Top 3 Fixed Deposit Rates in Singapore (Feb 2024)

Fixed deposits are low-risk options to grow wealth. Read on to find out which are the best fixed deposit accounts in Singapore with the best rates.

Priscilla Lee

by Priscilla Lee on Mar 19, 2024

man seated on a stack of coins

The rising interest rates in the United States has triggered heavy impacts on Singapore’s domestic interest rates in the past year. On the downside, it caused a rise in loan rates, making it more expensive for borrowers to take out a loan.

However, the increased rates have made it more lucrative to apply for fixed deposits to grow our savings or Central Provident Fund-Ordinary Account (CPF-OA). Financial institutions like CIMB are offering as high as 3.5% returns, which is better than what regular savings accounts are providing.

If you are looking for a low risk and hassle-free way to increase your wealth, the best fixed deposit rates in Singapore may offer just that.

Related: Best Fixed Deposit Rates & Promotions in Singapore

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What Are Fixed Deposits and How Do They Fit Into Your Investment Portfolio?

Fixed deposits in Singapore are also known as time deposits. They are a type of savings account offered by financial institutions with a predetermined period at a fixed interest rate for a minimum deposit sum. The time frame usually runs between six months to three years tenures with liable penalty if you decide to withdraw before maturity.

Apply for fixed deposits if you prefer low-risk, low-maintenance investments with guaranteed capitals and returns for the cash or CPF-OA that you put in. The fact that there are no fees or charges for such deposits also means they are a lot more accessible than other forms of investments such as trading stocks and futures that impose intermediary fees and commissions.

If you are building an investment portfolio, incorporating fixed deposits can add stability since they preserve capital and provide a predictable stream of returns. Consider allocating a portion of your portfolio with these deposits with different rates and maturity dates instead of locking a lump sum of money into one. This will ensure you have access to cash when you need emergency funds or are presented with more lucrative investment options than the best fixed deposit rates in Singapore.

Essentially, fixed deposits are secure components of a diversified investment portfolio but may not grow wealth as quickly as some other asset classes. To create a well-rounded portfolio that aligns with your financial objectives and risk tolerance, you must carefully integrate fixed deposits and other types of investments into your strategy. Striking a balance between high-risk and low-risk components allows you to make the most of money-making opportunities, moderate risk exposure and reach your financial goals at a faster pace.

Related: 4 Low-Risk Investment Alternatives to Fixed Deposits

Top 3 Fixed Deposits in Singapore

Ready to apply for fixed deposits with the best rates in Singapore? We have shortlisted the top three fixed deposits in Singapore:

InstitutionMinimum DepositTenureInterest Per Annum*
Bank of ChinaOver the Counter -S$10,000 and above

Mobile Banking – S$500 and above

3-monthOver the Counter Placement – 3.35%

Via Mobile Banking Placement – 3.45%


*Published rates for period between 1 to 29 February 2024

Bank of China Time Deposit

The best fixed deposit rates at Bank of China (BOC) for February are the ones with three-month tenure. Depending on how you do your placement, over the counter or via mobile banking, you’ll get rates ranging from 3.35% to 3.45% respectively. The minimum deposit is set at pretty decent levels, hence making it relatively easy for anyone to take advantage of this promotion.

BOC also offers a long list of time deposits with varying tenures to suit different saving goals:

Minimum DepositsTenureInterest Rates (%p.a.)
Over the Counter PlacementVia Mobile Banking Placement
Over the Counter – S$10,000 and above

Via Mobile Banking – S$500 and above

1 month2.802.90
2 months3.103.20
3 months3.353.45
4 months3.303.40
5 months3.253.35
6 months3.253.35
7 months3.203.30
8 months3.103.20
9 months3.103.20
10 months3.053.15
11 months3.053.10
12 months3.053.10
18 months2.852.95
24 months2.602.70

CIMB SGD Fixed Deposit 

For February, CIMB is offering higher interest rates for fixed deposit accounts with tenures 3, 6, 9 or 12 months at a minimum deposit of $10,000. The 3-month account with 3.45% or 3.50% has the highest returns compared to similar accounts at Citibank and BOC.

TenurePersonal Banking Customer (%p.a.)Preferred Banking Customer (%p.a.)
3 months3.453.50

CIMB also has fixed deposit accounts with tenures of 1, 2, 3, 6, 9, 12, 18 and 24 months. The initial deposit starts from S$1,000.

Tenures (Months)Board Rates (% p.a.)
S$1,000 to $99,999
Board Rates (% p.a.)
S$100,000 & Above

Citibank SGD Time Deposit 

Minimum DepositsTenure
3 Months (%p.a.)6 Months (%p.a.)
S$50,000 to S$3 million3.43

Citibank’s time deposit rates are based on 3- or 6-months short commitment periods. However, the account is not easy to access since the minimum deposit starts from S$50,000. If you have a smaller sum to stash away, CIMB and BOC may present better options.

On the upside, Citibank offers many different time deposit bundle promotions that are tied to foreign currencies, investments and insurance to complement different financial goals. The generous returns can range between 4% and 10%.  Refer to this Citibank page for more information.


Fixed deposit accounts come with a variety of configurations and are extremely flexible for those looking for low-risk investments. If you are in the midst of building an investment portfolio, adding fixed deposits can easily shield you from volatility of the stock market while letting you enjoy additional income streams. That said, you should still consider different products offered by reputable brokers in town because they may offer more options to create wealth across international markets.

Check out our roundup of the best online brokerages to find out who is offering the best trading platform-based commission fees, international market access and exchange rates.

Compare Online Brokerages in SingaporeFind Out More

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