Best fixed deposit rates in Singapore (December 2023): HSBC hits 3.65%, Citibank at 3.5%

 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, and fixed deposit alternatives are looking ever more enticing. 

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 Dec 2023 for banks like UOB, DBS, OCBC, and more..

Overview of best fixed deposit rates in Singapore (Dec 2023)

Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore in Dec 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 (Dec 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 Dec 2023:

• Syfe Cash+ Guaranteed (4.00 per cent p.a.— three months with no minimum amount)
• StashAway Simple Guaranteed (3.80 per cent p.a.— three months with no minimum amount)
• RHB (up to 3.60 per cent p.a.— minimum $20,000 for six or 12 months)
• HL Bank (3.65 per cent p.a.— $500,000 for 12 months)
• State Bank of India (3.65 per cent p.a.— minimum $50,000 for six months)
• HSBC (3.65 per cent p.a.— $200,000 for three months)
• CIMB (3.50 per cent p.a.— minimum $10,000 for six months)
• Bank of China (up to 3.60 per cent p.a.— minimum $5,000 for three months)
• ICBC (up to 3.30 per cent p.a.— minimum $500 for three months)

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 three-month commitment period. 

• Syfe Cash+ Guaranteed (4.00% p.a.— three months with no minimum amount)
• StashAway Simple Guaranteed (3.80 per cent p.a. — three months with no minimum amount)
• HSBC (3.65 per cent p.a. — $200,000 for three months)
• HL Bank (3.40 per cent p.a. —$100,000 for three months)
• ICBC (3.35 per cent p.a. — $500 for three months)
• Bank of China (3.50 per cent p.a. — $5,000 for three months)
• Citibank (3.50 per cent p.a. — $50,000 for three months)

Syfe Cash+ Guaranteed rate

StashAway Simple Guaranteed rate

Rates accurate as of Dec 15 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 Dec 15, 2023, the highest StashAway Simple Guaranteed interest is 3.80 per cent p.a. for a three-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 per cent p.a.	2.90 per cent p.a.
3 months	3.30 per cent p.a.	3.35 per cent p.a.
6 months	3.15 per cent p.a.	3.20 per cent p.a.
9 months	3.05 per cent p.a.	3.10 per cent p.a.
12 months	3.05 per cent p.a.	3.10 per cent p.a.

Rates accurate as of Dec 15, 2023. 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 per cent 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 per cent p.a. for a three-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	3.50 per cent p.a.
6 months	3.30 per cent p.a.

Note: The promotional rates above are stated as valid until Dec 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 3.50 per cent 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 per cent p.a.	3.65 per cent p.a.
6 months	3.00 per cent p.a.	3.50 per cent p.a.

Promotional rates valid until Dec 31, 2023. Do check HSBC’s website for the latest rates.

HSBC’s fixed deposit rates are currently the best for a three-month commitment period, at 3.65 per cent 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 the highest rate is a hefty $200,000 sum. Yikes. Even to get a rate of three per cent p.a., you need to stash a minimum of $30,000 with HSBC. It’s a large sum for an average at best 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 per cent p.a.	2.90 per cent p.a.
3 months	3.45 per cent p.a.	3.50 per cent p.a.
6 months	3.40 per cent p.a.	3.45 per cent p.a.
9 months	3.25 per cent p.a.	3.30 per cent p.a.
12 months	3.20 per cent p.a.	3.25 per cent p.a.
18 months	2.90 per cent p.a.	2.95 per cent p.a.
24 months	2.70 per cent p.a.	2.75 per cent p.a.

The rates above were set on Dec 4, 2023 and are subject to change any time by the Bank of China. We noticed they change rates every few weeks or so. Check their website for the latest rates.

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 2.95 per cent p.a.. Usually, many banks require a minimum deposit of at least $10,000.

From Nov 2023 to Dec 2023, the Bank of China has increased the rates for their 3, 6, 9, and 12 month placements by 0.1% to 0.05%. If you’re looking to get the best fixed deposit rate of 3.60% p.a. out of the Bank of China, you’ll need to invest at least $5,000 for a period of 3 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.

