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Maximise Your Earnings with Enhanced Time Deposit Interest Rates
UPDATE 1 Oct: State Bank of India Singapore New Time Deposit Rates of Up to 2.90% p.a. from 1 Oct
State Bank of India (SBI) Singapore has announced a new promotional offer on its Singapore Dollar (SGD) time deposits, with interest rates now reaching up to 3.15% per annum starting from 2 September 2024.
This latest offer reflects a 0.5% reduction in the 12-month tenure rates and a 0.25% drop for the 6-month tenure, compared to the previous rates introduced in June 2024.
Interest Rates as of 24 Sep 2024
Update 24 Sep: 12-month rate reduced to 2.7%
| Currency | Tenor | Promotional Interest Rate* (p.a.) | Minimum Deposit |
|---|---|---|---|
| SGD | 6-month | 3.15% | SGD 50,000 |
| SGD | 12-month | 2.70% | SGD 50,000 |
The promotional rates are available for a limited period and are designed to provide savers with an opportunity to maximise returns on their investments. Eligible customers can take advantage of these attractive rates with a minimum deposit requirement of SGD 50,000.
The offer is applicable for both new and renewal deposits, making it an appealing option for existing customers and new investors alike.
Application Process
To benefit from these promotional interest rates, individuals can visit any of the SBI branches located across Singapore. The bank’s Relationship Managers are available to assist clients with the application process and to provide further details about the promotion. It is advised that potential investors speak with an SBI Relationship Manager to understand the full benefits and conditions of the offer.
Terms and Conditions
- This promotional offer is available for both new deposits and the renewal of existing time deposits for a limited time only.
- A minimum deposit of SGD 50,000 is required for both individual and joint accounts to be eligible for these promotional rates.
- Customers are allowed to place multiple deposits, but the total should not exceed SGD 1,000,000 per individual in the respective currency.
- The start date of the term deposit will be determined when funds are cleared by SBIS (“Start Date”). The promotional interest rates will only apply from this Start Date, provided that the completed Account Opening Forms are duly received and accepted for processing by SBIS.
For more information on the promotional offer and detailed application procedures, please click here to visit the official SBI Singapore promotions page.
To check out other good fixed deposit offers, click here.
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