What's Inside
Quick Answer
Best SGD FD rate (August 2026): RHB at 1.65% p.a. (12 months, S$20K minimum, branch placement). GXS offers 1.60% with just S$100 minimum. For big 3 banks: OCBC 1.30%, UOB 1.30%, DBS/POSB only 1.00% (and only for deposits under S$20K!). All SDIC-insured up to S$100K per bank. Zero tax on interest for Singapore residents. T-Bills yielding 1.59%. Use our FD calculator to see exact returns for your amount.
1. All Singapore FD Rates (August 2026)
Here's every major Singapore bank and finance company's fixed deposit rates as of August 2026. Sorted by 12-month rate (the most popular tenure). Rates have dropped significantly from earlier in the year as the Fed has cut rates:
| Bank | 6 Months | 12 Months | Min Deposit | Notes |
|---|---|---|---|---|
| RHB Singapore | 1.60% | 1.65% | S$20,000 | Highest rate (branch), 1.55% via mobile |
| GXS (Digital Bank) | — | 1.60% | S$100 | Lowest minimum, no penalty for early exit |
| CIMB Singapore | 1.50% | 1.55% | S$10,000 | Consistent rates, no "fresh funds" rule |
| HL Bank | 1.55% | 1.50% | S$10,000 | Best 6-month rate among mid-tier banks |
| Maybank Singapore | 1.45% | 1.50% | S$20,000 | Bundle promo effective rate |
| Hong Leong Finance | 1.35% | 1.45% | S$20,000 | Higher for 4-5 months (1.50%) |
| OCBC | 1.25% | 1.30% | S$20,000 | Big 3 bank, online placement |
| UOB | 1.20% | 1.30% | S$10,000 | Fresh funds only |
| Standard Chartered | 1.30% | — | S$25,000 | 6-month only promo |
| DBS/POSB | 0.80% | 1.00% | S$1,000 | ⚠️ Only for deposits under S$20K! |
| HSBC Singapore | 0.85% | 0.95% | S$30,000 | Lowest rates among major banks |
2. S$50,000 Deposit — Bank-by-Bank Returns
Here's exactly how much you earn on a S$50,000 fixed deposit for 12 months at each bank:
| Bank | Rate | Interest Earned | Maturity Value | vs DBS Difference |
|---|---|---|---|---|
| RHB (Branch) | 1.65% | S$825 | S$50,825 | +S$325 |
| GXS | 1.60% | S$800 | S$50,800 | +S$300 |
| CIMB | 1.55% | S$775 | S$50,775 | +S$275 |
| Maybank | 1.50% | S$750 | S$50,750 | +S$250 |
| Hong Leong Finance | 1.45% | S$725 | S$50,725 | +S$225 |
| OCBC | 1.30% | S$650 | S$50,650 | +S$150 |
| UOB | 1.30% | S$650 | S$50,650 | +S$150 |
| DBS/POSB | 0.05%* | S$25 | S$50,025 | — |
For larger deposits (S$100K+): Split across multiple banks to maximize SDIC coverage. Example: S$50K at RHB + S$50K at GXS + S$50K at CIMB = S$150K fully insured at two banks (GXS has S$100K SDIC coverage as it's SDIC-covered), earning a blended 1.55-1.60% average.
3. Promotional Rates: What "New Funds" Actually Means
Many banks advertise headline rates that only apply to "new funds" or "fresh funds." Here's what that means and how to qualify:
How to Maximize Promotional Rates
- Strategy 1: Bank rotation. Keep your savings at Bank A. When Bank B offers a promo, transfer there for the FD. When it matures, move to Bank C's promo. Rotate every 6-12 months.
- Strategy 2: Salary crediting. Some promos require salary crediting to the same bank. If your salary goes to DBS, you might unlock better DBS FD rates than advertised (ask your relationship manager).
- Strategy 3: Bundle products. UOB and OCBC sometimes offer 0.2-0.5% bonus rates if you combine FD with insurance purchase or credit card spending. Only worth it if you'd use those products anyway.
