1,100 scam cases and $51.7 million of potential losses averted by police, banks in 2-month stint
1,100 scam cases and $51.7 million of potential losses averted by police, banks in 2-month stint
A two-month-long joint operation between the police and four banks resulted in the successful prevention of more than 1,100 scam cases and potential losses of $51.7 million.
This was done through the deployment of Robotic Process Automation (RPA) technology, which significantly reduces the police's response time in identification of victims entrenched in government official impersonation scams, job scams, investment scams, fake friend call scams and e-commerce scams.
The scam victims are alerted through SMS notifications, mitigating the risk of financial losses.
The four participating banks are DBS, OCBC, SCB and UOB.
Police said that Anti-Scam Centre (ASC) officers and the four banks sent over 5,600 SMS messages to more than 3,500 bank customers identified as potential scam victims between March 1 and April 30.
They added: "Through these efforts, $51.7 million of potential losses were prevented.
"This timely detection and intervention initiative proved crucial in disrupting scam attempts, protecting victims before they could transfer their savings to fraudsters."
Members of the public are urged to 'ACT' against scams:
1. ADD security features such as the ScamShield application and twofactor authentication for personal accounts, such as banks, social media, and Singpass accounts. Transaction limits for internet banking, including PayNow, could also be set up to limit the amount of funds that can be lost in the event of a scam.
2. CHECK for potential signs of a scam by asking questions, fact-checking requests for personal information and money transfers, and verifying the legitimacy of online listings and reviews. Take the time to pause and check. If it is too good to be true, it is probably untrue, and a scam.
3. TELL the authorities and others about scam encounters by reporting to the bank, ScamShield, or by filing a police report. Tell others about ongoing scams and preventive steps they can take. Report the fraudulent pages and/or monikers to the respective platforms.
For more information on scams, members of the public can visit www.scamshield.gov.sg or call the ScamShield Helpline at 1799.
Anyone with information on such scams may call the police hotline at 1800-255-0000 or submit information online at www.police.gov.sg/i-witness. All information will be kept strictly confidential.
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7 hours ago
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Best fixed deposit rates in Singapore (June 2025): Minimum deposits from $500, rates up to 2.45%, Money News
If you think that fixed deposits are only for conservative cash — rich aunties and uncles, think again. A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time. Although fixed deposit rates have been falling, there's a good number of rates that are still very decent and worth giving a shot if you have some money lying around. You don't even need a large stash of cash-these days, banks are offering fixed deposits starting from as low as $500! Here's our round-up of the best fixed deposit rates in Singapore in Jun 2025 for banks like UOB, DBS, OCBC, and more. Overview of Singapore fixed deposit rates (June 2025) Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore this month for various deposit amounts and commitment periods. Note: Most of these are promotional interest rates, and banks can change their rates anytime. Do check their respective websites for the latest rates. Overall highest fixed deposit rates in Singapore (June 2025) Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Jun 2025: DBS (2.45 per cent p.a. - min. $1,000 for 12 months) HL Bank (2.35 per cent p.a. - $100,000 for six months) State Bank of India (2.35 per cent p.a. - min. $50,000 for six months) StashAway Simple Guaranteed (2.20 per cent p.a. - three months with no minimum amount) CIMB (2.15 per cent p.a. - min. $10,000 for three months) Maybank (2.15 per cent p.a. - min. $20,000 for nine months) ICBC (2.15 per cent p.a. - $500 for three months) Syfe Cash+ Guaranteed (2.15 per cent p.a. - three months with no minimum amount) Bank of China (2.10 per cent p.a. - min. $500 for three months) RHB (2.00 per cent p.a. - min. $20,000 for three, six, or 12 months) UOB (2.00 per cent p.a. - min. $10,000 for six months) OCBC (1.90 per cent