the best fixed deposit interest rates in Singapore?

Interest rates have dropped significantly across the board and the fixed deposit rates are no longer as attractive as they were a few months ago.

Some other vehicles you can consider include:

• Singapore Savings Bonds: have dropped below 2.0%, offering 1.99% on the January 2026 tranche, but you are able to lock in the rate for 10 years.
• Dividend Investing: you could unlock sustainable dividend yields of 7% or more by picking the right stocks.

Singapore Fixed Deposit Rates vs Singapore Treasury Bill (T-Bill)?

Of course, you may also be wondering if you should park your money in T-Bills instead. Here’s a quick comparison of the rates:

Tenure	Best Fixed Deposit Rate	T-Bill Rate
6 month	1.4%	1.41% – (from 4 Dec 2025 auction results)
12 month	1.15%	1.35% – (from 15 Oct 2025 auction results)

6 month T-bill rates are currently at 1.41% in the last auction while 12 month T-bill rates have dropped to 1.15%.

Wondering where to invest now that bank rates are falling? Here’s Alvin’s take on what to consider when T-Bills and fixed deposit rates drop below 3%.

If you prefer to invest for yields, Christopher Ng, our early retirement mastery trainer shares how he picks the best dividend stocks to grow a second income stream. You can learn more about his strategy here.