IDFC Bank offers the highest FD interest rate of 5.75% p.a. Which is for a tenure of 500 days for the general public. For senior citizens, the interest rate is 0.50% more. The next highest interest rate being offered is 5.50% p.a. For a tenure of up to 5 to 10 years and is being offered by ICICI Bank, HDFC Bank and Axis Bank. May 11, 2020 Currently, KTDFC, Shriram Transport and Muthoot Capital are offering the highest fixed deposit interest rates (8.00% – 8.09%). However, the DICGC deposit insurance does not cover such corporate deposits. Therefore it becomes important for you, as an investor, to check the credit rating of the company. Jan 12, 2021 Deposit amount: Banks provide a comparatively lower rate of interest on bulk deposits exceeding Rs. Crore and higher rates on deposits less than 1 crore. DHFL Bank is one of the highest interest offering banks and provides an interest rate of up to 9.25% for fixed deposits.
Fixed Deposit Accounts in Singapore
Fixed deposit accounts in Singapore offer a higher interest rate as compared to your basic savings deposit account although the difference has become smaller as fixed deposit interest rates plummeted in recent months. Rates are expected to stay low or even become lower as the economy lay in doldrums due to Covid-19.
Contrary to belief that certain foreign banks might be more risky, the first $75,000 parked in fixed deposits at any bank is risk-free. This is due to the fact that the Singapore Deposit Insurance Corporation (linked to the Singapore government) insures all deposits in any individual bank or finance company operating in Singapore for a sum of up to $75,000.
Consumer banks or finance companies operating in Singapore are also subjected to strict capital requirements well above global standards to protect depositors. Fixed deposits are hence considered very low risk financial products although the returns might be unexciting compared to other investment products.
Tenure and Deposit Amount
As a rule of the thumb, banks or financial companies reward depositors with higher interest for longer tenures and higher deposit amounts. They frequently conduct fixed deposit promotions for certain tenures and deposit amounts to attract fresh funds so as to boast their deposit base. These limited time promotions are usually extremely competitive and might or might not be renewed upon expiry. Sometimes, promotional gifts are offered if certain minimum deposit amount is met.
For a fair comparison of fixed deposit rates (including promotional and non-promotional rates) in Singapore, we have included the comparison table below for reference. The fixed deposit interest rates are based on popular tenures of between 6 to 18 months and fresh funds of $75,000 (Risk-free since insured by SDIC). Rates are based on the assumption of new fresh funds deposit and a depositor doesn't have any privilege or preferred relationship with the bank. We have also include the current Money Lobang Average Fixed Deposit Rates and latest one year returns for Singapore Savings Bonds (Risk-free bonds by Singapore government) so as to facilitate comparison for depositors.
Fixed Deposit Comparison Table
| Financial Institution | Interest Rate |
0.65% | |
0.60% | |
0.60% | |
0.60% | |
0.60% | |
0.52% | |
0.50% | |
0.50% | |
0.50% | |
0.46% | |
0.45% | |
0.45% | |
0.40% | |
0.40% | |
0.40% | |
0.35% | |
0.32% | |
0.21% | |
0.10% |
* Interest Rate based on maximum deposit amount of $75,000 and tenures ranging from 3 to 18 months
Best Highest Fixed Deposit Interest Rates in
Singapore
The highest interest rate is by Sing Investments and Finance which offers an interest rate of 0.65% p.a. for 18 months tenure and funds of $10,000 and above. This is followed by another offer by Bank of China which offers an interest rate of 0.60% p.a. and tenure of 12 months for funds of $20,000 and above. The highest rate is 0.19% or about 41% higher than Money Lobang's National Average Fixed Deposit Rates for March 2021 is 0.46% p.a.
Highest Fixed Deposit Rates In Sri Lanka 2020
Smart Search for Fixed Deposit Account
Best Interest Rates On Deposits
Still unable to find the fixed deposit account due to a different tenure or deposit amount? Feel free to use our Smart Search which will narrow your choices down to a list of deposit accounts that are most suitable for you according to your deposit amount and preferred tenure.