p.a. - min. $30,000 for nine months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) Standard Chartered (1.80 per cent p.a. - min. $25,000 for five months) HSBC (1.55 per cent p.a. - min. $30,000 for one month) To view fixed deposit rates by commitment period or deposit amount, navigate our summary to jump to the section that best matches your needs. Fixed deposit rates by commitment period When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for three, six or 12 months, we've worked out the best fixed deposit rates for you. Best fixed deposit rates for a 3-month commitment period Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a 3-month commitment period. Syfe Cash+ Guaranteed (2.15 per cent p.a. - three months with no minimum amount) StashAway Simple Guaranteed (2.20 per cent p.a. - three months with no minimum amount) ICBC (2.15 per cent p.a. - $500 for three months) CIMB (2.15 per cent p.a. - min. $10,000 for three months) Bank of China (2.10 per cent p.a. - $500 for three months) Citibank (2.10 per cent p.a. - $10,000 for three or six months) RHB (2.00 per cent p.a. - min. $20,000 for three, six, or 12 months) Syfe Cash+ Guaranteed Period Syfe Cash+ Guaranteed rate (no min. or max deposit amount) 1 month 2.00% p.a. 3 months 2.15% p.a. 6 months 2.05% p.a. 12 months 1.90% p.a. Rates accurate as of 5 June 2025. Do check the Syfe Cash+ Guaranteed page for the latest rates. If you're looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks. Syfe Cash+ Guaranteed isn't technically a fixed deposit, but invests your funds into fixed deposits by with banks that are regulated by MAS. Their rates are generally higher than traditional banks, and there's also no minimum or maximum amount. As of 5 June 2025, Syfe Cash+ Guaranteed is offering up to 2.15 per cent p.a. with a 3-month tenure. It's taken a huge hit since last year, when it was offering up to 3.8 per cent. Still, 2.15 per cent is one of the highest rates this month on our list. MoneySmart Take What we like: Higher rates than traditional banks, no minimum or maximum deposit amount. What we don't like: No liquidity. You cannot withdraw the funds prematurely even if you're willing to pay a penalty. With traditional banks, you can prematurely withdraw your fixed deposit funds by paying an early withdrawal fee StashAway Simple Guaranteed rate Period StashAway Simple Guaranteed rate (no min. or max. deposit amount) 1 month 2.10% p.a. 3 months 2.20% p.a. 6 months 2.05% p.a. 12 months 1.90% p.a. Rates accurate as of 5 June 2025. Do check StashAway's Simple Guaranteed page for the latest rates. StashAway offers a cash management solution called Simple Guaranteed that earns you interest on your money. StashAway Simple Guaranteed places funds in fixed deposits with MAS-regulated banks, and you get an interest rate that's slightly higher than what you'd get with a fixed deposit at a bank. As of 5 June 2025, the highest StashAway Simple Guaranteed interest is 2.20 per cent p.a. for a 3-month period, with no minimum or maximum deposit amounts. It's just a little higher than Syfe's highest rates this month. MoneySmart Take What we like: Relatively high rates compared to traditional fixed deposits. Plus, no minimum or maximum deposit amount. What we don't like: Like Syfe's Cash+ Guaranteed, there's no way for you to withdraw your funds early, penalty fee or not. Once locked in, your cash is locked in tight. ICBC fixed deposit rates Deposit amount Period $20,000 to <$200,000 (over the counter) $500 to <$200,000 (via e-banking) 1 month 1.90% p.a. 2.00% p.a. 3 months 2.05% p.a. 2.15% p.a. 6 months 2.00% p.a. 2.10% p.a. 9 months 2.00% p.a. 2.10% p.a. 12 months 1.95% p.a. 2.05% p.a. Rates accurate as of 5 June 2025. The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC's website for the latest rates. There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500 — nope, we didn't miss a zero there! Even if you only have $500 to invest, you can still get a rate of 2.15 per cent p.a. with a commitment period of three months. You have to do this via e-banking to get this rate. Set on doing it the old school way over the counter? Firstly, you'll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 2.05 per cent p.a. for a 3-month period. There is a plus point for ICBC's fixed deposit-there's no penalty for early withdrawal. That means you fixed deposit isn't as fixed as you might think. MoneySmart Take What we like: Ultra low minimum deposit amount of just $500 