Lenders such as UOB, Maybank, RHB and HSBC offer varying tenors ranging from four to 10 months at returns as high as 2.9 per cent per annum. There are more choices for consumers looking at durations less than a year. For those who can park their cash for a slightly longer period, RHB is offering a return of up to 3.2 per cent for 24 months. The last time interest rates on 12-month deposits went above 3 per cent was in November 1998 when banks offered 3.11 per cent, according to data from the Monetary Authority of Singapore.īeyond 12 months, promotional rates for a 15-month duration are going at 3 per cent and 3.05 per cent at UOB and Maybank, respectively. These rates are the highest in almost 24 years. Other options from OCBC, UOB, RHB, HSBC and Standard Chartered Bank range from 2.65 per cent to 2.9 per cent. UOB fired the first salvo on Monday (Oct 3) and since then, more lenders have announced their latest deals for the month of October.įor a 12-month fixed deposit, Maybank currently offers the highest rate at 3 per cent per annum. SINGAPORE: Fixed deposit rates in Singapore have been on the rise, with some hitting levels unseen in almost 24 years, as banks keep up with their aggressive promotions.

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