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Maybank Fixed Deposit Rate (Singapore)
Maybank Singapore fixed deposit rates for Singapore iSAVvy Time Deposits, offered to regular individuals are lying between 0.15% p.a. to 3.55% p.a. The Maybank Fixed Deposit Rates for senior citizens under its Privilege Plus Time Deposit Scheme is offered at up to 3.90% p.a. Let us learn about these FD plans in detail in this article.
Returns as high
as 7.1%##
Includes life cover
Completely Tax free^
as 7.1%##
Includes life cover
Completely Tax free^
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- FD Interest Rates
- Maybank Fixed Deposit Rate (Singapore)
Maybank Singapore offers 5 types of Fixed Deposit (FD) products, which are
-
Maybank iSAVvy Time Deposit Scheme
-
Singapore Dollar Time/Fixed Deposit Scheme
-
Maybank Privilege Plus Time Deposit Scheme
-
Maybank Foreign Currency Time Deposit Scheme
-
Maybank iSAVvy Foreign Currency Time Deposit Scheme.
Types of Maybank Time/ Fixed Deposit Schemes
(Rates Effective as of 04 April 2023))
| FD Plans | Minimum Deposit Limit | Maximum Deposit Limit | Tenure (in months) |
Rate of Interest (in % p.a.) |
| iSAVvy Time Deposit Promotion |
|
SGD 1 million | 1 to 36 months | 0.15% p.a. to 3.55% p.a. |
| Singapore Dollar Time Deposit |
|
SGD 9,99,999 | 1 to 36 months | 0.1% p.a. to 2.85% p.a. |
| Maybank Privilege Plus Time Deposit |
|
SGD 1 million | 6 to 36 months | 3.50% p.a. To up to 3.90% p.a. |
| Foreign Currency Time Deposit (Tier 1) |
|
No limits | 1 to 6 months | Up to 4.40% p.a. |
| Foreign Currency Time Deposit (Tier 2) |
|
No limits | 1 to 6 months | Up to 4.45% p.a. |
| Foreign Currency Time Deposit (Tier 3) |
|
No limits | 1 to 6 months | Up to 4.60% p.a. |
| iSAVvy Foreign Currency Time Deposit |
|
No limits | 1 to 6 months | Up to 4.60% p.a. |
(SGD: Singaporean Dollar)
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
Maybank Fixed Deposit Rates- iSAVvy Time Deposit
| TENURE (months) | SGD 5,000 to SGD 19,999 (Rates in % p.a.) | SGD 20,000 to SGD 50,000 (Rates in % p.a.) | SGD 50,001 to SGD 2,49,999 (Rates in % p.a.) | SGD 2,50,000 to SGD 1 million (Rates in % p.a.) |
| 1 month | 0.15 | 0.15 | 0.15 | 0.15 |
| 2 months | 0.15 | 0.15 | 0.15 | 0.15 |
| 3 months | 0.25 | 3.00 | 3.00 | 3.0 |
| 6 months | 0.30 | 3.00 | 3.00 | 3.00 |
| 9 months | 0.40 | 3.10 | 3.10 | 3.10 |
| 1 year | – | 3.55 | 3.55 | 3.55 |
| 15 months | – | 3.40 | 3.40 | 3.40 |
| 1.5 years | – | 3.25 | 3.25 | 3.25 |
| 2 years | – | 3.00 | 3.00 | 3.00 |
| 3 years | – | 2.85 | 2.85 | 2.85 |
SGD: Singaporean Dollar
Rates are effective as of 4 April 2023.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
Maybank Fixed Deposit Rates- Singapore Dollar Time Deposit Scheme
| Tenure (in Months) | SGD 1000 to SGD 50000 (Rates in % p.a.) | SGD 50001 to SGD 99999 (Rates in % p.a.) | SGD 100000 to SGD 249999 (Rates in % p.a.) | SGD 250000 to SGD 999999 (rates in % p.a.) |
| 1* month | 0.10 % | 0.10 % | 0.10 % | 0.10 % |
| 2 months | 0.10 % | 0.10 % | 0.10 % | 0.10 % |
| 3 months | 0.20 % | 0.20 % | 0.20 % | 0.20 % |
| 6 months | 0.25 % | 0.25 % | 0.25 % | 0.25 % |
| 9 months | 0.35 % | 0.35 % | 0.35 % | 0.35 % |
| 1 year | 0.35% | 0.35 % | 0.35% | 0.35% |
| 18 months | 0.40% | 0.40% | 0.40% | 0.40% |
| 2 years | 0.50% | 0.50% | 0.50% | 0.50% |
| 3 years | 2.85% | 2.85% | 2.85% | 2.85% |
* For a 1-month tenure period, the minimum deposit is SGD 10000.
