Fixed Deposit Interest Calculator Singapore 2026
Calculate your FD interest earnings across all Singapore banks — free real-time results in SGD with bank rate comparison table.
Fixed Deposit Calculator Singapore
For reference only. Actual rates vary by bank. Not financial advice.
🏠 Singapore Bank FD Rates (May 2026)
| Bank | 3M | 6M | 12M |
|---|---|---|---|
| DBS / POSB | 2.80% | 2.90% | 2.95% |
| OCBC | 2.80% | 2.85% | 2.90% |
| UOB | 2.85% | 2.90% | 2.95% |
| MariBank | — | — | 2.70%* |
| CIMB | 3.20% | 3.20% | 3.20% |
| Standard Chartered | 3.10% | 3.10% | 3.00% |
| Hong Leong Finance | 3.30% | 3.25% | 3.15% |
*Savings account rate. Rates indicative as at May 2026 — verify with each bank before placing deposit.
Understanding Fixed Deposits for Singapore Investors
Fixed deposits (FDs) remain one of the most popular low-risk savings instruments in Singapore, particularly after the interest rate cycle shift of 2022–2024. With the Monetary Authority of Singapore (MAS) maintaining a tight monetary policy stance and Singapore Interbank Offered Rate (SIBOR/SORA) elevated relative to pre-pandemic norms, FD rates at local banks have stabilised at 2.80–3.30% per annum as at May 2026 — significantly higher than the 0.05–0.35% seen in 2020–2021. For Singapore retail investors holding idle cash, a fixed deposit offers SDIC (Singapore Deposit Insurance Corporation) protection of up to S$100,000 per depositor per Scheme Member, making it a genuinely risk-free way to earn predictable returns on emergency funds or short-term savings. This calculator helps you quickly compare interest earnings across different tenors and compounding methods before committing your cash.
Not financial advice. All figures are for educational reference only. FD rates change frequently — always verify with your chosen bank before placing a deposit. Data as at Q2 2026 unless noted.
How FD Interest Is Calculated in Singapore
Most Singapore bank fixed deposits use simple interest, meaning interest is calculated on the principal only and paid out at maturity. The formula is straightforward: Interest = Principal × Annual Rate × (Tenor in months ÷ 12). For example, S$50,000 placed in a 6-month FD at 3.10% p.a. earns S$50,000 × 0.031 × 0.5 = S$775 at maturity. Some promotional FDs at digital banks or finance companies may compound interest monthly or quarterly, which results in a slightly higher effective annual rate (EAR). This calculator supports all three methods so you can compare apples to apples.
SDIC Insurance Coverage on Fixed Deposits
All fixed deposits placed with Singapore banks and finance companies that are Scheme Members of the Singapore Deposit Insurance Corporation (SDIC) are insured up to S$100,000 per depositor per institution. This means that if you hold FDs across DBS, OCBC, and UOB simultaneously, each institution’s deposits are insured separately — giving you S$300,000 in total protected coverage. To maximise protection, consider spreading large FD amounts across multiple SDIC members rather than concentrating all deposits with one bank. MAS maintains the list of approved Scheme Members at mas.gov.sg.
How to Use This Fixed Deposit Calculator
- Enter your deposit amount: Type the lump sum you plan to place in the FD. Most Singapore banks require a minimum of S$500–S$1,000 for standard FDs.
- Set the interest rate: Use the slider to set the rate. Refer to the bank rate table in the calculator for current Singapore FD rates — CIMB and Hong Leong Finance typically offer the highest rates among established institutions.
- Select your tenor: Choose from 1 to 36 months. Rates often peak at 3–6 months for local banks, so compare tenors carefully before locking in.
- Choose compounding method: Most Singapore bank FDs use simple interest. Select “Monthly” or “Quarterly” only if your bank explicitly compounds interest during the tenor.
The calculator instantly shows your interest earned, total maturity amount, effective annual rate (EAR), and implied monthly interest. Results update in real time as you adjust any input.
Pro tip: Pair this calculator with our T-Bill, SSB & FD Comparison Calculator to see whether a Singapore Savings Bond or T-bill offers better returns than your chosen FD tenor.
Contents — Click to Expand
What Is a Fixed Deposit in Singapore?