via e-banking and a low commitment period of anywhere between a month to a year, making ICBC very accessible. ICBC also doesn't penalise you for early withdrawals. What we don't like: Rates are only slightly above average. And for older folk who want to open a fixed deposit account in person, their minimum deposit amount shoots up to $20,000 while the fixed deposit rates drop slightly. Citibank fixed deposit rates Deposit amount Period $10,000 to $5 million 3 months 2.10% p.a. 6 months 2.10% p.a. Note: The promotional rates above are stated as valid until June 30, 2025. Do check Citibank's fixed deposit promotion page for the latest rates in case Citibank makes changes. The best Citibank fixed deposit rate you can currently get is 2.10 per cent p.a. for a minimum deposit amount of $10,000 and a commitment period of three or six months. That's up by 0.10 per cent since their promotional rates in May 2025. Citibank's minimum deposit is $10,000, which is fairly accessible. This amount is lowered from the previous $50,000, which is a markedly much larger sum of money. MoneySmart Take What we like: Short commitment period of just three months. For those with a lot of money to park in a fixed deposit account, there's also a high upper limit of $3 million. What we don't like: High minimum deposit amount. Not everyone has $50,000 just lying around. HSBC fixed deposit rates Deposit period Personal Banking customers Premier and Premier Elite customers without wealth holdings Premier and Premier Elite customers with wealth holdings 1 month 1.55% p.a. 1.60% p.a. 2.00% p.a. 3 months 1.40% p.a. 1.45% p.a. 1.85% p.a. 6 months 1.40% p.a. 1.45% p.a. 1.85% p.a. 12 months 1.25% p.a. 1.30% p.a. 1.70% p.a. Promotional rates valid until June 30, 2025. Do check HSBC's website for the latest rates. HSBC is offering anything from 1.25 per cent to 2.00 per cent p.a., depending on your banking relationship with them. For the bulk of us who are regular banking customers, the highest fixed deposit rate you can get with HSBC this month is just 1.60 per cent p.a. The best case scenario is if you are a Premier or Premier Elite customer who also has investments with HSBC. If you fit the bill, HSBC will give you 2.00 per cent p.a. for a deposit period of one month. No matter your banking relationship with HSBC, the minimum sum you have to put in is a hefty $30,000. Compared to other banks, it's a rather large sum for an average at best fixed deposit interest rate. MoneySmart Take What we like: Short commitment period of just three months available. What we don't like: High minimum sum. You're going to need at least $30,000 to place a fixed deposit with HSBC. Bank of China fixed deposit rates Period Fixed deposit interest rates Over the counter placement ($20,000 and above) Mobile banking placement 1 month 1.85% p.a. 2.05% p.a. (minimum amount: $500 and above) 3 months 1.85% p.a. 2.10% p.a. (minimum amount: $500 and above) 6 months 1.80% p.a. 2.00% p.a. (minimum amount: $20,000 and above) 1.95% p.a. (minimum amount: $500 and above) 9 months 1.80% p.a. 2.00% p.a. (minimum amount: $500 and above) 12 months 1.80% p.a. 2.00% p.a. (minimum amount: $20,000 and above) 1.95% p.a. (minimum amount: $500 and above) The rates above were set on June 2, 2025 and are subject to change any time by the Bank of China. We noticed they change rates every few weeks or so. Check their website for the latest rates. The Bank of China is currently offering 2.10 per cent p.a. for a placement of $500 for a period of three months — surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate. Rates aside, the best part about the Bank of China's fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $500 to spare for only 1 month, you can still get a pretty decent interest rate of 2.05 per cent p.a. MoneySmart Take What we like: Short commitment period of three months, and very low minimum deposit amount of $500. What we don't like: Like ICBC, the Bank of China offers different rates depending on how you place your funds — online rates are better than rates at the bank branch. This may disadvantage older folks who want to open a fixed deposit account over the counter and find that their fixed deposit rates become 0.10 per cent p.a. lower. Best fixed deposit rates for a 6-month and 12-month commitment periods Looking to stash your cash in a fixed deposit account for six months or one year? Here's a summary of the best fixed deposit rates in Singapore in 2025 for 6-month