'We regularly review our time deposit promotional rates, aligning them with the competitive landscape and market conditions to offer customers competitive interest rates to meet their savings and wealth accumulation needs,' OCBC's head of wealth management Tan Siew Lee said on Friday in response to a CNA query. Non-360 customers got a rate of 3.88 per cent. This was down from the 4.08 per cent offered at the start of the year for customers of the bank's flagship 360 savings account, for a minimum placement of S$20,000 over eight months. There is a minimum placement sum of S$5,000 (US$3,747). The lower interest rates at Singapore financial institutions and foreign lenders come amid an uncertain economic outlook.Īs of Friday (Apr 21), OCBC was offering an interest rate of 3.4 per cent per annum on six-month fixed deposits. SINGAPORE: Fixed deposit interest rates in Singapore have dipped in recent months, down from highs of about 4 per cent at the start of the year.
