Fixed Deposit Singapore

A fixed deposit (FD) in Singapore is a savings instrument where you place a lump sum with a bank for a fixed tenure in exchange for a guaranteed interest rate. FDs are insured up to SGD 75,000 per depositor per bank by the Singapore Deposit Insurance Corporation (SDIC). This page is for informational purposes only and does not constitute financial advice.

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What Is a Fixed Deposit in Singapore?

A fixed deposit (FD), also called a time deposit, is one of the simplest and safest savings tools in Singapore. You place a lump sum with a bank for a predetermined period — from as short as one week to 36 months — and receive a guaranteed fixed interest rate for the duration. Unlike a savings account, the rate does not fluctuate during the tenure.

FDs are offered by all major Singapore banks including DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and Bank of China, as well as digital banks. They are popular with retirees and conservative investors who prioritise capital preservation and predictable income. As at Q1 2026, FD rates have moderated from the 2023–2024 highs, tracking the global interest rate cycle.

Current Fixed Deposit Rates (2026)

As at Q1 2026, indicative 12-month FD rates from major Singapore banks are approximately 2.5–3.2% p.a. for standard amounts (S$10,000+). Some banks offer promotional rates of 3.0–3.5% for new funds or 6-month tenures. Rates are competitive with T-bills but generally slightly below 6-month T-bill yields of 3.0–3.5% over the same period. Use the T-Bill, SSB & Fixed Deposit Comparison Calculator to compare these instruments side by side.

Fixed Deposit vs T-Bill vs SSB

These three instruments form the low-risk end of the Singapore investor’s toolkit. Fixed deposits: guaranteed rates, SDIC protection, convenient via internet banking. T-bills: government-backed, slightly higher yields in most rate environments, fixed 6-month or 1-year tenure, require a CDP account. Singapore Savings Bonds: flexible penalty-free redemption monthly, ideal for liquidity. See the SSB guide and T-bill Singapore guide for more detail.

SDIC Coverage Explained

The Singapore Deposit Insurance Corporation (SDIC) insures eligible deposits up to S$75,000 per depositor per DI Scheme member. This means your FD principal and accrued interest are protected up to this limit even if the bank fails. Most Singapore banks are DI Scheme members. For amounts above S$75,000, spread deposits across multiple member institutions to ensure full coverage. SDIC coverage applies to SGD deposits; foreign currency deposits are separately covered up to S$75,000 equivalent under the PPF Scheme.

How to Open a Fixed Deposit in Singapore

Most banks allow you to open an FD entirely online via their mobile app or internet banking: select tenure and amount, confirm the interest rate, transfer funds from a linked savings account. Maturity instructions (auto-renew or credit to savings) are set upfront. Promotional rates sometimes require new funds and must be booked via a specific channel — read the terms carefully.

Limitations and What to Watch Out For

The main limitation of FDs is illiquidity — breaking early typically forfeits interest. FDs also don’t protect against inflation if rates fall below CPI. For long-term investors, FDs should be a temporary parking mechanism for short-to-medium-term cash, not a core investment. For better long-term returns with moderate risk, consider Endowus or Syfe for diversified ETF portfolios, or explore S-REITs. Model your retirement income needs with the Retirement Planning Calculator.

Frequently Asked Questions — Fixed Deposit Singapore

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