and 12-month commitment periods: Best fixed deposit rates in Singapore for 6 and 12 months (Jun 2025) Min. deposit amount 6 months 12 months No minimum 2.05% p.a. ( Syfe ); 2.05% p.a. ( StashAway ) 1.90% p.a. (Syfe); 1.90% p.a. (StashAway) $500 2.25% p.a ( ICBC ); 1.95% p.a. ( Bank of China ) 2.25% p.a. (ICBC); 1.95% p.a. (Bank of China) $1,000 2.15% p.a ( DBS ) 2.45% p.a ( DBS ) $10,000 2.05 – 2.10% p.a. ( CIMB ) 1.85 – 1.90% p.a. (CIMB) $20,000 2.05% p.a. ( Maybank ); 2.00 – 2.10% p.a. ( RHB ) 2.05% p.a. (Maybank); 2.00 – 2.10% p.a. (RHB) $30,000 – 1.85% p.a. ( OCBC ) $50,000 2.35% p.a. ( State Bank of India ) 2.25% p.a. (State Bank of India) $100,000 2.35% p.a. (HL Bank) – CIMB fixed deposit rates Deposit amount: $10,000 and above Period Personal Banking (For regular CIMB customers) Preferred Banking 3 months 2.15% p.a. 2.20% p.a. 6 months 2.00% p.a. 2.10% p.a. 9 months 1.85% p.a. 1.90% p.a. 12 months 1.85% p.a. 1.90% p.a. Promotional rates valid from June 1, 2025, subject to change anytime by CIMB. Do check CIMB's website for the latest rates. Malaysian bank CIMB is offering relatively good fixed deposit rates in Singapore this month, at up to 2.15 per cent p.a. for regular CIMB customers and 2.20 per cent p.a. if you're a CIMB Preferred Banking customer. This promo is for deposits of at least $10,000. To enjoy the highest rates, you need to lock up your money for three months and must apply and deposit your money online. If you're looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB's board rates apply from deposits of $1,000 and up. However, they are a measly 0.2 per cent to 0.3 per cent p.a. or so. In this instance, you would be better off placing your money almost anywhere else. ICBC (2.15 per cent p.a. with a minimum deposit of $500 for three months) and the Bank of China (2.10 per cent p.a. with a minimum deposit of $500 for three months) are good options for small deposit amounts and small time frames. MoneySmart Take What we like: Relatively short commitment periods of three and six months. What we don't like: CIMB's best rates are reserved for their Preferred Banking customers — these are 0.05 per cent p.a. higher than the rates for regular Personal Banking customers. So if they advertise their rates as up to a certain rate, know that those rates may not apply to you. RHB fixed deposit rates Deposit amount: $20,000 and above Period Personal banking Premier banking 3 months 2.00% p.a. 2.10% p.a. 6 months 2.00% p.a. 2.10% p.a. 12 months 2.00% p.a. 2.10% p.a. Note: The rates above are correct as of 5 June 2025. They are promotional rates subject to change at any time by RHB. Do check RHB's website for the latest rates. The easiest way to place your fixed deposit with RHB is on your phone via the RHB Mobile SG App. However, if that isn't possible for you, RHB's fixed deposit rates are the same whether you use mobile banking or head down to one of their branches. The highest rate personal banking customers can get is 2.00 per cent p.a. with a minimum deposit requirement of $20,000 — slightly on the high side compared to other banks. Currently, this rate applies to two of the three available tenors — three or six months. A big advantage to RHB's fixed deposit is that they don't charge you any penalty fee for early withdrawal. That means you can take your cash out early with no penalty in the event of an emergency. MoneySmart Take What we like: No premature penalty fee if you want to withdraw your funds early! What we don't like: RHB's minimum deposit amount of $20,000 is higher than that for other banks. HL Bank fixed deposit rates Minimum placement amount Tenure Promotional rate $100,000 6 months 2.35% p.a. Do check HL Bank's latest fixed deposit promotion; HL Bank may revise rates at any time at their discretion. A member of the Hong Leong group, HL Bank's current fixed deposit promotion is for a minimum placement of $100,000. Stash this sum away with them for six months, and you'll be rewarded with an interest rate of 2.35 per cent. It's a large sum, but 2.35 per cent is a relatively high rate compared to other banks' fixed deposit promotions this month. MoneySmart Take What we like: High promotional fixed deposit rates — we've seen HL Bank hit four per cent p.a. at its peak in 2023. This month, HL Bank's 2.8 per cent is — in relative terms — also one of the highest. What we don't like: Their promotional rates require a very high minimum deposit amount of $100,000. Maybank fixed deposit rates