A fixed deposit (FD), sometimes called a time deposit, is a savings product where you lock a lump sum with a bank or finance company for an agreed period — the tenor — in exchange for a fixed interest rate. Unlike an ordinary savings account, you generally cannot withdraw the funds before maturity without forfeiting some or all of the accrued interest. In Singapore, the major FD providers include DBS/POSB, OCBC, UOB, CIMB, Standard Chartered, Hong Leong Finance, and Maybank. Digital banks such as MariBank and Trust Bank offer competitive savings account rates that function similarly to short-term FDs for everyday savers.
FDs in Singapore are denominated primarily in Singapore dollars (SGD), though most major banks also offer USD, AUD, GBP, and other foreign currency FDs for investors seeking currency exposure. SGD FDs benefit from SDIC insurance coverage up to S$100,000 per depositor per institution, making them one of the safest savings vehicles available to retail investors. For context, the Singapore government’s 6-month T-bill yield in May 2026 stood at approximately 2.60–2.80% p.a., meaning the best 3-month FD rates from non-local banks now offer comparable or slightly superior returns for equivalent risk.
Fixed deposits are particularly suited to: (1) emergency fund reserves beyond the first three months of expenses; (2) cash awaiting deployment into S-REITs or equities during market pullbacks; and (3) medium-term savings goals such as a renovation or holiday fund within 12–24 months. For longer-horizon goals, Singapore investors typically turn to DCA investing in ETFs or dividend-paying S-REITs to capture inflation-beating returns.
The FD Interest Formula Explained
Understanding the mechanics behind your FD interest helps you compare products accurately and avoid being misled by headline rates. The three main calculation methods used in Singapore are:
1. Simple Interest (most common for Singapore bank FDs)
Formula: Interest = P × r × t, where P = principal, r = annual rate, t = tenor in years.
Example: S$80,000 at 3.20% for 6 months = S$80,000 × 0.032 × 0.5 = S$1,280 earned at maturity.
2. Monthly Compounding
Formula: Maturity = P × (1 + r/12)^n, where n = number of months.
Monthly compounding gives a slightly higher effective annual rate (EAR). At 3.20% nominal, monthly compounding yields an EAR of approximately 3.25%, a modest premium of 5 basis points over simple interest for a 12-month deposit.
3. Quarterly Compounding
Formula: Maturity = P × (1 + r/4)^(n/3), where n = months.
At 3.20% nominal, quarterly compounding produces an EAR of approximately 3.23%. This method is common for structured deposits and some foreign bank FDs.
For most Singapore bank FDs with a 3–12 month tenor, the difference between simple and compound interest is negligible in absolute dollar terms on deposits below S$200,000. The key variable to optimise is the nominal rate and tenor, not the compounding method. Our Compound Interest Calculator lets you model the long-term impact of compounding more granularly.
Fixed Deposit vs T-Bill vs SSB: Which Pays More?
Singapore investors in 2026 have three primary options for parking short-to-medium-term cash: fixed deposits, Singapore Government Treasury Bills (T-bills), and Singapore Savings Bonds (SSBs). Each has distinct characteristics in terms of liquidity, tenor, and yield.
| Feature | FD (3–12M) | T-Bill (6M) | SSB (10Y max) |
|---|---|---|---|
| Typical Rate (May 2026) | 2.80–3.30% | ~2.70% | 2.74% (avg 10Y) |
| Minimum Investment | S$500–S$1,000 | S$1,000 | S$500 |
| Early Withdrawal | Penalty applies | Secondary market only | Redeem anytime (1M notice) |
| SDIC / Govt Guarantee | SDIC (S$100K) | Full govt guarantee | Full govt guarantee |
| CPF/SRS Eligible | CPFIS-OA banks only | Yes (CPFIS-OA) | Yes (SRS only) |
| Tax on Interest | None (SG residents) | None (SG residents) | None (SG residents) |
For short tenors of 1–3 months, promotional FD rates from non-local banks (CIMB, Hong Leong Finance, Standard Chartered) currently edge out T-bill yields. For 6–12 month horizons, the comparison is closer. Use our T-Bill, SSB & FD Comparison Calculator to run exact scenarios side by side.
