OCBC is the only local bank to have rates for fixed deposits above 4 percent so far. “This is the highest Singapore-dollar time deposit interest rate we have offered to customers in recent history,” said OCBC Bank’s head of deposits Na Kok Peng.Īn eight-month tenor was offered for the promotion as the number symbolises prosperity in Chinese, Mr Na said, adding that a shorter tenor also offers customers greater flexibility. The bank is also offering it’s Premier Banking and Premier Private clients a promotional rate of 4.18 percent for an eight-month fixed deposit. Non-360 customers get a rate of 3.88 percent. Interest rates for fixed deposits in Singapore are inching up above 4 percent, as banks continue to dish out sweet deals amid competition for cash.Īt OCBC, customers of the bank’s flagship 360 savings account can get a per-annum rate of 4.08 percent for a minimum placement of S$20,000 over eight months as part of a Chinese New Year promotion rolled out this week.
