Looking for the best fixed deposits in October 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.

Fixed Deposit or Singapore Savings Bonds?

Forget about the Singapore Savings Bonds. The 1 year interest rate for November 2020 Singapore Savings Bonds has fallen as low as 0.23%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

The Alternatives – Short Term Endowments

SBI revises fixed deposit (FD) rates. State Bank of India (SBI) has hiked its fixed deposit (FD) rates for retail FDs of less than Rs.2 crores effective from 8 January. The lender has increased the interest rates on fixed deposits for 1 year to less than 2 years by 10 basis points (bps). SBI FDs between 7 days to 45 days will now help you earn. Find the best CD rates by comparing national and local rates. A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. Typically, CD interest rates. The fixed deposit (FD) is one of the most popular investment avenues. Many investors prefer bank FDs over equities as the former are considered safe. The return earned from a bank FD is fixed and known at the time of investing unlike in case of equity. Fixed deposits are also known as term deposits. A fixed rate bond (or fixed term savings account) is a simple investment product that pays out a guaranteed amount of interest after a set period. If you’ve got a lump sum you’re happy to put away and not touch for a while, a fixed-rate bond can be a great idea. They’re ideal for savers. Standard Chartered offers 100% secure, risk free & high interest rate Fixed Deposit Account. Start saving by booking a deposit with just GHS 1000.

I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.

At the point of writing, the second tranche of the popular NTUC Gro Capital Ease (1.96% for 3 years) is fully subscribed.

The Alternatives – GIGANTIC, Dash EasyEarn or Singlife

Alternatively, you can check out GIGANTIC, Dash EasyEarn or Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account and Dash EasyEarn.

Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for October 2020. The current low interest rates offered by most banks remained unattractive to me.

Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.

DBS is the best fixed deposits in October 2020!

DBS Fixed Deposit (Recommended)

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

The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.

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.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.85%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 12 months placement of S$20,000 at 0.85% p.a., the interest that you will receive upon maturity is S$170.00. This is on the condition that you perform the renewal or fresh funds deposit via PayNow.

Best Fixed Deposit Rates Sg

MayBank iSAVvy Time Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated

MayBank has reduced their interest rate across the tiers. Here are the interest rates for MayBank iSAVvy Time Deposit as of 9th October 2020.

For a 6 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$10.00.

For a 12 months placement of S$25,000 at 0.65% p.a. and 24 months at 0.85% p.a., the interest that you will receive upon maturity is S$162.50 and $426.81 respectively.

UOB Time Deposit

Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 31st October 2020

The interest rate has fallen from 0.65% p.a. in September to 0.55% p.a. in October.

For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.

OCBC Time Deposit

Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020

OCBC has reduced their fixed deposit rate from 0.60% p.a. in September to 0.50% p.a. in October.

For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.

Best Fixed Deposit Rates In Indian Banks

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020

For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.

Fixed Deposit Interest Rates In India

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 12th October 2020

For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.

If you happen to be a priority banking customer, 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.

Best Interest Rates For Savings

Best Fixed Deposit Rates Usa