Best fixed deposit rates in Singapore (2023): DBS, UOB, HSBC and more
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PUBLISHED ONOctober 19, 2023 7:05 AM
If you think that fixed deposits are only for conservative cash-rich aunties and uncles, think again.
A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time.
While fixed deposit rates were rising in Singapore last year and even hit a high of four per cent in January 2023, interest rates have taken a dip since then. Having said that, some fixed deposit rates are still very decent and worth giving a shot if you have some money lying around. You don't even need a large stash of cash-these days, banks are offering fixed deposits starting from as low as $500!
Here's our round-up of the best fixed deposit rates in Singapore in Oct 2023 for banks like UOB, DBS, OCBC, and more.
Overview of best fixed deposit rates in Singapore 2023 (Oct 2023)
Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore in Oct 2023 for various deposit amounts and commitment periods.
Note: Most of these are promotional interest rates, and banks can change their rates anytime. Do check their respective websites for the latest rates.
Overall best fixed deposit rates-highest in Singapore 2023
Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Oct 2023:
- StashAway Simple Guaranteed (3.80 per cent p.a.-1 month with no minimum amount)
- RHB (up to 3.60 per cent p.a.-min. $20,000 for 6 or 12 months)
- HL Bank (3.60 per cent p.a.-$100,000 for 12 months)
- State Bank of India (3.55 per cent p.a.-min. $50,000 for 12 months)
- HSBC (3.45 per cent p.a.-$200,000 for 3 or 6 months)
- CIMB (3.40 per cent p.a.-min. $10,000 for 6 months)
- Bank of China (up to 3.35 per cent p.a.-min. $5,000 for 3 months)
- ICBC (up to 3.30 per cent p.a.-min. $500 for 3 months)
To view fixed deposit rates by commitment period or deposit amount, navigate our content list to jump to the section that best matches your needs.
Best fixed deposit rates by commitment period
When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for three, six or 12 months, we've worked out the best fixed deposit rates for you.
Best fixed deposit rates for a 3-month commitment period
Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore 2023 for a 3-month commitment period.
- StashAway Simple Guaranteed (3.80 per cent p.a.-1 month with no minimum amount)
- HSBC (3.45 per cent p.a.-$200,000 for 3 or 6 months)
- HL Bank (3.40 per cent p.a.-$100,000 for 3 months)
- ICBC (3.35 per cent p.a.-$500 for 3 months)
- Bank of China (3.35 per cent p.a.-$5,000 for 3 months)
- Citibank (3.20 per cent p.a.-$50,000 for 3 months)
StashAway Simple Guaranteed rate
| Period | StashAway Simple Guaranteed rate (no min. or max, deposit amount) |
| 1 month | 3.80% p.a. |
| 3 months | 3.70% p.a. |
| 6 months | 3.50% p.a. |
| 12 months | 3.50% p.a. |
Rates accurate as of Oct 18, 2023. Do check StashAway’s Simple Guaranteed page for the latest rates.
If you’re looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks.
StashAway offers a cash management solution called Simple Guaranteed. It’s exactly what it sounds like — a simple and guaranteed way to earn interest on your money. StashAway Simple Guaranteed places funds in fixed deposits with MAS-regulated banks, and you get an interest rate that’s slightly higher than what you’d get with a fixed deposit at a bank.
As of Oct 18, 2023, the highest StashAway Simple Guaranteed interest is 3.80% p.a. for a 1-month period, with no minimum or maximum deposit amounts.
ICBC fixed deposit rates
| Deposit amount | ||
| Period | $20,000 and above (over the counter) | $500 and above (via e-banking) |
| 1 month | 2.85% p.a. | 2.90% p.a. |
| 3 months | 3.30% p.a. | 3.35% p.a. |
| 6 months | 3.15% p.a. | 3.20% p.a. |
| 9 months | 3.15% p.a. | 3.20% p.a. |
| 12 months | 3.15% p.a. | 3.20% p.a. |
Note: The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC’s website for the latest rates.