Best Fixed Deposit Rates in Singapore 2026
As at May 2026, the competitive landscape for Singapore FD rates has settled with non-local banks and finance companies offering the most attractive headline rates. Here is a consolidated view of indicative rates across institutions — note these change frequently and are subject to promotional terms, minimum deposit amounts, and account tenure requirements.
Hong Leong Finance consistently leads among finance companies with 3M rates around 3.30%, benefiting from a smaller deposit base than the major banks. CIMB Bank has been notably competitive at 3.20% across multiple tenors, with no promotional lock-in requirements on standard FDs. Standard Chartered runs periodic “eSaver” promotions that bump rates to 3.10–3.15% for fresh fund placements. Among the three local banks, DBS, OCBC, and UOB currently hover in the 2.80–2.95% range for standard FDs — lower than non-local peers but offering the convenience of existing banking relationships and easy FD placement via internet banking apps.
Key factors to evaluate beyond the headline rate: (1) minimum deposit amount — some promotional rates require S$20,000 or more; (2) “fresh fund” requirements meaning the deposit must come from outside the bank; (3) bundle requirements such as maintaining a salary-credit account; and (4) whether partial early withdrawal is permitted. For Singapore investors seeking the absolute best FD return without promotional strings, CIMB and Hong Leong Finance are worth considering via FSMOne’s platform, which aggregates FD placements from multiple institutions.
CPF OA vs Fixed Deposit: What Singapore Investors Choose
One of the most frequent questions from Singapore investors is whether to use CPF Ordinary Account (OA) funds for fixed deposits or leave them in the OA earning 2.50% p.a. Under the CPF Investment Scheme (CPFIS), you can invest OA savings above S$20,000 in approved fixed deposits with CPFIS-approved banks (DBS, OCBC, UOB). However, the math rarely favours this move in the current rate environment.
CPF OA already pays a guaranteed 2.50% p.a. (with the first S$20,000 earning an extra 1% bonus, and another 1% for members aged 55+). Standard OA-eligible FD rates at local banks — typically 2.80–2.95% for 12 months — represent only a 30–45 basis point premium over the OA floor rate, and you lose CPF OA’s flexibility (CPF-approved housing, investments) while locking the funds for the tenor. The CPF investment strategy guide on The Kopi Notes covers the full breakeven analysis. For most retail investors with balances below S$100,000, the practical verdict is: keep CPF OA in CPF, and use cash savings (not CPF) for FD placements to maximise the flexibility dividend.
SRS (Supplementary Retirement Scheme) funds, by contrast, can be placed into FDs at approved institutions and the interest enjoys tax deferral until withdrawal — making SRS FDs slightly more tax-efficient than cash FDs for higher-income earners. Use our SRS Tax Savings Calculator to model the benefit for your tax bracket.
FD Laddering Strategy for Passive Income
Rather than placing all your spare cash into a single FD at one tenor, experienced Singapore savers use an FD ladder — splitting the deposit into equal tranches across 3M, 6M, 9M, and 12M tenors so that a portion matures every quarter. This provides regular liquidity without forfeiting the higher rates available on longer tenors, and reduces reinvestment risk because you’re not rolling the entire sum at a single future rate.
Example: S$100,000 split into four S$25,000 FDs at 3M, 6M, 9M, and 12M. The 3M tranche matures first, giving you liquidity to respond to opportunities (say, a S-REIT yield spike). If rates are still attractive, you roll it into another 12M FD, gradually extending the ladder. Our Fixed Deposit Ladder Calculator automates this scheduling for you, showing exact maturity dates and projected interest across the entire ladder.
For investors seeking higher yield with moderate risk, FD laddering works well as the “safe floor” component of a hybrid portfolio: FD ladder for the first 12–18 months of living expenses, with the balance invested in S-REITs or a robo-advisor portfolio via Endowus or Syfe for the growth component. Use our Retirement Planning Calculator to see how this hybrid approach affects your overall retirement timeline.
Frequently Asked Questions
What is the best fixed deposit rate in Singapore right now (2026)?
As at May 2026, Hong Leong Finance offers one of the highest standard FD rates at around 3.30% p.a. for 3-month tenors, followed by CIMB Bank at approximately 3.20% across 3M–12M. Among local banks, DBS, OCBC, and UOB range from 2.80% to 2.95% for standard placements. Rates change frequently — always check the bank’s website or compare via aggregator platforms like MoneySmart or FSMOne before placing a deposit.
