Best Fixed Deposit Rates
Looking for the best fixed deposits in October 2020 in Singapore? If you have 50K, you should read my previous post on Where Will You Put 50K? before you jump straight into Fixed Deposits.
Withdraw your Fixed Deposit (FD) at any time. Then, the rate of interest shall be calculated at minus 2% of the rate of interest applicable for the completed tenure. No interest will be paid if the interest of the completed tenure of the FD is 2% or less.
- The current highest DBS fixed deposit rate of 1.3% p.a. Is considered sky-high by today’s standards. The minimum of $1,000 is is quite a manageable amount, although you have to commit to a tenure of 18 months. Otherwise, you can still get a slightly lower interest rate of 1.15% p.a.
- Best 3 Year Rates. SA Retail Bonds.
Fixed Deposit or Singapore Savings Bonds?
Forget about the Singapore Savings Bonds. The 1 year interest rate for November 2020 Singapore Savings Bonds has fallen as low as 0.23%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.
The Alternatives – Short Term Endowments
I have shared many other financial instruments that is similar to what fixed deposits can offer. One good alternative is buying a short term endowment plan. Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer. Most of the short term endowment plans are on limited tranche basis.
At the point of writing, the second tranche of the popular NTUC Gro Capital Ease (1.96% for 3 years) is fully subscribed.
Best Fixed Deposit Rates Uk
The Alternatives – GIGANTIC, Dash EasyEarn or Singlife
Alternatively, you can check out GIGANTIC, Dash EasyEarn or Singlife whereby there is no lock in period and they offer a higher returns as compared to fixed deposits. Personally, I have signed up a Singlife Account and Dash EasyEarn.
| GIGANTIC | Dash EasyEarn | Singlife Account | |
| Lock In Period | No | No | No |
| Minimum investment amount | S$50 | S$2,000 | S$500 |
| Return rate per annum | 2.0% per annum on your first S$10,000 for the first year 1.0% for amounts above S$10,000 for the first year | 2.0% p.a. return for the first year (Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year, available on a first come, first served basis) | 2.0% for first S$10,000 1.0% for next S$90,000 Note: * From 1 November 2020, customers who spend S$500 within their specified card spend period on the Singlife Visa Debit Card will qualify for a bonus 0.5% p.a. return on top of the new base return of 2% p.a. for the duration of one policy month. |
Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for October 2020. The current low interest rates offered by most banks remained unattractive to me.
Among the banks below, I prefer the fixed deposit from DBS given that DBS offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks. You will not find any banks except DBS that pays you 1.15% p.a. for a S$20,000 placement.
DBS is the best fixed deposits in October 2020!
DBS Fixed Deposit (Recommended)
Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated
The interests rates were published on 3rd September 2020. The interest rates for the amount tier S$1,000 to S$19,999 and other tenors remain unchanged. The interest rates for 12 months and above tenors are applicable only to rollover placements at the same tenors.
For a minimum amount of S$1,000, you can perform a fixed deposit placement with DBS. For a 12 months placement of S$10,000 at 1.15% p.a., the interest that you will receive upon maturity is S$115.
Hong Leong Finance Deposit Promotion
Interest Rate: Up to 0.85%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated
For 12 months placement of S$20,000 at 0.85% p.a., the interest that you will receive upon maturity is S$170.00. This is on the condition that you perform the renewal or fresh funds deposit via PayNow.
| Deposit Amount | 12 months (Renewal or Fresh Funds via PayNow) | 12 months (Fresh Funds At Branch) |
| S$20,000 and above | 0.85% | 0.80% |
MayBank iSAVvy Time Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: Not stated
MayBank has reduced their interest rate across the tiers. Here are the interest rates for MayBank iSAVvy Time Deposit as of 9th October 2020.
Best Fixed Deposit Rates In Nepal
For a 6 months placement of S$5,000 at 0.40% p.a., the interest that you will receive upon maturity is S$10.00.
For a 12 months placement of S$25,000 at 0.65% p.a. and 24 months at 0.85% p.a., the interest that you will receive upon maturity is S$162.50 and $426.81 respectively.
UOB Time Deposit
Interest Rate: 0.55%, Minimum Placement: S$20,000, Promotion Valid Until: 31st October 2020
The interest rate has fallen from 0.65% p.a. in September to 0.55% p.a. in October.