There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500 — nope, we didn’t miss a zero there!
ICBC’s fixed deposit rates are also slightly above average when compared across the board, especially when you compare small sums. Even if you only invest $500, you still get a rate of 3.35% p.a. with a commitment period of three months. You have to do this via e-banking to get this rate.
Set on doing it the old school way over the counter? Firstly, you’ll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 3.30% p.a. for a 3-month period.
If you’re looking to start somewhere, ICBC has a low barrier of entry, a good fixed deposit rate to offer and a low commitment period of anywhere between a month to a year.
Citibank fixed deposit rates
| Deposit amount | |
| Period | $50,000 to $3 million |
| 3 months | 3.20% p.a. |
| 6 months | 3.15% p.a. |
Note: The promotional rates above are stated as valid until Oct 31, 2023. Do check Citibank’s fixed deposit promotion page for the latest rates in case Citibank makes changes.
The best Citibank fixed deposit rate you can currently get is 3.20% p.a. for a minimum deposit amount of $50,000 and a commitment period of three months.
That’s a short commitment period, but still a large sum of money. Citibank’s fixed deposit rates are generally not one of the most accessible for this reason. That said, their current minimum deposit amount of $50,000 is actually lowered already from the previous minimum of $250,000.
HSBC fixed deposit rates
| Period / deposit amount | $30,000 to <$200,000 | $200,000 to $2 million |
| 3 months | 3.00% p.a. | 3.45% p.a. |
| 6 months | 3.00% p.a. | 3.45% p.a. |
Promotional rates valid until Oct 31,2023. Do check HSBC’s website for the latest rates.
HSBC’s fixed deposit rates are currently the best for a 3-month commitment period, at 3.45% p.a. That isn’t too shabby, especially considering the short time you need to park your cash with them. And unlike banks like CIMB and OCBC, you don’t need to be a preferred customer to enjoy this rate.
However, there’s a big disadvantage of HSBC’s highest fixed deposit rates — the minimum sum to enjoy 3.45% p.a. is a hefty $200,000 sum. Yikes. Even to get a rate of 3%. p.a., you need to stash a minimum of $30,000 with HSBC. It’s a little on the high side for an average fixed deposit interest rate.
Bank of China fixed deposit rates
| Period | Fixed deposit interest rates ($5,000 and above) | |
| Over the counter placement | Mobile banking placement | |
| 1 month | 2.85% p.a. | 2.90% p.a. |
| 3 months | 3.30% p.a. | 3.35% p.a. |
| 6 months | 3.25% p.a. | 3.30% p.a. |
| 9 months | 3.10% p.a. | 3.20% p.a. |
| 12 months | 3.10% p.a. | 3.20% p.a. |
| 18 months | 2.95% p.a. | 3.00% p.a. |
| 24 months | 2.75% p.a. | 2.80% p.a. |
The best part about the Bank of China’s fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $5,000 to spare for only one month, you can still get a pretty decent interest rate of 2.90% p.a.. Usually, many banks require a minimum deposit of at least $10,000.
If you’re looking to get the best fixed deposit rate of 3.35% p.a. out of the Bank of China, you’ll need to invest at least $5,000 for a period of three months — surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate.
Do note that the rates in the table above were set on Oct 9, 2023, but the Bank of China changes their fixed deposit rates every few weeks or so. So before you make any big decisions, do check their latest promotional fixed deposit rates.