How much interest will I earn on S$50,000 in a Singapore FD?
At 3.20% p.a. for 3 months (simple interest), S$50,000 earns S$400. For 6 months at the same rate, the interest is S$800. For a full 12 months at 3.20%, you earn S$1,600. Use the calculator above to model exact scenarios — just enter your principal, rate, and tenor to get real-time results.
Is fixed deposit interest taxable in Singapore?
No. Singapore tax residents do not pay personal income tax on interest earned from Singapore dollar fixed deposits placed with Singapore banks and finance companies. This tax-free treatment makes FDs especially attractive compared to foreign bank accounts or overseas fixed income products where withholding taxes may apply. There is no annual interest reporting requirement for standard SGD FDs in Singapore.
Can I use CPF to place a fixed deposit in Singapore?
Yes, but only for CPF OA funds above the first S$20,000, and only with CPFIS-approved banks (DBS, OCBC, UOB). The process involves completing CPFIS investment instructions with your bank. However, most financial advisors recommend against using CPF OA for FDs unless the FD rate meaningfully exceeds 2.50% p.a. over a meaningful tenor, as you sacrifice CPF OA’s flexibility for only a marginal gain. SRS funds can also be placed in FDs at approved institutions, with the added benefit of tax deferral.
What happens if I break a fixed deposit early in Singapore?
Breaking a fixed deposit before maturity typically results in forfeiture of some or all accrued interest — the specific penalty varies by bank. Most Singapore banks apply a tiered penalty: if you break within the first month, you receive zero interest; after that, you receive reduced interest at a “premature withdrawal rate” (typically 0.25–1.00% depending on the tenor completed). Some banks, such as Standard Chartered, allow one partial premature withdrawal per tenor without full penalty. Always read the FD terms and conditions before placing to understand the exact premature withdrawal policy.
Is a fixed deposit or Singapore Savings Bond (SSB) better for 12 months?
For a 12-month horizon, the choice depends on flexibility vs. return. SSBs offer full government backing and penalty-free early redemption (with 1 business month notice), making them the safer choice if there is any chance you’ll need the funds. SSB average 10-year rates in May 2026 are approximately 2.74% p.a. Fixed deposits from non-local banks currently offer 3.00–3.30% for 12 months, representing a meaningful 26–56 basis point premium — but with the trade-off of an early withdrawal penalty. Use our T-Bill, SSB & FD Comparison Calculator to model the exact breakeven for your situation.
What is the minimum deposit for a Singapore fixed deposit?
The minimum FD placement varies by bank. DBS, OCBC, and UOB typically require S$1,000 for standard FDs. CIMB Bank starts from S$1,000 for online placements. Hong Leong Finance has a minimum of S$10,000 for their regular board rates. Some promotional FDs from major banks require S$20,000 or more and may specify that funds must be “fresh” (transferred in from another institution). Digital bank savings accounts, which function similarly to FDs, often start at S$500 or lower.
Should I split my FD across multiple banks in Singapore?
Yes, if your total FD amount exceeds S$100,000 — which is the SDIC insurance cap per depositor per Scheme Member. Splitting S$250,000 across DBS, OCBC, and UOB, for example, ensures every dollar is fully insured. Beyond the insurance angle, splitting across institutions also lets you capture different promotional rates and tenor offers without being locked into one bank’s rate card. This is particularly useful when different banks are running promotional campaigns at different times of year.
How does an FD ladder work in Singapore?
An FD ladder splits your cash into equal portions placed across multiple tenors — for example, S$25,000 each in 3M, 6M, 9M, and 12M FDs. As each tranche matures, you either deploy the cash or roll it into the longest tenor available, keeping the ladder rolling. This gives you quarterly liquidity without sacrificing the higher rates typically available on 12-month FDs. Our Fixed Deposit Ladder Calculator at The Kopi Notes automates the scheduling and interest projection across the entire ladder.
Put Your FD Returns to Work
Once you know your FD earnings, compare them against S-REITs, T-bills, and ETFs to find the best fit for your portfolio. Use our free tools and referral bonuses to put your money to work.