In Jun 2024, various banks in Singapore are offering competitive fixed deposit rates, which provide a reliable way for investors to earn interest on their savings. Here is an overview of the latest fixed deposit rates from different banks and Treasury Bills (T-Bills) in Singapore:
1. Top Fixed Deposit Rates in Singapore for Jun 2024
These are some of the banks offering the most competitive fixed deposit rates in Singapore for new placements / fresh funds, do check the validity dates.
Bank | Tenure | Interest Rate p.a. | Minimum Amount SGD |
Bank of China (This promotional rate is only applicable to personal banking customers with placement via BOC Mobile Banking.) | 3 months | 3.50% | $500 |
6 months | 3.30% | $500 | |
9 months | 3.05% | $500 | |
12 months | 3.05% | $500 | |
3 months | 2.50% | $50,000 (max $3 million) | |
6 months | 2.50% | $50,000 (max $3 million) | |
(online promo interest rate) | 3 months | 3.25% | $10,000 |
6 months | 3.20% | $10,000 | |
9 months | 3.30% | $10,000 | |
12 months | 2.95% | $10,000 | |
3 months | 1% | $1,000 (max $19,999) | |
6 months | 2.90% | $1,000 (max $19,999) | |
9 months | 3.10% | $1,000 (max $19,999) | |
12 months | 3.20% | $1,000 (max $19,999) | |
HSBC (till 30 Jun 2024) | 3 months | 3.20% | $30,000 (max $500,000) |
6 months | 3% | $30,000 (max $500,000) | |
12 months | 2.95% | $30,000 (max $500,000) | |
3 months | 2.85% | $20,000 to <$50,000 | |
9 months | 2.75% | $20,000 to <$50,000 | |
ICBC (Via E-banking) | 3 months | 3.40% | $500 |
6 months | 3.15% | $500 | |
9 months | 3.05% | $500 | |
12 months | 3.05% | $500 | |
Maybank (deposit bundle promotion) | 12 months | 3.30% | $20,000 |
OCBC (online banking) | 6 months | 2.60% | $30,000 |
8 months | 2.80% | $30,000 | |
12 months | 2.60% | $30,000 | |
3 months | 3.25% | $20,000 | |
6 months | 3.25% | $20,000 | |
12 months | 3.25% | $20,000 | |
6 months | 2.90% | $25,000 | |
UOB (till 30 Jun 2024) | 6 months | 2.70% | $10,000 |
10 months | 2.60% | $10,000 |
Source: BOC, Citigroup, CIMB, DBS, HSBC, HL Finance, ICBC, Maybank, OCBC, RHB, SC, UOB as at 29 Jun 2024
2. Factors to consider
Interest Rates: Higher rates typically yield better returns, but it’s essential to consider your cash flow needs based on the coming months or years.
Tenure: Fixed deposits come with varying tenures, from as short as one month to a year. Longer tenures generally offer higher interest rates but whatever amount you invest will remain fixed during the lock-in period.
Minimum Deposit: Ensure you meet the minimum deposit requirements, which can vary significantly between banks, even online and over the counter/branch rates.
Premature Withdrawal Penalties: Be aware of any penalties or interest loss if you need to withdraw your funds before maturity.
3. Treasury Bills (T-Bills) in Singapore for Jun 2024
Treasury Bills are short-term securities issued by the Singapore Government at a discount to their face value with a fixed interest rate. They are considered one of the safest investments available, with a ‘AAA’ credit rating from credit rating agencies. T-bills typically have maturities of 6 months or 1 year and are sold in denominations of $1,000.
Investors can can invest with cash, Central Provident Fund (CPF) funds or Supplementary Retirement Scheme (SRS) funds and receive the full face value at maturity.
The previous Auction Results on 6 Jun 2024 was 3.76% p.a. cut-off yield for the BS24111X 6-Month T-bill. The latest 6-month T-bill (BS24112W) inched down to a cut-off yield of 3.74% p.a. cut-off yield based on results released by MAS on 20 Jun 2024.
Here are more details of the latest T-bill:
Issue Code | BS24112W |
Tenor | 6 months |
Cut-off yield | 3.74% p.a. |
Total amount offered | $6.6 billion |
Total amount applied | $15.5 billion |
Amount allocated to non-competitive applications | $2.6 billion |
% of non-competitive applications allocated | Approximately 83% |
% of competitive applications at the cut-off allotted | Approximately 46% |
Bid-to-cover ratio | 2.34 |
Announcement date | 12 Jun 2024 |
Auction date | 20 Jun 2024 |
Issue date | 25 Jun 2024 |
Maturity date | 24 Dec 2024 |
The latest tranche saw a surge in demand, with applications amounting to $15.5 billion for the S$6.6 billion on offer which represents a bid-to-cover ratio of 2.34. About 83% of non-competitive applications, totalling $2.6 billion were allocated while about 46% of competitive applications at the cut-off yield were allocated.
The next 6-month T-bill (BS24113N) issue was announced on 27 Jun, and auctions will start on 4 Jul.
Fixed deposits remain a stable and predictable option for investors looking to lock in their funds at a guaranteed interest rate for a specified period. However, for those seeking potentially higher returns with some flexibility, high-yield savings accounts, T-Bills, and Singapore Savings Bonds (SSBs) are also worth considering.
Master Your Finances Wisely,
Value Vaulter
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