The fixed deposit rate is the rate of return you receive on a deposit account. The interest rate for fixed deposits is a percentage figure that banks or financial institutions offer their customers on deposits and investments made with them. Banks in Singapore offer interest rates between 0.1% and 2.5%.
Fixed deposits in Singapore are one of the safest investments, and the interest rate for Fixed deposit in Singapore is the most volatile. Fixed deposits in Singapore are one of the lowest interest rates but have the least volatility. The interest rate for fixed deposit in Singapore is 3.5%. It is one of the highest in the Asia-Pacific region.
The interest rates for fixed deposits, such as a 3-year fixed deposit, are 3.5%. The interest rates for a 6-month fixed deposit are 1.5%, 1.75% and 2.3%. The interest rates for a 1-year fixed deposit are 3%, 3.5% and 3.75%. The interest rates for 2-year fixed deposits are 3.5%, 4% and 4.5%. If the maturity of the fixed deposit is 10 years or more, the interest rate will be 5.5%. If the maturity of the fixed deposit is 5 years or more, the interest rate will be 3%. The interest rates for 3 years or more fixed deposits are 3%,
How much is the Interest Rate to be Deposited in Singapore?
The interest rate to be deposited in Singapore depends on the status of the account. A non-resident saving account will get a fixed interest of 0.1%. The interest rate for a resident saving account is 0.2%.
The Singapore government has set interest rates at 0.65 per cent for 2017-2018 and 0.75 per cent for 2018-2019. This means that Singapore Bank (Sembcorp Bank), OCBC bank, DBS Bank, United Overseas Bank and Malayan Banking Berhad offer interest rates of 0.65 per cent, 0.75 per cent, 0.80 per cent, 0.85 per cent and 1.0 per cent respectively for savings accounts.
A 5% deposit interest rate for a Money Market Account and a 0.5% fixed deposit interest rate
Regular Savings Accounts are very attractive for Singaporeans. For individuals, the 0.5% interest rate is not quite enough to fund their lifestyles, such as applying for a credit card, buying a car, investing and saving for their future. However, a 5% deposit for regular savings accounts and a 0.5% deposit interest rate for a Money Market Account are attractive enough for businesses to save money and fund their business.
Is Interest Rate for Fixed Deposit in Singapore Important?
The interest rate for fixed deposits is the amount that banks charge on deposits. Interest rates for fixed deposits are important when individuals or businesses choose to save. Interest rates for fixed deposits are generally higher for long-term deposits. Individual investors with a significant amount of funds to invest are advised to consider investing for longer periods.
The interest rate is important in deciding whether fixed deposits in Singapore have any significant value. Where do you want to save your money? For short-term investing? Or for long-term investing? Both types of investment have their own advantages. When saving money for the short-term, the interest rate may be lower, but you need to keep the money for a while. The interest rate is higher when saving for the long term, but the money will not be required for a time. So, do consider these two factors before deciding on depositing your money.