Best fixed deposit rates for a 6-month and 12-month commitment periods
Looking to stash your cash in a fixed deposit account for six months or one year? Here’s a summary of the best fixed deposit rates in Singapore 2023 for six-month and 12-month commitment periods:
| Best fixed deposit rates in Singapore for 6 and 12 months (Oct 2023) | ||
| Min. deposit amount | 6 months | 12 months |
| No minimum | 3.50% p.a. (StashAway) | 3.50% p.a. (StashAway) |
| $5,000 | 3.30% p.a. (Bank of China) | 3.20% p.a. (Bank of China) |
| $10,000 | 3.40-3.45% p.a. (CIMB) | 3.15-3.20% p.a. (CIMB) |
| $20,000 | 3.60-3.68% p.a. (RHB) | 3.60-3.68% p.a. (RHB); 2.90% p.a. (Maybank) |
| $25,000 | 3.00% p.a. (Standard Chartered) | – |
| $30,000 | 2.70% p.a. (OCBC) | – |
| $100,000 | 3.50% p.a. (HL Bank) |
3.60% p.a. (HL Bank) |
CIMB fixed deposit rates
| Deposit amount: $10,000 and above | ||
| Period | Personal Banking (For regular CIMB customers) | Preferred Banking |
| 6 months | 3.40% p.a. | 3.45% p.a. |
| 9 months | 3.35% p.a. | 3.40% p.a. |
| 12 months | 3.15% p.a. | 3.20% p.a. |
Promotional rates valid until: Oct 31, 2023. Do check CIMB’s website for the latest rates.
Malaysian bank CIMB is offering pretty average fixed deposit rates in Singapore this month, at up to 3.40% p.a. for regular CIMB customers and 3.45% p.a. if you’re a CIMB Preferred Banking customer.
This promo is for deposits of at least $10,000. To enjoy the highest rates, you need to lock up your money for six months, and must apply and deposit your money online.
If you’re looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB’s board rates are a measly 0.2% to 0.3% p.a. or so. In this instance, you would be better off placing your money almost anywhere else. ICBC is a good option for small deposit amounts and small time frames, at 3.35% (minimum deposit of $500 for three months).
RHB fixed deposit rates
| Deposit amount: $20,000 and above via online placement | ||
| Period | Personal banking | Premier banking |
| 3 months | 3.00% p.a. | 3.10% p.a. |
| 6 months | 3.60% p.a. | 3.68% p.a. |
| 12 months | 3.60% p.a. | 3.68% p.a. |
Note: The rates above are promotional rates subject to change at any time by RHB. Do check RHB’s website for the latest rates.
The first thing to know about RHB is that they really want you to use mobile banking. RHB used to list their online placement fixed deposit rates as higher than their offline rates, but now only state online placement rates online. So if you want to invest in a fixed deposit with RHB, be prepared to do it on your phone via the RHB Mobile SG App.
Now let’s look at these rates. At 3.60% p.a. for a commitment period of 6 or 12 months, RHB’s fixed deposit rates rank among the highest this month.
Six-month and 12-month periods are also quite doable, compared to the 24-month commitments other banks may ask for you to enjoy their highest rates. The only downside? You have to stash away a minimum deposit requirement of $20,000, which is slightly on the high side compared to other banks.
HL Bank fixed deposit rates
| Period | Min. deposit amount of $100,000 |
| 3 months | 3.40% p.a. |
| 6 months | 3.50% p.a. |
| 12 months | 3.60% p.a. |
Promotion period: Now till Oct 31, 2023. Do check HL Bank’s latest fixed deposit rates.
A member of the Hong Leong group, HL Bank is currently offering a fixed deposit rate of 3.60% for 12-month periods. Once upon a time, HL Bank was offering much higher interest rates for larger deposit sums — up to 4.10% p.a. for a $500,00 deposit over a six-month period.
The biggest drawback to HL Bank’s fixed deposit is the high minimum deposit amount of $100,000. If you don’t have this amount, HL Bank is not even an option for you.
Standard Chartered fixed deposit rates
| Deposit amount: $25,000 and above | |||
| Period | Regular bank customers | Priority banking customers | Priority private banking customers |
| 6 months | 3.00% p.a. | 3.10% p.a. | 3.20% p.a. |
Promotional rates valid until: Oct 31, 2023. Do check Standard Chartered’s fixed deposit rates for the latest.