Rates are effective as of 04 April 2023.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
Maybank Fixed Deposit Rates- Foreign Currency Time Deposit Scheme (Tier-1)
| Foreign Currency | Minimum Deposit Limit (in respective currency) | Rates for 1 month (% p.a.) | Rates for 2 months (In % p.a.) | Rates for 3 months (In % p.a.) | Rates for 6 months (% p.a.) |
| US $ | 10 thousand | 4.00% | 4.25% | 4.40% | 4.40% |
| Sterling Pound (£) | 10 thousand | 3.30% | 3.55% | 3.75% | 3.95% |
| Australian $ | 10 thousand | 2.40% | 2.60 | 2.75% | 2.80% |
| New Zealand $ | 10 thousand | 3.60% | 3.90% | 4.15% | 4.35% |
| Canadian$ | 10 thousand | 3.45% | 3.65% | 3.80% | 3.90% |
| Swiss Franc (₣) | 10 thousand | 0.50% | 0.30% | 0.45% | 0.70% |
| Euro (€) | 10 thousand | 1.85% | 2.05% | 2.25% | 2.45% |
| Japanese Yen (¥) | 2.5 million | 0.00% | 0.00% | 0.00% | 0.00% |
Rates are effective as of 04 April 2023.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
Maybank Fixed Deposit Rates- Foreign Currency Time Deposit Scheme (Tier-2)
| Foreign Currency | Minimum Deposit Limit (in respective currency) | 1 month (rates in % p.a.) | 2 months (rates in % p.a.) | 3 months (rates in % p.a.) | 6 months (rates in % p.a.) |
| US $ | 50 thousand | 4.05% | 4.30% | 4.45% | 4.45% |
| Sterling Pound (£) | 50 thousand | 3.40% | 3.65% | 3.85% | 4.05% |
| Australian $ | 50 thousand | 2.50% | 2.70% | 2.85% | 2.90% |
| New Zealand $ | 50 thousand | 3.70% | 4.00% | 4.25% | 4.45% |
| Canadian $ | 50 thousand | 3.55% | 3.75% | 3.90% | 4.00% |
| Swiss Franc (₣) | 50 thousand | 0.15% | 0.40% | 0.55% | 0.80% |
| Euro (€) | 50 thousand | 1.90% | 2.10% | 2.30% | 2.50% |
| Japanese Yen (¥) | 10 million | 0.00% | 0.00% | 0.00% | 0.00% |
Rates are effective as of 04 April 2023.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
Maybank Fixed Deposit Rates- Foreign Currency Time Deposit Scheme (Tier-3)
| Foreign Currency | Minimum Deposit Limit (in respective currency) | 1 month (rate in % p.a.) | 2 months (rate in % p.a.) | 3 months (rate in % p.a.) | 6 months (rate in % p.a.) |
| US $ | 100 thousand | 4.20% | 4.45% | 4.60% | 4.60% |
| Sterling Pound (£) | 100K | 3.50% | 3.75% | 3.95% | 4.15% |
| Australian $ | 100 thousand | 2.60% | 2.80% | 2.95% | 3.00% |
| New Zealand $ | 100 thousand | 3.80% | 4.10% | 4.35% | 4.55% |
| Canadian $ | 100 thousand | 3.65% | 3.85% | 4.00% | .10% |
| Swiss Franc (₣) | 100 thousand | 0.25% | 0.50% | 0.65% | 0.90% |
| Euro (€) | 100 thousand | 2.05% | 2.25% | 2.45% | 2.65% |
| Japanese Yen (¥) | 25 million | 0.00% | 0.00% | 0.00% | 0.00% |
Rates are effective as of 04 April 2023.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
Maybank Fixed Deposit Rates- iSAVvy Foreign Currency Time Deposit Scheme
| Foreign Currency | Minimum Deposit Limit (in respective currency) | 1 month (rate in % p.a.) | 2 months (rate in % p.a.) | 3 months (rate in % p.a.) | 6 months (rate in % p.a.) |
