List of Fixed Deposit sale events, promotions, price list and other happenings in Singapore. Last updated March 2021 UOB P4W Past Event Watch your spare cash. It is best to choose leading and trusted banks for fixed deposits in India. The top 10 banks are State Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank, Canara Bank, Axis Bank, Kotak Mahindra Bank, Bank of Baroda, IDFC Bank, and Bank of India. Which is better for FD, bank or post office deposit? 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. Standard Chartered offers 100% secure, risk free & high interest rate Fixed Deposit Account. Start saving by booking a deposit with just GHS 1000. 5 Year Fixed Term Green Saver. Expected Profit Rate (EPR) 1.40% AER. Estimated balance after 1 year based on a £1,000 deposit.

Looking for the best fixed deposits in July 2020 in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in July 2020.

The 1 year interest rate for August 2020 Singapore Savings Bonds has fallen as low as 0.27%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying an endowment plan. The latest one is NTUC Income Gro Capital Ease which offers you a guaranteed return of 1.85% per annum over 2 years.

Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer.

In May, I have signed up for a Singlife account, which is an insurance savings plan that offers you 2.5% p.a. for up to S$10,000. The interests paid in May and June was S$18.72 and S$20.29 respectively based on a deposit of S$10,000.

I have heard of Endowus Cash Smart and FSMOne’s Auto-Sweep account that offers higher interest rates but since I have not read them in detailed, I am not going to compare against them here.

The current low interest rates offered by most banks remained unattractive to me. Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for July 2020. My preferred fixed deposits below is DBS given that it offers the highest interest rate per annum for a 12 month placement.

DBS Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

Based on the interests rates published on 18th June 2020, the rates have been updated.

For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.

MayBank iSAVvy Time Deposit

Best Fixed Deposit Rate In Singapore 2021

Interest Rate: 0.90% (12 months) or 1.15% (24 months), Minimum Placement: S$25,000, Promotion Valid Until: Not stated

As shared previously, MayBank had decided to do away with their traditional time deposit and replace with the iSAVvy Time Deposit.

This promotion is valid from 1st July 2020 onwards for a minimum placement amount of S$25,000 in iSAVvy Time Deposit via Maybank Mobile/Online Banking (for individuals only).

For a 12 months placement of S$25,000 at 0.90% p.a., the interest that you will receive upon maturity is S$225.

For a 24 months placement of S$25,000 at 1.15% p.a., the interest that you will receive upon maturity is S$578.31.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 8 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$80.00.

UOB Time Deposit

Interest Rate: 0.90%, Minimum Placement: S$20,000, Promotion Valid Until: 30th July 2020

There is no changes to the fixed deposit promotion offered by UOB. The interest rate remains the same as June.

For 10 months placement of S$20,000 at 0.90% p.a., the interest that you will receive upon maturity is S$150.00.

OCBC Time Deposit

Interest Rate: 0.80%, Minimum Placement: S$5,000, Promotion Valid Until: 30th July 2020

OCBC has reduced their fixed deposit rate from 0.85% p.a. in June to 0.80% p.a. in July.

For 12 months placement of S$5,000 at 0.80% p.a., the interest that you will receive upon maturity is S$40.00.

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.40% to 0.50%, Minimum Placement: S$25,000, Promotion Valid Until: 7th July 2020

For 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.

If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.40% p.a., the interest that you will receive upon maturity is S$50.00.

The returns on fixed deposits are calculated on a certain rate. This rate of return is known as the fixed deposits interest rate. The rate is determined by the bank at the time of booking the deposit and remain same throughout the term of deposit. Thus, the depositor receives the hike on the invested amount at the regular and fixed rates.

Table of Contents

• 2 What is the process of Interest Calculation on the Fixed Deposit of Different Banks?
  • 2.2 Non-Cumulative Interest Calculation:

All Banks Fixed Deposit Interest Rates March 2021

Want to take your fixed deposit corpus to a high? Then, compare the fixed deposit interest rates offered by banks in India.

What is the process of Interest Calculation on the Fixed Deposit of Different Banks?

Now you know the all banks fixed deposit interest rates, you must want to know about the process that banks use to calculate interest on the said product. There are two processes through which banks offer interest on fixed deposit schemes. These are Cumulative and Non-cumulative. The option to choose between these two depends solely on you. Don’t worry, as we will be telling you about both these processes in detail so that you can make a better decision.

Cumulative Interest Calculation:

In this process of interest calculation, you deposit a fixed amount of money for a definite period. The interest will be calculated on a quarterly basis by default. And at the end of every quarter, your interest amount will be reinvested with the principal amount. The whole accumulated amount will be paid to you at the time of maturity which can be as short as 7 days to as long as 10 years.

This process is generally opted by those who want to save and earn a large amount at the end of the long investment period as you can only get principal and accumulated interest at the end of the maturity period.

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For example, if you invest an amount of INR 4,00,000 for a period of 4 years at an interest rate of 8.1% per annum, then at the end of your maturity period you will get a total amount of INR 5,90,457 including interest of INR 1,90,457.

Non-Cumulative Interest Calculation:

In this process, the interest rate on your deposited amount is calculated on a monthly, quarterly, half-yearly, and yearly basis. The calculation process depends on your choice. The interest will be paid to you at the frequency of interest chosen by you and it will not be reinvested in the principal amount again. So, you need to remember this thing while choosing any of the non-cumulative interest calculation options.

Individuals who are looking for a fixed amount as a stable income at the end of a definite interval find this process beneficial for them. One of the examples is Senior Citizens who also enjoy higher interest rates as compared to the standard rate of interest and want a fixed source of income during their retirement years.

For Example, if you invest an amount of INR 10,000 for a period of 1 year at an interest rate of 7.6% per annum, the amount you get at different frequencies can be seen in the table given below.

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