First some clarifications: Fixed Deposit is not for real investment. My review on Singapore's FD is limited to S$50,ooo and below; and tenure term not exceeding 12 months. Fixed Deposit is for parking the emergency fund and allowing immediate access to the fund when needed. These are also based on the following considerations:
1. Singapore's Deposit Insurance Scheme maximum coverage up to S$50,ooo only.
2. Long tenure term will potentially affect your cash-out value for your emergency fund, as you may suffer a penalty fee for early withdrawal.
Back to the update:
The highest interest rate in the market now is still 1.10% p.a., offered by 3 banks:
1. ICICI Bank
HiSAVE Fixed Deposit is an online fixed deposit account linked with the HiSAVE online Savings Account and all monetary inflow and outflow of funds happens online from and to such HiSave accounts. Minimum placement sum for HiSAVE Fixed Deposit account is $1,000.
HiSAVE online savings account starts from as little as $1. No minimum balance requirements and no monthly fees.
2. CIMB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $25,000.
3. RHB Bank
The promotional interest rate is 1.10% p.a. for 12 months tenure. Minimum placement sum $50,000.
Please let me know if there is better offer in the market.
ICBC
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