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SBI Singapore Revises Interest Rates for SGD Time Deposits as of 7 May 2025
In a latest development for fixed income investors, State Bank of India (SBI), Singapore, has officially adjusted its promotional interest rates for Singapore Dollar (SGD) time deposits. As of 7 May 2025, customers can enjoy interest returns of up to 2.35% per annum.
This move marks a downward revision compared to the bank’s earlier promotional rates launched on 19 March 2025, which offered up to 2.5% p.a.
Time Deposit Rates as of 7 May 2025
The newly revised rates apply to two key tenures, with a minimum deposit threshold of SGD 50,000:
| Currency | Tenure | Promotional Interest Rate* (p.a.) | Minimum Deposit |
|---|---|---|---|
| SGD | 6-month | 2.35% | SGD 50,000 |
| SGD | 12-month | 2.25% | SGD 50,000 |
This promotional offering is ideal for individuals looking to diversify or strengthen their fixed deposit portfolio. These rates are applicable to both new placements and renewals, allowing flexibility for current customers and newcomers alike.
Eligibility and Application Process
To take advantage of these promotional rates, interested customers are encouraged to visit any SBI Singapore branch. The bank’s Relationship Managers are on hand to provide professional guidance throughout the account opening or renewal process.
Terms and Conditions to Note
- The promotional rates are available for a limited period only.
- A minimum deposit of SGD 50,000 is mandatory to qualify.
- Multiple deposits are allowed, but an individual’s total deposits should not exceed SGD 1,000,000.
- Interest will begin accruing once the deposited funds have cleared with SBI Singapore.
More detailed information and full terms are available via the official SBI Singapore promotions page.
Want to compare more time deposit products? Click here to explore the best fixed deposit rates currently available across Singapore.
While the new rates from SBI Singapore represent a slight decline from the March 2025 figures, they continue to offer a competitive option for risk-averse investors seeking short to mid-term returns in SGD. The promotion reflects ongoing market shifts and aligns with broader interest rate trends.
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