Singapore Fixed Deposit Wars - OCBC

OCBC has responded to the latest fixed deposit offerings from their competitors. Their fixed deposit product offers 2.90% for 12 months tenor.

You'll need to deposit SGD 20,000 worth of fresh funds

Fresh funds refer to funds not transferred or withdrawn from existing OCBC Bank deposit accounts and re-deposited, and do not include funds in the form of OCBC Bank cheque/cashier’s order/demand drafts. The maximum placement amount for all the above Time Deposit promotions is S$999,999 or equivalent.

According to this article, OCBC Premier Banking customers get a juicier 3.0% and OCBC Premier Private clients get 3.1%.

With this latest round of fixed deposit rate increases (albeit promotional rates), we are seeing rates not seen before, except during the 1980s to 2000s. This is according to MAS data on 12 month fixed deposit rates.

Your move, DBS

None of the above should be construed as investment advice. Do your own due diligence as I will not be responsible for any loss/risk.