What's Inside
Quick Answer
Best SGD FD rate (July 2026): Hong Leong Finance at 3.8% (12 months, S$20K minimum). For big 3 banks: UOB leads at 3.5% (promotional, new funds), OCBC at 3.2%, DBS/POSB at 3.0%. All SDIC-insured up to S$100K per bank. Zero tax on interest for Singapore residents. Use our FD calculator to see exact returns for your amount.
1. All Singapore FD Rates (July 2026)
Here's every major Singapore bank and finance company's fixed deposit rates as of July 2026. Sorted by 12-month rate (the most popular tenure):
| Bank | 6 Months | 12 Months | 24 Months | Min Deposit | Notes |
|---|---|---|---|---|---|
| Hong Leong Finance | 3.4% | 3.8% | 3.5% | S$20,000 | Highest overall rate |
| UOB (Promotional) | 3.2% | 3.5% | 3.3% | S$20,000 | New funds only |
| RHB Singapore | 3.2% | 3.5% | 3.3% | S$20,000 | Consistent rates |
| CIMB Singapore | 3.3% | 3.4% | 3.2% | S$10,000 | Lower minimum |
| Maybank Singapore | 3.1% | 3.3% | 3.2% | S$10,000 | Established bank |
| OCBC | 3.0% | 3.2% | 3.1% | S$20,000 | Big 3 bank |
| DBS/POSB | 2.8% | 3.0% | 2.9% | S$1,000 | Lowest minimum deposit |
| Standard Chartered | 2.9% | 3.1% | 3.0% | S$25,000 | High minimum |
| HSBC Singapore | 2.7% | 2.9% | 2.8% | S$30,000 | Lowest rates, highest min |
2. S$50,000 Deposit — Bank-by-Bank Returns
Here's exactly how much you earn on a S$50,000 fixed deposit for 12 months at each bank:
| Bank | Rate | Interest Earned | Maturity Value | vs DBS Difference |
|---|---|---|---|---|
| Hong Leong Finance | 3.8% | S$1,900 | S$51,900 | +S$400 |
| UOB (Promo) | 3.5% | S$1,750 | S$51,750 | +S$250 |
| RHB | 3.5% | S$1,750 | S$51,750 | +S$250 |
| CIMB | 3.4% | S$1,700 | S$51,700 | +S$200 |
| Maybank | 3.3% | S$1,650 | S$51,650 | +S$150 |
| OCBC | 3.2% | S$1,600 | S$51,600 | +S$100 |
| DBS/POSB | 3.0% | S$1,500 | S$51,500 | — |
For larger deposits (S$100K+): Split across multiple banks to maximize SDIC coverage. Example: S$100K at Hong Leong + S$100K at UOB + S$100K at OCBC = S$300K fully insured, earning a blended 3.5% average.
3. Promotional Rates: What "New Funds" Actually Means
Many banks advertise headline rates that only apply to "new funds" or "fresh funds." Here's what that means and how to qualify:
How to Maximize Promotional Rates
- Strategy 1: Bank rotation. Keep your savings at Bank A. When Bank B offers a promo, transfer there for the FD. When it matures, move to Bank C's promo. Rotate every 6-12 months.
- Strategy 2: Salary crediting. Some promos require salary crediting to the same bank. If your salary goes to DBS, you might unlock better DBS FD rates than advertised (ask your relationship manager).
- Strategy 3: Bundle products. UOB and OCBC sometimes offer 0.2-0.5% bonus rates if you combine FD with insurance purchase or credit card spending. Only worth it if you'd use those products anyway.
4. FD vs T-Bills vs SSB — Which Is Better?
Fixed deposits aren't the only safe option in Singapore. Here's how they compare to government securities:
| Option | Current Yield | Lock-in Period | Minimum | Liquidity | Best For |
|---|---|---|---|---|---|
| FD (Hong Leong) | 3.8% | 12 months | S$20,000 | Low (penalty for early withdrawal) | Highest rate, can commit 12+ months |
| T-Bills (6-month) | 3.2-3.4% | 6 months | S$1,000 | Medium (hold to maturity) | Short-term parking, low minimum |
| Singapore Savings Bonds | ~3.0% (avg 10yr) | None (redeem monthly) | S$500 | High (redeem anytime, no penalty) | Maximum flexibility |
| SGS Bonds (traded) | 2.8-3.2% | 2-30 years | S$1,000 | High (sell on market) | Capital gains potential if rates drop |
| High-yield savings (DBS Multiplier) | 2.5-4.0% | None | S$0 | Instant | Emergency fund + regular transactions |
When FD Beats T-Bills and SSB
→ You can commit S$20K+ for 12 months (3.8% > 3.4% T-Bill)
→ You want guaranteed fixed rate (T-Bill rates fluctuate at auction)
→ You don't need monthly liquidity
T-Bills win when:
→ You have smaller amounts (S$1K minimum vs S$20K for best FD)
→ You want shorter lock-in (6 months vs 12)
→ You prefer government-direct investment (zero counterparty risk)
SSB wins when:
→ You might need the money anytime (monthly redemption, zero penalty)
→ You want to start with S$500
→ You're OK with slightly lower rate for maximum flexibility
5. The Smart Strategy for SGD Deposits in 2026
Why Rates May Drop Soon
Singapore's FD rates follow US Fed rates (due to SGD's managed float). The Fed is expected to cut rates 2x in H2 2026. When that happens, Singapore FD rates will follow within 1-2 months. Current 3.0-3.8% rates may drop to 2.5-3.2% by early 2027.
What to Do Right Now
- Lock in 12-month FDs at current rates — 3.5-3.8% today might be 3.0% in 6 months. A 12-month FD protects your rate for the full term.
- Don't go longer than 18 months — If rates drop then reverse (rate hike cycle returns), you'll be stuck at a low rate. 12 months is the sweet spot.
- FD ladder for large amounts — Split S$100K into 4 FDs of S$25K (6, 9, 12, 15 months). One matures every 3 months, giving you regular access plus high blended rate.
- Keep emergency fund in SSB or DBS Multiplier — Never lock emergency money in FDs. Use instant-access options at 2.5-3.0% instead.
Tax Advantage: Singapore vs Other Countries
🇸🇬 Singapore: S$1,750 earned → S$1,750 kept (0% tax)
🇮🇳 India: ₹equivalent at 7.5% → after 30% TDS: keeps only 70%
🇺🇸 USA: $equivalent at 5.0% → after 24% federal: keeps only 76%
🇬🇧 UK: £equivalent at 4.5% → after 20% tax: keeps only 80%
Singapore's zero withholding tax on FD interest means your effective rate is actually higher than countries offering "better" nominal rates.
6. Calculate Your Exact FD Returns
Plug in your deposit amount, tenure, and rate to see exact maturity value with compounding. Our calculator supports SGD and 7 other currencies.
🇸🇬 Calculate Your Singapore FD Returns
Enter your amount and compare returns across different rates and tenures. See exact maturity value with compounding.
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Last Updated: July 18, 2026 | Author: CalcIQ Team
Disclaimer: Interest rates shown are approximate and based on publicly available data as of July 2026. Rates change frequently and promotional rates have specific eligibility criteria. Always verify current rates directly with the bank before making deposit decisions. This content is for informational purposes only and does not constitute financial advice. SDIC coverage is subject to terms and conditions set by the Singapore Deposit Insurance Corporation.