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Fixed deposit promotions in Singapore October 2021

Find out what are the latest time deposit promotions offered by banks in Singapore.

Fixed deposits offer a low risk way of growing your nest egg at a guaranteed rate. Putting them aside in a fixed term also deters you from dipping into these savings.

Compare available fixed deposit promotions in Singapore and find one with the best interest rates.

Fixed deposit promotions in Singapore as of October 2021

Due to the competitive market of banking products, banks often provide promotional interest rates or bundles, such as higher interest rates on your FD if you commit to an investment or insurance product as well. These promotions tend to change every month, so make sure to compare your options and find one that suits your needs.

Here are some of the ongoing fixed deposit promotions in Singapore:

BankInterest rates (p.a.)Minimum placement (SGD)TenureValid until
  • 1.3%
  • S$1,000 to $19,999
  • 18 months
  • N/A
  • 0.40%
  • S$20,000
  • 12 months
  • N/A
  • 0.50%
  • S$20,000
  • 10 months
  • 30 October 2021
  • 0.60%
  • S$1,000 to S$999,999
  • 36 months
  • N/A
Standard Chartered
  • 0.45%
  • S$25,000
  • 8 months
  • 31 October 2021
  • 0.60%
  • S$500 via e-banking
  • 12 months
  • N/A
*Information provided is accurate as of 6 October 2021. Do note that promotions and interest rates for fixed deposits are everchanging, so make sure to check directly with your bank for the latest offers.

What is a fixed deposit?

A fixed deposit (also commonly known as time deposit, or FD for short) is a type of savings account and low-risk investment that allows you to earn competitive interest on your deposited funds over a fixed tenure. During this commitment period, your funds are locked-in and you won’t be able to access it without incurring a penalty fee.

Upon maturity, you’ll get back your initial funds and the interest accrued at the rate contracted when you first opened the account.

Fixed deposits in Singapore

How are interest rates for fixed deposits calculated?

The calculation for interest earned through fixed deposits is straightforward. To find out how much return you’d get, simply multiply the principal (amount you deposit) by the offered interest rate (% p.a.) by tenure for the deposit (fraction of a year – e.g. 1.5 for 18 months, 1.75 for 21 months).

For example:

Interest rate0.9% p.a.
Deposit amount$100,000
Tenure of deposit18 months
Total interest earned$1,350

Should you put your money in fixed deposits or Singapore Savings Bonds (SSB)?

Another popular low-risk investment option besides fixed deposits is the Singapore Savings Bonds (SSB). While fixed deposits and SSBs share a lot of similarities, there are some important differences to take note of.

Here’s an overview for these two investments:

Fixed DepositsSingapore Savings Bonds (SSB)
Interest ratesRanges from 0.3% to 1.3% p.a.Ranges from 0.27% to 1.64% p.a. (Average return of of 0.9% p.a. over 10 years)
Interest featureFixed interest rate over the whole tenure.Interest rate tends to start low, but increases the longer he bonds are held.
Minimum placement amount$1,000 (varies from bank to bank)$500
Maximum placement amoungNo capUp to $200,000
Tenure1 month to 5 years1 to 1o years
Early withdrawalCan be withdrawn immediately, but risk losing earned interest and incur penalty fees.Withdrawal may takes up to 30 days to be processed. No penalty fee

Depending on your investment goals, you may find that one may be more suitable for you than the other. However, do note that both savings types are currently offering pretty underwhelming interest rates. So if you’re looking for higher interest earn, consider high yield savings accounts or insurance savings plans instead.

Advantages and disadvantages of fixed deposit accounts


  • Guaranteed returns. You’ll earn a fixed interest rate on your savings as long as you keep the funds in the account over the agreed term.
  • Low risk investment. Fixed deposits are virtually risk-free compared to other forms of investment and generate interest over a fixed commitment.
  • Straightforward interest earn. Unlike high interest savings accounts, you’ll not be required to fulfill complicated requirements to earn bonus interest with a fixed deposit.
  • Flexible tenures. You can typically choose from a range of tenure based on your preference and investment needs.


  • Comparatively low interest rates. Interest rates offered by fixed deposits are underwhelming when compared to other savings options (e.g. high yield savings accounts).
  • Funds will not be accessible during the tenure. Your money will be locked into the fixed deposit account for the entire tenure. If you need to withdraw the funds, you’ll most likely have to forfeit any interest earned and may even incur a penalty fee.
  • Gained value may be eroded by inflation. If the interest earned from your fixed deposit fails to beat inflation, it’d mean that the value of the return on your investment in your fixed deposit account might be lower than what you will get with other investment products.

How do I open a fixed deposit account?

To open a fixed deposit account, you’ll need to apply in person. Once you’ve compared your options, simply head down to the nearest branch of the bank or lending institution. Before that, make sure you meet the bank’s eligibility criteria and have all the relevant documents on hand.

Eligibility criteria

The specific eligibility criteria may vary from bank to bank, but you’d typically need to meet these requirements:

  • Age. You must be at least 18 years of age
  • Residency. Singapore citizen, permanent resident or foreigner.

Required documents

Make sure you bring along the following documents when you apply:

  • Singaporeans and permanent residents. ID and the latest copy of a proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)
  • Foreigners with valid work permit. Passport, proof of residence and a valid permit (e.g. Student Pass/Dependent Pass/S Pass or Long-Term Visit Pass).
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