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 six and 12 months (Dec 2023)
Min. deposit amount	6 months	12 months
No minimum	3.90% p.a. (Syfe); 3.70% p.a. (StashAway)	3.70% p.a. (Syfe); 3.50% p.a. (StashAway)
$5,000	3.45 per cent p.a. (Bank of China)	3.25 per cent p.a. (Bank of China)
$10,000	3.40-3.45 per cent p.a. (CIMB)	3.15-3.20 per cent p.a. (CIMB)
$20,000	3.60-3.68 per cent p.a. (RHB)	3.60-3.68 per cent p.a. (RHB); 2.65 per cent p.a. (Maybank)
$30,000	2.70 per cent p.a. (OCBC)	–
$100,000	3.50 per cent p.a. (HL Bank)	3.60 per cent p.a. (HL Bank)
$500,000	3.60 per cent p.a. (HL Bank)	3.65 per cent p.a. (HL Bank)

CIMB fixed deposit rates

	Deposit amount: $10,000 and above
Period	Personal Banking (For regular CIMB customers)	Preferred Banking
3 months	3.45 per cent p.a.	3.50 per cent p.a.
6 months	3.50 per cent p.a.	3.55 per cent p.a.
9 months	3.35 per cent p.a.	3.40 per cent p.a.
12 months	3.15 per cent p.a.	3.20 per cent p.a.

Promotional rates valid until: Dec 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 3.50 per cent p.a. for regular CIMB customers and 3.55% 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 6 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 per cent to 0.3 per cent 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 per cent p.a. (minimum deposit of $500 for 3 months). 

RHB fixed deposit rates

	Deposit amount: $20,000 and above via online placement
Period	Personal banking	Premier banking
3 months	3.00 per cent p.a.	3.10 per cent p.a.
6 months	3.60 per cent p.a.	3.68 per cent p.a.
12 months	3.60 per cent p.a.	3.68 per cent 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 per cent p.a. for a commitment period of six 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	$100,000 – $499,999	$500,000 and above
3 months	3.40 per cent p.a.	3.40 per cent p.a.
6 months	3.50 per cent p.a.	3.60 per cent p.a.
12 months	3.60 per cent p.a.	3.65 per cent p.a.

Promotion period: Now till Dec 31, 2023. Do check HL Bank's latest fixed deposit rates; HL Bank may revise rates at any time at their discretion.

A member of the Hong Leong group, HL Bank is currently offering a fixed deposit rate of 3.65 per cent for a 12-month period if you stash away $500,000 with them. Don’t have that kinda money? Your next best bet is 3.60 per cent p.a. with at least $100,000 for the same time 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.

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	2.55 per cent p.a.	2.55 per cent p.a.
12 months	2.65 per cent p.a.	2.65 per cent p.a.
15 months	2.65 per cent p.a.	2.65 per cent p.a.
18 months	2.35 per cent p.a.	2.35 per cent p.a.
24 months	2.35 per cent p.a.	2.35 per cent 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 2.65 per cent p.a. with a commitment period of 12 or 15 months and a minimum deposit amount of $20,000.

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 2.35 per cent p.a.. In the other direction, if you’re looking at a shorter commitment period of 3 or 6 months, Maybank’s fixed deposit rates also drop to a 2.55 per cent 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.

The only way a Maybank fixed deposit would be worth it is if you also have selected Maybank savings accounts or current accounts and can then make use of Maybank’s deposit bundle promotion. For every $1,000 in the account (minimum of $2,000), you can put money (in sets of $10,000; minimum $20,000) into the deposit bundle and enjoy special interest rates of 3.50 per cent p.a. (12 or 15 months) or 2.95 per cent p.a. (18 months or 24 months).

OCBC fixed deposit rates

Period	Deposit amount of $30,000 and above
6 months	2.70 per cent 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 per cent 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 types is eligible for the same promotional fixed deposit rate — if only it was higher.

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 (3.4 0per cent p.a. — min. $10,000 for six months)
• Bank of China (3.50 per cent p.a. — min. $5,000 for three months)
• ICBC (3.35 per cent p.a. — min. $500 for three months)
• DBS (3.20 per cent p.a. — min. $1,000 for 12 months)
• UOB (3.10 per cent p.a. — min. $10,000 for six, 10, or 12 months)

DBS fixed deposit rates

	Deposit amount
Period	$1,000 – $19,999	$20,000-$999,999
1 month	0.30 per cent p.a.	0.05per cent p.a.
3 months	1.00 per cent p.a.
6 months	2.90 per cent p.a.
9 months	3.10 per cent p.a.
12 months – 60 months	3.20 per cent p.a.

