Fixed Deposit Calculator Singapore
Maturity Value: $51,750.00
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| Amount (SGD) | Percentage | |
| Principal Amount | $50,000.00 | 96.6% |
| Interest Earned (Gross) | $1,750.00 | 3.4% |
| Less: Withholding Tax | $0.00 | 0.0% |
| Net Interest Earned | $1,750.00 | 3.4% |
| Effective Annual Rate | 3.50% | |
| Monthly Interest Income | $145.83 | |
| Daily Interest Accrual | $4.79 | |
| Interest Rate Type | Fixed | |
| Maturity Date | Dec 2025 | |
| Total Return | 3.50% | |
| Inflation-Adjusted Return | 1.00% | |
Interest Accrual Over Time
| Month | Interest Earned | Cumulative Interest | Total Value |
|---|---|---|---|
| 1 | $145.83 | $145.83 | $50,145.83 |
| 3 | $145.83 | $437.50 | $50,437.50 |
| 6 | $145.83 | $875.00 | $50,875.00 |
| 9 | $145.83 | $1,312.50 | $51,312.50 |
| 12 | $145.83 | $1,750.00 | $51,750.00 |
The Fixed Deposit Calculator Singapore helps individuals calculate interest earnings, compare bank rates, and find the best fixed deposit deals from major Singapore banks. This calculator considers compounding frequency, withholding tax, and promotional rates to provide accurate FD calculations.
Fixed Deposits in Singapore
Fixed deposits remain one of the most popular savings instruments in Singapore, offering guaranteed returns and capital protection. Singapore banks offer competitive FD rates with various terms and features to suit different investment needs and risk appetites.
Fixed Deposit Calculator Components
A Singapore fixed deposit calculation typically includes the following key components:
- Principal Amount—initial deposit amount.
- Interest Rate—annual interest rate offered by the bank.
- Deposit Term—duration of the fixed deposit.
- Compounding Frequency—how often interest is compounded.
- Withholding Tax—tax deductions on interest earnings (if applicable).
Major Singapore Banks FD Rates
Local Banks
Singapore's three major local banks offer competitive FD rates:
| Bank | 6-Month | 12-Month | 24-Month | Minimum |
|---|---|---|---|---|
| DBS Bank | 3.0% | 3.2% | 3.1% | $1,000 |
| OCBC Bank | 3.1% | 3.3% | 3.2% | $1,000 |
| UOB Bank | 3.2% | 3.4% | 3.3% | $1,000 |
Foreign Banks
International banks operating in Singapore:
| Bank | 6-Month | 12-Month | 24-Month | Minimum |
|---|---|---|---|---|
| Maybank | 3.3% | 3.5% | 3.4% | $500 |
| CIMB Bank | 3.25% | 3.45% | 3.35% | $1,000 |
| HSBC Singapore | 3.0% | 3.2% | 3.1% | $5,000 |
| Standard Chartered | 3.1% | 3.3% | 3.2% | $10,000 |
Types of Fixed Deposits
Regular Fixed Deposits
Standard FD products with fixed terms:
- Fixed interest rate for entire term
- Terms from 1 month to 5 years
- Interest paid at maturity or monthly
- Auto-renewal options available
Promotional Fixed Deposits
Special offers with higher rates:
- Limited-time promotional rates
- Higher minimum deposit requirements
- Specific terms and conditions
- Often for new customers only
Step-Up Fixed Deposits
Increasing interest rates over time:
- Interest rate increases periodically
- Longer terms (typically 2-5 years)
- Protection against rising interest rates
- Higher average returns
Interest Calculation Methods
Simple Interest
Basic interest calculation:
- Interest = Principal × Rate × Time
- No compounding effect
- Used for shorter-term deposits
- Easier to calculate
Compound Interest
Interest earned on interest:
- Interest compounded monthly, quarterly, or annually
- Higher effective returns
- More common for longer terms
- Significant impact over time
Fixed Deposit Features
Auto-Renewal
Automatic rollover at maturity:
- Convenience of automatic renewal
- Same term as original deposit
- Current prevailing rates apply
- Can be cancelled before maturity
Partial Withdrawal
Some FDs allow partial withdrawals:
- Withdraw portion of principal
- Minimum balance requirements
- Interest rate may be adjusted
- Penalties may apply
Early Withdrawal Penalties
Penalty Structure
Costs of breaking FD early:
- Forfeiture of interest earned
- Penalty fees (typically 1% of principal)
- Reduced interest rate for period held
- Administrative charges
Emergency Considerations
- Keep emergency funds separate
- Consider laddering strategy
- Understand penalty terms
- Plan for liquidity needs
Tax Implications
Singapore Residents
Tax treatment for residents:
- Interest income generally not taxable
- No withholding tax on SGD deposits
- Foreign currency deposits may have withholding tax
- Professional advice recommended
Non-Residents
- 15% withholding tax on interest
- Tax treaty benefits may apply
- Different rates for different countries
- Consult tax professionals
FD Investment Strategies
Laddering Strategy
Staggered maturity dates:
- Divide funds across multiple FDs
- Different maturity dates
- Regular liquidity access
- Interest rate risk mitigation
Barbell Strategy
- Combine short and long-term FDs
- Balance liquidity and returns
- Flexibility for rate changes
- Risk diversification
How to Use the Calculator
To use the Singapore Fixed Deposit Calculator:
- Enter your deposit amount
- Input the interest rate offered
- Select the deposit term
- Choose the bank or use custom rate
- Set compounding frequency
- Include any additional features
- Compare rates across banks
- Click "Calculate" to see results
The calculator will show maturity value, interest earned, and provide comparison across different banks and terms.
Factors to Consider
Interest Rate Environment
- Current MAS policy rates
- Expected rate movements
- Economic conditions
- Inflation expectations
Bank Selection Criteria
- Interest rates offered
- Bank's credit rating
- Customer service quality
- Additional banking services
Alternatives to Fixed Deposits
Singapore Savings Bonds (SSB)
- Government-backed security
- Step-up interest rates
- No penalty for early redemption
- $500 minimum investment
Treasury Bills (T-Bills)
- Short-term government securities
- 6-month and 1-year terms
- Competitive yields
- High liquidity
Important Considerations
When choosing fixed deposits in Singapore:
- SDIC protection—Deposits up to $75,000 per bank are protected
- Rate comparison—Shop around for best rates
- Terms and conditions—Read fine print carefully
- Liquidity needs—Ensure you won't need early access
- Interest rate risk—Consider rate environment
This calculator provides estimates based on the inputs provided. Actual returns may vary based on specific bank terms and conditions. Always verify current rates and terms with banks before making deposits.
Related calculators: Savings Calculator, Compound Interest Calculator, Singapore Savings Bonds Calculator