Deposit amount: $20,000 and above Period iSAVvy Time Deposit Promotion (Online Placement) Deposit Bundle Promotion (Placement in Branch) 6 months 1.80% p.a. 2.05% p.a. 9 months 1.85% p.a. 2.15% p.a. 12 months 1.80% p.a. 2.05% p.a. Note: The rates above are promotional rates subject to change at any time by Maybank. Check the Maybank fixed deposit rate page for the latest rates. Maybank is among one of the higher fixed deposit rates this month with up to 2.15 per cent p.a. (nine months) under a deposit bundle promotion. Without the bundle, it's 1.85 per cent p.a. (nine months). To unlock the highest rate that's available under the deposit bundle promotion, you must have an eligible Maybank savings accounts or current account. For every $1,000 in the account (minimum of $2,000), you can put $10,000 into your fixed deposit (minimum $20,000). For example, if I have $3,000 in my Maybank savings account, I can do a $30,000 fixed deposit and earn 2.15 per cent p.a. on it over six months. While that's a relatively high rate this month, don't forget that you need to leave money in your current or savings account to unlock this rate. This sum of money you stash away will come with an opportunity cost. In the example above, I face the opportunity cost of the interest I would be able to earn on the $3,000 even while I earn interest on the $30,000 fixed deposit. MoneySmart Take What we like: We like that both online placements and placements in branch enjoy the same rates-those who can't access one or the other for whatever reason aren't disadvantaged. Their deposit bundle promotions also work well if you already have or intend to get a Maybank savings account. What we don't like: Low rates, longer commitment periods, and quite a large deposit amount relative to other banks on this list. OCBC fixed deposit rates Period Deposit amount of $30,000 and above 9 months 1.80% p.a. (placement in branch) / 1.90% p.a. (online banking) 12 months 1.75% p.a. (placement in branch) / 1.85% p.a. (online banking) Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC's fixed deposit rates for the latest. OCBC's highest fixed deposit rate this month is 1.90 per cent p.a. for a 9-month deposit period. That's if you use internet banking. Going down to an OCBC branch to set up your fixed deposit account is going to yield an even lower rate of 1.80 per cent p.a. While 1.90 per cent p.a. is not high, OCBC has maintained relatively low fixed deposit rates for the past few months anyway. Now that other banks have slashed theirs, OCBC's has gone from low to kinda average. MoneySmart Take What we like: Short commitment period of six months. What we don't like: Relatively high minimum deposit amount of $30,000. OCBC also has a pretty significant disparity in its in-branch rates versus online banking rates, which makes me think older folks who only can only access banking services in person are disadvantaged. Fixed deposit rates by minimum deposit amount Is cash your limiting factor? Good news — the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts: $10,000 and under $20,000 - $49,999 $50,000 and above Best fixed deposit rates for deposits $10,000 and under These are the best fixed deposit rates in Singapore 2025 for deposits $10,000 and under: DBS (2.45 per cent p.a. - min. $1,000 for 12 months) ICBC (2.15 per cent p.a. - $500 for three months) CIMB (2.15 per cent p.a. - min. $10,000 for three months) Bank of China (2.10 per cent p.a. - min. $500 for three months) UOB (2.00 per cent p.a. - min. $10,000 for six months) DBS fixed deposit rates Deposit amount Period $1,000 – $19,999 $20,000 – $999,999 1 month 0.30% p.a. 0.05% p.a. 3 months 1.00% p.a. 6 months 2.15% p.a. 9 months 2.35% p.a. 12 months – 60 months 2.45% p.a. DBS kept their fixed deposit rates consistent throughout 2024, with rates of up to 3.20 per cent p.a. But in 2025, they took a big hit. Currently, the best DBS fixed deposit rate is 2.45 per cent p.a. for those who put $1,000 to $19,999 into a fixed deposit for 12, 18, 24, 36, 48 or 60 months. That's decent compared to other promotional fixed deposit rates this month from other banks, and of course is still miles better than having your cash parked in a regular savings account. Additionally, one thing I have always liked about the DBS fixed deposit rates is their low minimum deposit amount of $1,000. Additionally, they're also pretty flexible with the deposit period. If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period