 We are now on Telegram. Click to join |
State Bank of India Singapore Unveils Revised Promotional Time Deposit Rates up to 1.35% p.a.
State Bank of India (SBI), Singapore has officially launched a new promotional campaign for Singapore Dollar (SGD) time deposits, taking effect from 7 August 2025.
This updated offering features a peak promotional return of 1.35% per annum, a moderate adjustment compared to the higher rate of 1.6% p.a. offered in late July 2025.
Promotional Time Deposit Interest Rates
Customers can choose from a structured interest rate scheme based on deposit size and tenor. The details are summarised below:
| Currency | Tenor | Promotional Interest Rate* (p.a.) | Minimum Deposit |
|---|---|---|---|
| SGD | 6-month | 1.35% | SGD 200,000 to SGD 1,000,000 |
This promotion applies to both fresh placements and renewals. It aims to attract both new customers and existing depositors, providing a secure avenue for wealth preservation with competitive yields. However, the promotional rate is strictly limited to deposits ranging from SGD 200,000 to SGD 1 million per account (individual or joint).
Who Can Apply and How
To take advantage of this promotion, customers must visit any SBI Singapore branch. Personalised support is available from Relationship Managers to assist with the full process, including deposit placement or renewal and document submission.
Important Terms and Conditions
- This promotion is applicable for new deposits and renewals made during the promotional period.
- A minimum deposit threshold of SGD 200,000 is mandatory to qualify for the 6-month promotional rate.
- Customers may place multiple deposits, provided the combined value does not exceed SGD 1 million per customer.
- The applicable promotional rate will commence only on the “Start Date”, which is the date when cleared funds and completed documentation are received by SBI Singapore.
For complete promotional details, customers should refer to the official SBI Singapore promotions page.
SBI Standard Singapore Dollar Time Deposit Rates
| Period/Amount | 5000 < 1mil |
|---|---|
| SGD Deposits | Interest Rates (% p.a.) |
| 8 days – 1 month | Nil |
| 1 month | 0.35% |
| 2 months | 0.50% |
| 3 months | 1.25% |
| 6 months | 1.25% |
| 9 months | 1.15% |
| 12 months | 1.15% |
| 18 months | 1.00% |
| 24 months | 1.00% |
All rates quoted are indicative and may vary. They are expressed as % per annum and are subject to revision without prior announcement. For deposits of SGD 1 million and above, rates will be customised on a case-by-case basis.
More information on these rate can be found here.
Compare More Fixed Deposit Options
Want to explore other time deposit promotions? Click here to compare top fixed deposit deals available across various banks in Singapore.
The revised promotion from SBI Singapore offers a timely opportunity for individuals with sizable capital to enjoy relatively attractive fixed deposit returns amid a moderating interest rate environment. While the rates are lower than last month’s peak, they remain competitive in the current market landscape. As always, interested parties are encouraged to act promptly, as these promotions tend to be time-limited and subject to adjustment based on market conditions.
Leave a Reply