1. Maybank Fixed Deposit Rate April 2020
2. Maybank Fd Rate 2020
3. Maybank Fd

Maybank Singapore Dollar Time Deposit

Earn higher interest, access overdraft facilities secured against your deposit; renew your deposit placements automatically upon maturity.

Score up to 1.60% p.a. In Singapore Dollar Time Deposit. For every S$1,000 deposited in your savings account, you can place S$10,000 in Maybank Singapore Dollar Time Deposit. FIND OUT MORE: Deposit online and earn 1.75% p.a. With minimum deposit of S$50,001 in 24-month Maybank iSAVvy Time Deposit. Best viewed on the latest versions of Chrome, Firefox, Edge, Safari. Achieve your Goal; Open an Account; Apply for Credit Cards; Get a Loan; Grow your Wealth.

Promotion

Overview

Choice Date

Refer to the table for the interest rates applicable to Choice Date Time Deposit:

Eligibility

• Minimum age: 16 years old
• Initial deposit:
  • S$1,000 for tenures from 2 to 36 months
  • S$10,000 for 1-month tenure and Choice Date with flexible tenure
  • S$1,000,000 for a 1-week tenure, applicable only to corporate accounts

Documents Requirement for Singapore Citizens or Permanent Residents

• NRIC

Documents Requirement for Foreigners

• Passport
• Employment Pass
• Proof of Mailing Address (i.e. Utility/Telco/Bank statement with another bank in Singapore) where name must be the same as your Passport and Employment Pass

Fees and Charges

Useful Links

• Premature withdrawal of less than 3 months - No interest will be paid
• Premature withdrawal of more than 3 months - The interest is pro-rated based on the number of days the Time Deposit is placed, calculated on the lowest tier of the prevailing Savings Account rate at time of withdrawal or the contracted rate, whichever is lower.

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Looking for the best fixed deposits in August 2020 in Singapore? There is no National Day fixed deposit promotion this year. This is unlike previous years whereby banks offered a one time higher interest rate if you do a placement before National Day.

The 1 year interest rate for September 2020 Singapore Savings Bonds has fallen as low as 0.24%, thus any of the fixed deposits promotion below will beat the Singapore Savings Bonds.

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. You can read more about Best Endowment Plans In August 2020 here.

In July, I have signed up for a Dash EasyEarn, which is an insurance savings plan that offers you 2.0% p.a. for the first year up to S$20,000. The estimated interest rate p.a. is 1.5% thereafter.

The current low interest rates offered by most banks remained unattractive to me. Nevertheless, if you still prefer traditional fixed deposits, below are the best fixed deposits promotion that I have found for August 2020.

Among the banks below, I prefer the fixed deposit from DBS and MayBank given that they offer much higher interest rate per annum for a 12 month placement as compared to the rest of the banks.

DBS Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$1,000, Promotion Valid Until: Not stated

The interests rates were published on 18th June 2020. At this point of writing, I have not seen any revision to the interest rates.

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.

MayBank iSAVvy Time Deposit

Interest Rate: 0.90% (12 months) or 1.15% (24 months), Minimum Placement: S$25,000, Promotion Valid Until: Not stated

As shared previously, MayBank had decided to do away with their traditional time deposit and replace with the iSAVvy Time Deposit.

This promotion is valid from 1st July 2020 onwards for a minimum placement amount of S$25,000 in iSAVvy Time Deposit via Maybank Mobile/Online Banking (for individuals only).

For a 12 months placement of S$25,000 at 0.90% p.a., the interest that you will receive upon maturity is S$225.

For a 24 months placement of S$25,000 at 1.15% p.a., the interest that you will receive upon maturity is S$578.31.

Hong Leong Finance Deposit Promotion

Interest Rate: Up to 0.65%, Minimum Placement: S$20,000, Promotion Valid Until: Not stated

For 8 months placement of S$20,000 at 0.60% p.a., the interest that you will receive upon maturity is S$80.00.

UOB Time Deposit

Interest Rate: 0.80%, Minimum Placement: S$20,000, Promotion Valid Until: 31st August 2020

The interest rate has fallen from 0.90% p.a. in July to 0.80% p.a. in August.

For 10 months placement of S$20,000 at 0.80% p.a., the interest that you will receive upon maturity is S$133.33.

OCBC Time Deposit

Interest Rate: 0.70%, Minimum Placement: S$5,000, Promotion Valid Until: 31st August 2020

OCBC has reduced their fixed deposit rate from 0.80% p.a. in July to 0.70% p.a. in August.

For 12 months placement of S$5,000 at 0.70% p.a., the interest that you will receive upon maturity is S$35.00.

CIMB Fixed Deposit

Interest Rate: Refer below, Minimum Placement: S$5,000, Promotion Valid Until: 31st August 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.

Seriously?

Standard Chartered Bank Singapore Dollar Time Deposit

Interest Rate: 0.20% to 0.30%, Minimum Placement: S$25,000, Promotion Valid Until: 15th August 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.

Maybank Fixed Deposit Rate April 2020

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.

Maybank Fd Rate 2020

Seriously?

Maybank Fd