For amounts above this, DBS is paying 0.05%, which is even lower than OCBC and UOB. BanksĮven though DBS is offering 1.15% for its interest rate, we need to look deeper – to the fact that it is only up to about $20,000. Read Also: What Would It Take For CPF Interest Rates To Increase Beyond 2.5% (For OA) And 4.0% (For SA and MA) What Is The Fixed Deposit Rate In Singapore Currently?Ī quick look at the fixed deposit rate of three local banks in Singapore shows us that they are still at depressed levels. This is because our CPF Ordinary Account interest rates are actually determined by the following formula: 80% : 20% fixed deposit to savings rate of preceding 3-month average of major local banks’ interest rates. While writing the article, we highlighted the fact that the three local banks in Singapore – DBS, OCBC and UOB – have a responsibility to Singaporeans to ensure they are paying a fair interest rate on their Fixed Deposits (FD) and Savings Accounts. Given the heightened interest rate environment, we tried to find out what it would take for our CPF interest rates to increase in Singapore. Federal Reserve to hike interest rates at an unprecedented rate. We would also have read about the reason – stubbornly high inflation, which has forced the U.S. Most of us would know that interest rates have been climbing steadily in recent months.
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