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SBI Singapore has updated its SGD time deposit promotional rates, with selected tenors offering up to 1.5% p.a. 🔒
For savers in Singapore looking to park spare cash for a fixed period, this promotion offers a straightforward way to lock in a known interest rate without taking on market-linked investment risk. The latest rates apply from 2 Jun 2026, with options for both short and longer holding periods 😊
The headline promotional rate is higher than the earlier 20 Apr rate of up to 1.35% p.a., making this worth a closer look for those comparing fixed deposit options across Singapore banks.
Key SGD time deposit rates 📊
| Currency | Tenor | Promotional Interest Rate* (p.a.) | Minimum Deposit |
|---|---|---|---|
| SGD | 6-month | 1.5% | SGD 50,000 |
| SGD | 12-month | 1.4% | SGD 50,000 |
Rates are quoted on a per-annum basis. The actual interest received will depend on the placement amount, tenor, value date, maturity date and SBI Singapore’s applicable calculation method.
The promotion is available for fresh placements as well as renewals of maturing time deposits. This makes it suitable for existing SBI Singapore customers rolling over deposits, as well as new customers placing fresh SGD funds. All placements remain subject to the bank’s account opening, documentation and acceptance requirements 🧾
How to place the deposit 📝
Placement is available at SBI Singapore branches. Use the SBI Singapore branch locator to check the nearest branch before heading down 📍
Relationship Managers can assist with new placements, renewals, form submission and general queries on the promotional time deposit. For a smoother visit, prepare identification documents and ensure funds are cleared before placement 🤝
SBI Singapore branch locations 🏦
- Cecil Street: 139 Cecil Street #01-01, YSY Building
- Ang Mo Kio: Block 710A Ang Mo Kio Avenue 8 #01-2633
- Jurong East: Block 130 Jurong Gateway Road #01-233
- Little India: Block 677 Rangoon Road #01-02
- Marine Parade: Block 83 Marine Parade Central #01-564
Before visiting a branch ✅
- Prepare NRIC, passport or other required identification documents
- Make sure the SGD funds are cleared and available for placement 💳
- Bring existing time deposit details for renewals 🔄
- Confirm whether the placement will be made under an individual or joint account
- Check maturity instructions carefully to avoid unwanted auto-renewal at board rates
Important terms and conditions ⚠️
- Effective date: Promotional rates are effective from 2 Jun 2026 and are available for a limited period only 🗓️
- Minimum placement: The minimum deposit applies per individual or per joint account
- Maximum placement: Multiple deposits are allowed, provided the total maximum amount per individual is less than SGD 1,000,000
- Deposit start date: The term deposit begins only when cleared funds and completed forms are received and accepted by the bank 🧾
- Auto-renewal: Unless written instructions are submitted at least three working days before maturity, the deposit will automatically renew for the same period at the prevailing board rate at the time of renewal 🔄
- Premature withdrawal: The promotional rate will not apply. For SGD placements, the board rate at the time of placement applies for completed quarters only.
- Promotion changes: SBI Singapore may discontinue, vary or revise the promotion and rates without prior notice 📣
Deposit insurance reminder 🛡️
Singapore-dollar deposits of non-bank depositors are insured under the SDIC scheme up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits and certain investment products are not insured.
For full promotional details, visit the official SBI Singapore promotions page 📄. For wider market comparison, this Singapore fixed deposit comparison guide may help with checking other deposit options 🔍
Overall, this SBI Singapore SGD time deposit promotion may suit savers who prefer predictable returns, a fixed maturity period and a minimum placement from SGD 50,000. The 6-month tenor offers the higher promotional rate for a shorter commitment, while the 12-month tenor provides a longer fixed placement for those who do not need immediate access to the funds 👍
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