Currently, the best DBS fixed deposit rate is 3.20 per cent 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 per cent 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 one-month intervals, from 1-11 months. Most other banks limit this to three-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 per cent 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 per cent p.a. for a $20,000 deposit, with a six- or 12-month deposit period.

UOB fixed deposit rates

Period	Min. deposit amount of $10,000
6 months	3.10 per cent p.a.
10 months
12 months

Promotion valid until: Dec 30, 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 per cent 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 six months to get 3.40 per cent p.a. interest.

Like most other banks, UOB’s fixed deposit board rates are also nothing to shout about. They currently only hit three per cent 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 (3.60per cent p.a.—min. $20,000 for 6 0r 12 months)
• CIMB (3.40per cent p.a.—min. $10,000 for 6 months)
• Bank of China (3.50per cent p.a.—min. $5,000 for 3 months)
• ICBC (3.35per cent p.a.—min. $500 for 3 months)
• Standard Chartered (3.10 per cent p.a.—min. $25,000 for 8 months)

Standard Chartered fixed deposit rates

	Deposit amount: $25,000 and above
Period	Regular bank customers	Priority banking customers	Priority private banking customers
8 months	3.10 per cent p.a.	3.20 per cent p.a.	3.30 per cent p.a.

Promotional rates valid until: Dec 31 2023. Do check Standard Chartered’s fixed deposit rates for the latest.

At a maximum of 3.30 per cent p.a. interest rate, Standard Chartered’s fixed deposit rates aren’t impressive this month. You only get 3.30 per cent 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 3.10 per cent 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 28 Apr 2023, and still are only just hitting 3 per cent p.a. for a long deposit period of 60 months.

Standard Chartered’s fixed deposit rates have dropped by 0.1 per cent p.a. since last month (Nov 2023), while the tenure has gone up from 6 months to 8 months. These rates are below average compared to other banks. For example, you can get better 6-month rates with RHB (3.60 per cent p.a. for a lower minimum deposit amount of $20,000), Bank of China (3.55 per cent p.a. for $5,000), or CIMB (3.50 per cent p.a. for $10,000).

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 per cent p.a. — min. $20,000 for 6 0r 12 months)
• HL Bank (3.65 per cent p.a. — $500,000 for 12 months)
• CIMB (3.55 per cent p.a. — min. $10,000 for 9 months)
• State Bank of India (3.55 per cent p.a. — min. $50,000 for 12 months)
• HSBC (3.65 per cent p.a. — $200,000 for three months)
• Bank of China (3.35 per cent p.a. — min. $5,000 for three months)
• ICBC (3.35 per cent p.a. — min. $500 for three months)
• DBS (3.20 per cent p.a. — min. $1,000 for 12 months)
• Citibank (3.50 per cent p.a. — min. $50,000 for three months)
• Hong Leong Finance (2.95 per cent p.a. — min. $50,000 for five 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 per cent p.a.

The State Bank of India (SBI) Singapore has a pretty good promotional fixed deposit rate this month of 3.55 per cent. 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 per cent 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-1per cent rates at some other banks. The highest board rate you’ll get to enjoy is 2.85 per cent 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 per cent p.a.
3 months	1.75 per cent p.a.
6 months	2.25 per cent p.a.
12 months	2.45 per cent p.a.
24 months or 36 months	2.85 per cent 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 per cent p.a. for a three-month period.

Hong Leong Finance fixed deposit rates

	Hong Leong Finance fixed deposit rates
Period	Deposit amount: $20,000 and above
8 months	3.35 per cent p.a.
9 months	3.35 per cent p.a.
12 months	3.30 per cent p.a.

Note: The rates above are promotional rates published on Nov 4, 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 eight or nine months, Hong Leong Finance is currently offering a fixed deposit rate of 3.35 per cent p.a. for a $20,000 minimum deposit.

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?

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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 per cent 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 3.65 per cent p.a.	3.07 per cent p.a. (Dec 2023 SSB’s 10-year average return)	3.75per cent p.a. (cut-off yield for 8 Nov 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: Fixed deposit rates are falling: Here are 5 easy, low-risk alternative investments

This article was first published in MoneySmart.