At a maximum of 3.20% p.a. interest rate, Standard Chartered’s fixed deposit rates aren’t impressive this month. You only get 3.20% if you’re a priority private banking customer, with a certain net worth. If you’re a regular customer, you’ll only be able to get a rate of 3.00% p.a..
Standard Chartered also has non-promotional fixed deposit rates, but these leave even more to be desired. The regular Standard Chartered fixed deposit rates were revised on April 28, 2023, and still are only just hitting 3% p.a. for a long deposit period of 60 months.
The only advantage to Standard Chartered’s fixed deposit rates is that the commitment period for the promotional rate is at least relatively short — six months. Still, you’ll get better 6-month rates with RHB (3.60% p.a. for a lower minimum deposit amount of $20,000), Bank of China (3.30% p.a. for $5,000), or CIMB (3.40% p.a. for $10,000).
Maybank fixed deposit rates
| Deposit amount: $20,000 and above | ||
| Period | iSAVvy Time Deposit Promotion (Online Placement) | SGD Time Deposit/Term Deposit-i Promotion (Placement in Branch) |
| 9 months | 2.80% p.a. | 2.80% p.a. |
| 12 months | 2.90% p.a. | 2.90% p.a. |
| 15 months | 2.90% p.a. | 2.90% p.a. |
| 18 months | 2.60% p.a. | 2.60% p.a. |
| 24 months | 2.60% p.a. | 2.60% p.a. |
Note: The rates above are promotional rates subject to change at any time by Maybank.
The best Maybank fixed deposit rate you can currently get is 2.90% p.a. with a commitment period of 12 or 15 months and a minimum deposit amount of $20,000. Unfortunately, there are not competitive rates this month.
Another downside is that you’ll need to leave your money in for at least a year. You don’t get a better rate if you leave it in for longer — that’ll yield lower rates of 2.60% p.a. or lower. In the other direction, if you’re looking at a shorter commitment period of three or six months, Maybank’s fixed deposit rates also drop to a 2.80% p.a. interest rate.
Maybank’s fixed deposit rates used to differ based on whether you do the fixed deposit online or in physically in a branch, but they’re currently the same for both modes.
If you have selected Maybank savings accounts or current accounts, you can make use of Maybank’s deposit bundle promotion. For every $1,000 in the account (minimum of $2,000), you can put $10,000 into the deposit bundle and enjoy special interest rates of 3.65% p.a. (12 or 15 months) or 3.10% p.a. (18 months or 24 months).
OCBC fixed deposit rates
| Period | Deposit amount of $30,000 and above |
| 6 months | 2.70% p.a. |
Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC’s fixed deposit rates for the latest.
OCBC’s only offering one fixed deposit rate right now, and it’s utterly dismal compared to other banks — 2.70% p.a. for a six month deposit period.
Their fixed deposit rates used to depend a lot on which customer group you fall under — Personal Banking customers, holders of OCBC’s flagship savings account OCBC 360 Account, Premier Banking customers, and Premier Private Clients. The latter 2 refer to priority banking customers who get to enjoy premium banking services if they deposit or invest a certain sum of money with OCBC.
Since then, OCBC has greatly simplified things. Now, everyone of all banking ty
Best fixed deposit rates by minimum deposit amount
Is cash your limiting factor? Good news—the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts:
- $10,000 and under
- $20,000-$49,999
- $50,000 and above
Best fixed deposit rates for deposits $10,000 and under
These are the best fixed deposit rates in Singapore 2023 for deposits $10,000 and under:
- CIMB (3.40% p.a.—min. $10,000 for 6 months)
- Bank of China (3.35% p.a.—min. $5,000 for 3 months)
- ICBC (3.35% p.a.—min. $500 for 3 months)
- DBS (3.20% p.a.—min. $1,000 for 12 months)
- UOB (3.10% p.a.—min. $10,000 for 6, 10, or 12 months)
DBS fixed deposit rates
| Deposit amount | ||
| Period | $1,000 – $19,999 | $20,000-$999,999 |
| 1 month | 0.30% p.a. | 0.05% p.a. |
| 3 months | 1.00% p.a. | |
| 6 months | 2.90% p.a. | |
| 9 months | 3.10% p.a. | |
| 12 months – 60 months | 3.20% p.a. | |
Currently, the best DBS fixed deposit rate is 3.20% p.a. for those who put $1,000 to $19,999 into a fixed deposit for 12, 18, 24, 36, 48 or 60 months. Anecdotally, we’ve noticed DBS doesn’t change their rates often. Now that other banks have reduced theirs, 3.20% isn’t looking too shabby. And besides, it still beats having your cash parked in a regular savings account!