4. FD vs T-Bills vs SSB — Which Is Better?
Fixed deposits aren't the only safe option in Singapore. Here's how they compare to government securities:
| Option | Current Yield | Lock-in Period | Minimum | Liquidity | Best For |
|---|---|---|---|---|---|
| FD (RHB) | 1.65% | 12 months | S$20,000 | Low (penalty for early withdrawal) | Highest guaranteed rate, can commit 12 months |
| FD (GXS) | 1.60% | 12 months | S$100 | Medium (no penalty, get base rate) | Low minimum, flexibility with GXS |
| T-Bills (6-month) | ~1.59% | 6 months | S$1,000 | Medium (hold to maturity) | Short-term parking, low minimum |
| Singapore Savings Bonds | ~1.46% (1-yr avg) | None (redeem monthly) | S$500 | High (redeem anytime, no penalty) | Maximum flexibility |
| SGS Bonds (traded) | 1.5-2.5% | 2-30 years | S$1,000 | High (sell on market) | Capital gains potential if rates drop further |
| High-yield savings (UOB One/OCBC 360) | 1.5-4.0% | None | S$0 | Instant | Emergency fund + regular transactions |
When FD Beats T-Bills and SSB
→ You can commit S$20K+ for 12 months (1.65% FD > 1.59% T-Bill)
→ You want guaranteed fixed rate (T-Bill rates fluctuate at auction)
→ You don't need monthly liquidity
T-Bills win when:
→ You have smaller amounts (S$1K minimum vs S$20K for best FD)
→ You want shorter lock-in (6 months vs 12)
→ You prefer government-direct investment (zero counterparty risk)
SSB wins when:
→ You might need the money anytime (monthly redemption, zero penalty)
→ You want to start with S$500
→ You're OK with slightly lower rate (~1.46%) for maximum flexibility
5. The Smart Strategy for SGD Deposits in 2026
Why Rates Have Dropped — and What's Next
Singapore's FD rates follow US Fed rates (due to SGD's managed float). The Fed has been cutting rates through 2025-2026, and Singapore FD rates have followed — dropping from 3-4% in early 2025 to 1.0-1.65% today. Further cuts are expected in H2 2026, meaning rates could drop to 0.8-1.2% by early 2027.
What to Do Right Now
- Lock in 12-month FDs at current rates — 1.55-1.65% today might be 1.0-1.2% in 6 months. A 12-month FD protects your rate for the full term.
- Consider GXS for flexibility — GXS offers 1.60% with no penalty for early withdrawal (you get 0.88% base rate if you exit early). Best of both worlds.
- FD ladder for large amounts — Split S$100K into 4 FDs of S$25K (3, 6, 9, 12 months). One matures every quarter, giving you regular access plus a decent blended rate.
- Keep emergency fund in SSB or high-yield savings — Never lock emergency money in FDs. SSBs give ~1.46% with instant redemption.
- Avoid DBS for amounts over S$20K — Their 0.05% rate for larger deposits is effectively zero. Move to RHB, GXS, or CIMB instead.
Tax Advantage: Singapore vs Other Countries
🇸🇬 Singapore: S$825 earned → S$825 kept (0% tax)
🇮🇳 India: ₹equivalent at 7.0% → after 30% TDS: keeps only 70%
🇺🇸 USA: $equivalent at 4.5% → after 24% federal: keeps only 76%
🇬🇧 UK: £equivalent at 4.0% → after 20% tax: keeps only 80%
Singapore's zero withholding tax on FD interest means your effective rate is actually competitive despite lower nominal rates. Other countries tax your FD interest heavily.
6. Calculate Your Exact FD Returns
Plug in your deposit amount, tenure, and rate to see exact maturity value with compounding. Our calculator supports SGD and 7 other currencies.
🇸🇬 Calculate Your Singapore FD Returns
Enter your amount and compare returns across different rates and tenures. See exact maturity value with compounding.
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Last Updated: August 5, 2026 | Author: CalcIQ Team
Disclaimer: Interest rates shown are based on publicly available data as of August 1-5, 2026. Rates change frequently and promotional rates have specific eligibility criteria. Always verify current rates directly with the bank before making deposit decisions. This content is for informational purposes only and does not constitute financial advice. SDIC coverage is subject to terms and conditions set by the Singapore Deposit Insurance Corporation.