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SBI Singapore Launches Time Deposit Promotion with Rates Up to 1.6% p.a.
State Bank of India (SBI), Singapore has officially released a revised set of promotional interest rates for Singapore Dollar (SGD) time deposits, effective 24 July 2025.
The latest offer features returns of up to 1.6% per annum, marking a slight decline from the earlier promotional peak of 1.75% p.a. seen earlier in July 2025. This downward revision reflects a broader adjustment also observed in the bank’s updated board rates, which now top out at 1.25% p.a.
Promotional Time Deposit Rates
The revised promotion provides customers with several options, based on deposit amount and tenor. The new rates are as follows:
| Currency | Tenor | Promotional Interest Rate* (p.a.) | Minimum Deposit |
|---|---|---|---|
| SGD | 6-month | 1.50% | SGD 50,000 to SGD 199,999 |
| SGD | 12-month | 1.40% | SGD 50,000 to SGD 199,999 |
| SGD | 6-month | 1.60% | SGD 200,000 to SGD 1,000,000 |
| SGD | 12-month | 1.50% | SGD 200,000 to SGD 1,000,000 |
This promotion is valid for both new placements and renewals, catering to existing account holders as well as new customers looking to park funds in a stable, interest-generating product. The rates are applicable only within the stated deposit range, up to SGD 1 million per individual or joint account.
Eligibility and How to Apply
To enjoy these promotional rates, interested applicants must visit any SBI Singapore branch. Dedicated Relationship Managers are available to guide customers through the account opening or renewal process.
Important Terms and Conditions
- Offer is valid for fresh placements and renewals during the limited promotional period.
- Minimum deposit amount must be met as per the deposit tier and currency stated.
- Multiple deposits are allowed, provided the cumulative amount per customer does not exceed SGD 1,000,000.
- The “Start Date” of the deposit will be the date funds are cleared by SBI Singapore. Promotional rates will only apply from this Start Date once all account opening documentation is submitted and accepted.
Customers can find the complete details of the promotion on the SBI Singapore promotions page.
More Fixed Deposit Options
Looking for more fixed deposit deals? Click here to view and compare the best available time deposit products from banks across Singapore.
SBI Singapore’s revised time deposit rates signal a cautious yet stable offering in the face of shifting market conditions. While slightly lower than the bank’s earlier promotions, the rates remain competitive for depositors looking for secure returns on medium- to large-sized savings. With flexible application terms and a wide deposit range, the promotion remains a strategic choice for both new and existing clients seeking safe harbour for their SGD funds.
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