One great thing about the current DBS fixed deposit rates is their low minimum deposit amount of $1,000. Additionally, they’re also pretty flexible with the deposit period. If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period, at 1-month intervals, from 1-11 months. Most other banks limit this to 3-month intervals.
However, if you’re looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05% p.a. for all lock-in periods. You’d be better off investing your money pretty much anywhere else. RHB is a good option this month, offering 3.60% p.a. for a $20,000 deposit, with a 6- or 12-month deposit period.
UOB fixed deposit rates
| Period | Min. deposit amount of $10,000 |
| 6 months | 3.10% p.a. |
| 10 months | |
| 12 months |
Promotion valid until: Oct 31, 2023. Do check UOB’s website for the latest rates.
UOB’s fixed deposit rate structure is currently flat, with just one single interest rate of 3.10% p.a. for two different deposit periods of 6 and 10 months. This rate applies as long as you deposit a minimum of $10,000. But with $10,000, you’d be better off parking your money with CIMB for 6 months to get 3.40% p.a. interest.
Like most other banks, UOB’s fixed deposit board rates are also nothing to shout about. They currently only hit 3% p.a. if you deposit your cash for at least 18 months.
Best fixed deposit rates for deposits $20,000–$49,999
If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month:
- RHB (3.60% p.a.—min. $20,000 for 6 0r 12 months)
- CIMB (3.40% p.a.—min. $10,000 for 6 months)
- Bank of China (3.35% p.a.—min. $5,000 for 3 months)
- ICBC (3.35% p.a.—min. $500 for 3 months)
Best fixed deposit rates for deposits $50,000 and above
Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you’ve got a few good options. Here are the best fixed deposit rates in Singapore 2023 for deposits $50,000 and above:
- RHB (3.60% p.a.—min. $20,000 for 6 0r 12 months)
- HL Bank (3.60% p.a.—$100,000 for 12 months)
- CIMB (3.55% p.a.—min. $10,000 for 9 months)
- State Bank of India (3.55% p.a.—min. $50,000 for 12 months)
- HSBC (3.45% p.a.—$200,000 for 3 or 6 months)
- Bank of China (3.35% p.a.—min. $5,000 for 3 months)
- ICBC (3.35% p.a.—min. $500 for 3 months)
- DBS (3.20% p.a.—min. $1,000 for 12 months)
- Citibank (3.20% p.a.—min. $50,000 for 3 months)
- Hong Leong Finance (2.95% p.a.—min. $50,000 for 5 or 12 months)
State Bank of India Singapore fixed deposit rates
| SBI Singapore promotional fixed deposit rates | |
| Period | Minimum deposit amount: $50,000 |
| 12 months | 3.55% p.a. |
The State Bank of India (SBI) Singapore has a pretty good promotional fixed deposit rate this month of 3.55%. To enjoy this rate, you need to put at least $50,000 with SBI for a period of one year — a pretty large amount and long time frame. However, we can’t deny that 3.55% p.a. is one of the highest fixed deposit rates this month among banks in Singapore.