at 1-month intervals, from 1 - 12 months. Most other banks limit this to 3-month intervals. However, if you're looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05 per cent p.a. for all lock-in periods. You'd be better off investing your money almost anywhere else. MoneySmart Take What we like: Low minimum amount of just $1,000. We also like that you get so much flexibility in terms of how long you want to leave it in for — DBS offers deposit periods in 1-month intervals from 1 -12 months. What we don't like: DBS doesn't have very high fixed deposit rates (and rarely change them too). Their rates only become worth looking at from deposit periods of 12 months onwards, and even then are only relatively attractive if other banks drop their rates. Also, DBS is a poor option for investing larger sums. If you want to put in $20,000 or more, DBS fixed deposit rates plummet to just 0.05 per cent p.a. UOB fixed deposit rates UOB fixed deposit rates Period Minimum deposit amount: $10,000 6 months 2.00% p.a. 10 months 1.70% p.a. Promotion valid until: June 30, 2025, subject to change by UOB. Do check UOB's website for the latest rates. UOB's fixed deposit rate is currently 2-tiered-2.00 per cent p.a. for a deposit period of 6 months and 1.70 per cent p.a. for a deposit period of 10 months. This rate applies as long as you deposit a minimum of $10,000. If you want higher rates, consider the Bank of China (2.10 per cent p.a.) or ICBC (2.15 per cent p.a.) with just $500 for a 3-month tenor. MoneySmart Take What we like: Commitment periods start from a relatively short six months. What we don't like: UOB's current rate is below average. As aforementioned, you'd do better at other banks for the same deposit amount and period. Best fixed deposit rates for deposits $20,000–$49,999 If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month: Maybank (2.15 per cent p.a. - min. $20,000 for nine months) Bank of China (2.10 per cent p.a. - min. $500 for three months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) ICBC (2.15 per cent p.a. - $500 for three months) CIMB (2.15 per cent p.a. - min. $10,000 for three months) RHB (2.00 per cent p.a. - min. $20,000 for three, six, or 12 months) OCBC (1.90 per cent p.a. - min. $30,000 for nine months) Standard Chartered (1.80 per cent p.a. - min. $25,000 for five months) Standard Chartered fixed deposit rates Deposit amount: $25,000 and above Period Personal Banking customers Priority Banking customers Priority Private Banking customers 5 months 1.80% p.a. 1.85% p.a. 1.90% p.a. Promotional rates valid until: June 10, 2025, subject to change by Standard Chartered. Do check Standard Chartered's fixed deposit rates for the latest figures. With interest rates from 1.80 per cent p.a. to 1.90 per cent p.a., Standard Chartered's fixed deposit rates are on the lower end this month. Plus, you only get the higher rates if you're a priority private banking customer, i.e. with a certain high net worth. If you're a regular customer, you'll only be able to get a rate of 1.80 per cent p.a. with a 5-month tenor at their current promotional rates. In any case, you can get a better rate with the Bank of China with a smaller minimum sum-deposit $500 or more to lock in 2.10 per cent p.a. over three months. MoneySmart Take What we like: Relatively short commitment period of six months. What we don't like: Standard Chartered doesn't have very high rates for the average Joe — you only get a decent one if you're a priority private banking customer. Best fixed deposit rates for deposits $50,000 and above Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you've got a few good options. Here are the best fixed deposit rates in Singapore 2025 for deposits $50,000 and above: State Bank of India (2.35 per cent p.a. - min. $50,000 for six months) Bank of China (2.10 per cent p.a. - min. $500 for three months) ICBC (2.15 per cent p.a. - $500 for three months) RHB (2.00 per cent p.a. - min. $20,000 for three, six, or 12 months) CIMB (2.15 per cent p.a. - min. $10,000 for three months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) Citibank (2.10 per cent p.a. - $10,000 for three or six months) State Bank of India Singapore fixed deposit rates The State Bank of India is currently offering just two fixed deposit promotions with a minimum deposit of $50,000: Tenor Promotional interest rate Minimum deposit 6-month 2.35% p.a. $50,000 12-month 2.25% p.a. $50,000 These rates are quite high this month