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Looking for the best fixed deposits in July 2020 in Singapore? There are varying fixed deposit promotions in terms of interest rates, tenure period offered by the banks in July 2020.

1. Best Fixed Deposit Rate
2. Best Fixed Deposit Rates
3. Best Fixed Deposit In India
4. Best Fixed Deposit Scheme In Post Office

Bajaj Finance Ltd., one of the leading NBFCs in the country, provides one of the best fixed deposit rates in India for NRIs. You can choose tenors from 12 to 36 months and start investing with just Rs 25,000. The interest rate on a cumulative fixed deposit is 6.15% for a tenor ranging up to 23 months and 7.00% for tenor of 36 months. List of Fixed Deposit sale events, promotions, price list and other happenings in Singapore. Last updated March 2021 UOB P4W Past Event Watch your spare cash. 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.

The 1 year interest rate for August 2020 Singapore Savings Bonds has fallen as low as 0.27%, 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 an endowment plan. The latest one is NTUC Income Gro Capital Ease which offers you a guaranteed return of 1.85% per annum over 2 years.

Endowment plans guarantee your capital upon maturity which is similar to what fixed deposits offer.

In May, I have signed up for a Singlife account, which is an insurance savings plan that offers you 2.5% p.a. for up to S$10,000. The interests paid in May and June was S$18.72 and S$20.29 respectively based on a deposit of S$10,000.

I have heard of Endowus Cash Smart and FSMOne’s Auto-Sweep account that offers higher interest rates but since I have not read them in detailed, I am not going to compare against them here.

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 July 2020. My preferred fixed deposits below is DBS given that it offers the highest interest rate per annum for a 12 month placement.

DBS Fixed Deposit

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

Based on the interests rates published on 18th June 2020, the rates have been updated.

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

Best Fixed Deposit Rate

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: 0.90%, Minimum Placement: S$20,000, Promotion Valid Until: 30th July 2020

There is no changes to the fixed deposit promotion offered by UOB. The interest rate remains the same as June.

For 10 months placement of S$20,000 at 0.90% p.a., the interest that you will receive upon maturity is S$150.00.

OCBC Time Deposit

Interest Rate: 0.80%, Minimum Placement: S$5,000, Promotion Valid Until: 30th July 2020

OCBC has reduced their fixed deposit rate from 0.85% p.a. in June to 0.80% p.a. in July.

For 12 months placement of S$5,000 at 0.80% p.a., the interest that you will receive upon maturity is S$40.00.

Best Fixed Deposit Rates

Standard Chartered Bank Singapore Dollar Time Deposit

Best Fixed Deposit In India

Interest Rate: 0.40% to 0.50%, Minimum Placement: S$25,000, Promotion Valid Until: 7th July 2020

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.

If you happen to be a priority banking customer, for 6 months placement of S$25,000 at 0.40% p.a., the interest that you will receive upon maturity is S$50.00.

Best Fixed Deposit Scheme In Post Office