SBI Singapore’s SGD fixed deposit board rates don’t come out strong, although they aren’t as terrible as the sub-1% rates at some other banks. The highest board rate you’ll get to enjoy is 2.85% p.a., and only if you can afford to stash away your cash for at least 24 months.
| SBI Singapore board rates | |
| Period | Deposit amount: $5,000 to $1,000,000 |
| 1 month | 0.35% p.a. |
| 3 months | 1.75% p.a. |
| 6 months | 2.25% p.a. |
| 12 months | 2.45% p.a. |
| 24 months or 36 months | 2.85% p.a. |
The one advantage SBI Singapore board fixed deposit rates have is that the minimum deposit sum is low at just $5,000. However, if you’re planning to leave your $5,000 in a fixed deposit, you can find better rates elsewhere. For the same sum, the Bank of China will give you 3.35% p.a. for a 3-month period.
Hong Leong Finance fixed deposit rates
| Deposit amount | ||
| Period | $20,000-$49,999 | $50,000 and above |
| 5 months | 2.90% p.a. | 2.95% p.a. |
| 12 months | 2.90% p.a. | 2.95% p.a. |
Note: The rates above are promotional rates published on 10 Oct 2023 and subject to change at any time by Hong Leong Finance. See Hong Leong Finance’s fixed deposit rates for the latest.
Besides putting your money with banks, it’s also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don’t get it confused with HL Bank, though. While the two share the same name, they offer entirely different fixed deposit rates.
With a lock-in period of five or 12 months, Hong Leong Finance is currently offering a fixed deposit rate of 2.95% p.a. for a $50,000 minimum deposit. If you don’t have $50,000, Hong Leong Finance is also offering a slightly lower rate of 2.90% p.a. for sums $20,000 to $49,999 for the same deposit periods.
Now that we’ve had a look at the interest rates banks have to offer, here’s a quick and easy summary of what you need to know about fixed deposits.
Fixed deposit vs savings account - what's the difference?
Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05% p.a. interest on a regular savings account, but looking at interest rate alone isn’t enough to compare the two.
Here are the differences between fixed deposits and savings accounts at a glance:
| Fixed deposit | Savings account | |
| Tenure | As low as 1 month, but go for at least 6 months for better rates | None |
| Interest rate | Usually, the longer the tenure, the better the interest rate | Usually the same regardless of tenure |
| Deposit amount | Fixed amount, usually at least $5,000, but promotional offers can go as low as $500 | Smaller initial deposit and minimum monthly balance ($500 to $3,000) |
| Currency | SGD by default, but some banks offer higher interest rates for foreign currency | SGD by default. There are a few multi-currency accounts, but no difference in interest rate |
| Can you withdraw? | Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. | Yes, no impact on interest, but don’t fall below the minimum balance |
| Interest payments | Quarterly or annually | Monthly |
| Risk level | Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) | |
Fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills - which is better?
If you’re looking for a virtually risk-free investment vehicle, you’re bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider.
| Fixed deposit | SSB | T-bills | |
| Tenure | As low as 1 month, but go for at least 6 months for better rates | 10 years | 6 months / 1 year |
| Current interest rate | Up to 3.60% p.a. | 3.32% p.a. (Oct 2023 SSB’s 10-year average return) | 3.87% p.a. (cut-off yield for 12 Oct 2023 6-month T-bill) |
| Deposit amount | Usually at least $5,000, but promotional offers can go as low as $500 | $500-$200,000 | $1,000, with a cap of $1 million in non-competitive bids at each auction. |
| Currency | SGD by default, but some banks offer higher interest rates for foreign currency | SGD | SGD |
| Can you withdraw? | Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. | Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond. | No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market. |
| Interest payments | Quarterly or annually | Every 6 months | Upon maturity, full value of T-Bill refunded following initial sale at a discount |
| Risk level | Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) | Virtually risk-free, backed by the Singapore government | Virtually risk-free, backed by the Singapore government |
ALSO READ: 12 best cashback credit cards in Singapore (2023)
This article was first published in MoneySmart.