compared to other banks. However, so is their minimum sum you need to deposit. If we're looking at smaller sums, we're left with the board rates that only require a minimum of $5,000: SBI Singapore board rates Period Deposit amount: $5,000 to $1,000,000 1 month 0.35% p.a. 3 months 1.75% p.a. 6 months 2.25% p.a. 12 months 2.00% p.a. 24 months 1.50% p.a. The highest board rate you'll get to enjoy is 2.25 per cent p.a., which is actually comparable to some promotional rates this month from other banks. However, if you're planning to leave your $5,000 in a fixed deposit, you can still find better rates elsewhere. For just $500, you can enjoy 2.15 per cent p.a. with ICBC or 2.10 per cent p.a. with the Bank of China for a 3-month period. MoneySmart Take What we like: Relatively short commitment periods available, with decent interest rates. What we don't like: SBI asks for a high minimum deposit sum. Hong Leong Finance fixed deposit rates Deposit amount 9 months 11 months 13 months $5,000 to < $20,000 1.78% 1.73% 1.73% $20,000 and above 1.83% 1.78% 1.78% The rates above are as of 5 June 2025 and are subject to change any time at the discretion of Hong Leong Finance. See Hong Leong Finance's fixed deposit rates for the latest. Besides putting your money with banks, it's also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don't get it confused with HL Bank, though. While the twp share the same name, they offer entirely different fixed deposit rates. With a lock-in period of nine months, Hong Leong Finance is currently offering a fixed deposit rate of 1.83 per cent p.a. for a $20,000 minimum deposit. For slightly longer tenors of 11 or 13 months, you earn 1.78 per cent p.a. instead. These rates are low this month; you'd be able to find better rates almost anywhere else. MoneySmart Take What we like: Short tenor periods for which you have to stash your cash with them. What we don't like: Hong Leong Finance isn't coming out super strong in terms of their fixed deposit rates — average at best. They also require a minimum deposit of $20,000, which is not the most beginner-friendly. Fixed deposit vs savings account - what's the difference? Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05 per cent p.a. interest on a regular savings account, but looking at interest rate alone isn't enough to compare the two. Here are the differences between fixed deposits and savings accounts at a glance: Fixed deposit Savings account Tenure As low as 1 month, but go for at least 6 months for better rates None Interest rate Usually, the longer the tenure, the better the interest rate Usually the same regardless of tenure Deposit amount Fixed amount, usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China Smaller initial deposit and minimum monthly balance ($500 to $3,000) Currency SGD by default, but some banks offer higher interest rates for foreign currency SGD by default. There are a few multi-currency accounts, but no difference in interest rate Can you withdraw? Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. Yes, no impact on interest, but don't fall below the minimum balance Interest payments Quarterly or annually Monthly Risk level Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) Compare fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills If you're looking for a virtually risk-free investment vehicle, you're bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider. Fixed deposit SSB T-bills Tenure As low as 1 month, but go for at least 6 months for better rates 10 years 6 months / 1 year Current interest rate Up to 3.35% p.a. 2.49% p.a. ( June 2025 SSB's 10-year average return) 2.05% p.a. (cut-off yield for 5 Jun 2025 6-month T-bill ) Deposit amount Usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China $500-$200,000 $1,000, with a cap of $1 million in non-competitive bids at each auction. Currency SGD by default, but some banks offer higher interest rates for foreign currency SGD SGD Can you withdraw? Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond. No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market. Interest payments Quarterly or annually Every 6 months Upon maturity, full value of T-Bill refunded following initial sale at a discount Risk level Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) Virtually risk-free, backed by the Singapore government Virtually risk-free, backed by the Singapore government [[nid:717809]] This article was first published in MoneySmart .