For 10 months placement of S$20,000 at 0.55% p.a., the interest that you will receive upon maturity is S$91.67.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$20,000 | 10 months | 0.55% p.a. |
OCBC Time Deposit
Interest Rate: 0.50%, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020
OCBC has reduced their fixed deposit rate from 0.60% p.a. in September to 0.50% p.a. in October.
| Minimum Placement (Fresh Funds) | Tenor | Promotional Rate |
| S$5,000 | 12 months | 0.50% p.a. |
For 12 months placement of S$5,000 at 0.50% p.a., the interest that you will receive upon maturity is S$25.00.
CIMB Fixed Deposit
Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st October 2020
For 12 months placement of S$5,000 at 0.30% p.a., the interest that you will receive upon maturity is S$15.00.
Standard Chartered Bank Singapore Dollar Time Deposit
Best Fixed Deposit Rates In The World
Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 12th October 2020
For 6 months placement of S$25,000 at 0.20% p.a., the interest that you will receive upon maturity is S$25.00.
If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.30% p.a., the interest that you will receive upon maturity is S$37.50.
| Minimum Placement | Tenure | Promotional Rate | Priority Banking Preferential Rate |
| S$25,000 | 6 months | 0.20% p.a. | 0.30% p.a. |
There are many investment options in the market for Non-Resident Indians (NRIs) seeking to grow their wealth and diversify their investment portfolio. Fixed Deposit (FD) is a suitable investment avenue for NRIs as it offers reliable returns at a predetermined rate.
Many banks and NBFCs offer FD options for NRIs. Let us look at some of the best NRI FD interest rates in 2021.
Best NRI Fixed Deposit interest rates
●Nature of NRI Fixed Deposit accounts
NRI fixed deposit accounts facilitate NRIs to convert foreign currency earnings into Indian rupee denominations and earn interest income on converted savings. They are also useful for managing and investing income earned in Indian currency.
As an NRI, you can make investments only through an NRO (Non-Resident Ordinary) account. The following TDS rates are applicable to NRI deposits in India.
Description | TDS rate |
Annual interest on NRI deposits <Rs 50 lacs | 31.2% |
Annual interest on NRI deposits is more than Rs 50 lacs but less than Rs 1 crore. | 34.32% |
Annual interest on NRI deposits > Rs 1 crore. | 35.88% |
●NRI FD interest rates
Currently, most of the banks are offering interest rates in the range of 3.00% – 6.75% per annum on NRI Fixed Deposit accounts. Most nationalized banks offer above 5% on NRI deposits.
Bajaj Finance offers higher interest rates on NRI fixed deposit accounts than traditional banks. Bajaj Finance NRI FD rate table is shown below.
Investment Duration | Minimum Deposit | Cumulative | Non-Cumulative | |||
Monthly | Quarterly | Half-yearly | Yearly | |||
12-23 months | 25000 | 6.15% | 5.98% | 6.01% | 6.06% | 6.15% |
24-35 months | 6.60% | 6.41% | 6.44% | 6.49% | 6.60% | |
36-60 months | 7.00% | 6.79% | 6.82% | 6.88% | 7.00% | |
You will get additional returns of 0.10% if you apply for an FD online. If you are a senior citizen, then you will get 0.25% additional returns. Bajaj Finance senior citizen FD rate on NRI deposits is one of the best in the market.
The senior citizen FD rate is as high as 7.25% p.a. on NRI fixed deposit accounts for an investment tenor of 36 months and above. Non-senior citizens can earn up to 7% p.a. if they invest offline and 7.10% p.a. if they invest online for investment periods above 36 months.
Bajaj Finance FD rates on NRI deposits of shorter tenors are also competitive. However, the thumb rule is, the longer the investment period, the higher will be the rate of return. Similarly, the lower the interest payout frequency, the higher will be the rate of return.
As an NRI investor, you can auto-renew your FD online and gain additional returns of 0.10%. You can also use the FD calculators on Bajaj Finance website to compute your returns before undertaking an investment. You just need to plug in some basic details and your returns will be instantly displayed.
If you wish to open multiple deposits with different durations and interest payout frequencies, then the multi-deposit scheme is open to NRIs as well.
●Additional benefits of Bajaj Finance NRI FD
Bajaj Finance NRI FD has a wide range of other benefits apart from attractive returns.
You can book an FD online even if you are physically residing abroad. You just need to fill an online FD form and upload scanned copies of necessary documents. Within 2-3 working days, your KYC formalities are completed and an NRI FD account is opened.
You can also request a callback after filling in some basic details. A client-service executive will get in touch with you and help you with the FD application procedure.
The deposit amount can be easily transferred from your NRO account through NEFT/RTGS. Thus, Bajaj Finance NRI fixed deposit account is a good option for Indians residing abroad