Straits Times
2 days ago
- Straits Times
Over 200 investigated for suspected roles in scams involving more than $5.84m in losses
Those arrested were believed to be involved in more than 980 scam cases of different types. ST PHOTO: NG SOR LUAN Over 200 investigated for suspected roles in scams involving more than $5.84m in losses SINGAPORE – More than 200 people are being investigated for their suspected roles in scams involving over $5.84 million in losses, following a two-week police operation. They are suspected of being scammers or money mules in more than 980 cases, including investment, job, e-commerce, friend or government official impersonation and rental scams. The suspects comprise 83 women and 149 men, aged between 17 and 77. The islandwide operation took place between May 23 and June 5, said the police in a statement on June 6. Scams have been on the rise in Singapore, with the number of reported cases increasing yearly since 2019. In 2024, there were 51,501 reported cases of scams involving more than $1.1 billion in losses – the first time in the Republic that over a billion dollars was lost to scammers in a year. The suspects in the latest operation are being investigated for the alleged offences of cheating, money laundering or providing payment services without a licence. If found guilty of cheating, offenders may face up to 10 years in jail and a fine. Those convicted of money laundering may be jailed for up to 10 years, fined up to $500,000, or both. Anyone found guilty of providing payment services without a licence could be jailed for up to three years, fined up to $125,000, or both. For more information on scams, visit or call the ScamShield helpline on 1799. Those with information on scams may call the police hotline on 1800-255-0000 or submit information online at Join ST's WhatsApp Channel and get the latest news and must-reads.
AsiaOne
2 days ago
- AsiaOne
Government official impersonation scam: Syndicate received gold bars worth 500k, cash from victims, Singapore News
Three men, aged 24, 28 and 30, will be taken to court on Friday (June 6) for their suspected involvement in a Government official impersonation scam. The police said in a news release on June 5 that a 68-year-old man who fell for the scam had lodged a report on June 3. Scammers had posed as staff from the Monetary Authority of Singapore and convinced the elderly victim that he had been implicated in an offence and needed to surrender 27 pieces of 100g gold bars for investigations. Officers from the police's Anti-Scam Command subsequently arrested the two men, aged 24 and 28, as well as a 29-year-old woman on June 4. The 28-year-old man is believed to have collected the gold bars from the victim on behalf of the scam syndicate with assistance from the other two. Following the arrests of the trio, police officers nabbed two more men, aged 29 and 30, at Woodlands Checkpoint before they attempted to leave Singapore. The 30-year-old man is believed to have worked with the earlier arrested persons in facilitating the scam syndicate to retain benefits from criminal conduct, said the police. Further investigations found that the three men, aged 24, 28 and 30, are also believed to have received gold bars valued at approximately $500,000 from a 61-year-old victim and at least $21,000 of cash from a 36-year-old victim in separate scam cases. The police seized $22,000 in cash and at least six mobile phones as case exhibits. The three men will be charged in court with the offence of abetment by conspiracy to assist another to retain benefits from criminal conduct, according to the police. If convicted, they may face a jail term of up to 10 years, a fine of up to $500,000, or both. Investigations against the 29-year-old woman and the 29-year-old man are also ongoing. The police said members of the public should always reject requests by others to use their bank accounts or Singpass accounts, to avoid being implicated in criminal activity They warned that any person who allows their personal bank accounts to be used to receive and transfer money for others will be held accountable if the transactions are linked to crimes. [[nid:718598]]