| Australian $ | 10 thousand | 2.60% | 2.80% | 2.95% | 3.00% |
| Euro (€) | 10 thousand | 2.05% | 2.25% | 2.45% | 2.65% |
| Sterling Pound (£) | 10 thousand | 3.50% | 3.75% | 3.95% | 4.15% |
| New Zealand $ | 10 thousand | 3.80% | 4.10% | 4.35% | 4.55% |
| US $ | 10 thousand | 4.20% | 4.45% | 4.60% | 4.60% |
Rates are effective as of 04 April 2023.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.
Features of Maybank Singapore Privilege Plus FD Account
Maybank Fixed Deposit rates for senior citizens have the following features:
-
Minimum Eligible age: 55 years old
-
Minimum Deposits: SGD 50 thousand (6 months and more)
-
SGD 25 thousand (12 months and more)
-
-
Tenure: 6 months to 36 months
-
Online banking: YES
-
Round-the-clock Service: AVAILABLE
-
Monthly interests credited: YES
-
Upon maturity: Lump sum interest payment
Features of Maybank Fixed Deposit Rates- Singapore iSAVvy Time Deposit
-
Min. Deposit: SGD 5,000 (3 to 6 months)
-
Maximum Tenure: 36 months
-
Auto-renewal: YES
-
Daily Interest: NO
-
Early Withdrawal: YES
-
Accessibility to the overdraft facility
-
Offers auto-renewal of FD account
-
Type: Conventional
Eligibility Criteria
To access the Maybank Online Banking services, a customer must maintain a Maybank Savings or Current account.
-
Minimum Age: 16 years old
-
Minimum Deposit for iSAVvy Account: SGD 5,000 (3 to 6 months tenure)
-
Eligible Citizenship:
-
Singaporeans
-
Foreigners
-
Permanent residents
-
-
Fees & Charges on Deposit: No fees applicable
-
Fees for Withdrawal by:
-
Cash: SGD15
-
Transfer to Own Maybank Account: FREE
-
Transfer to Third Party Maybank Account: SGD 10
-
Cashier Issues Order to Account Holder: SGD 10
-
For Balance Enquiry: SGD 5/receipt
-
For Request for Statement of Account: SGD 30/account
-
For Change of Maturity Instruction: SGD 5/receipt
-
Premature Withdrawals
-
If withdrawal before 3 months tenure: No Interest is paid.
-
If withdrawal after minimum 3 months tenure: The interest is prorated depending on how many days the fixed deposit is held. It is calculated using either the contracted rate or the lowest tier of the current Savings Account rate at the moment of withdrawal, whichever is lower.
Documents Required
For Singapore Citizens or Permanent Residents:
-
NRIC
For Foreigners:
-
Passport
-
Employment Pass
-
Proof of Mailing Address (Utility/ Telecom bills/ Bank statements of other banks in Singapore with the same name as in the Passport and Employment Pass)
How to Subscribe to Maybank FD Scheme
To place an FD online, one needs a Maybank Savings Account or a Maybank Current Account with Online Banking Access.
To make a deposit into an iSAVvy Time Deposit, sign in to Maybank2u Online Banking:
Step 1: Choose the Account Type > Click on "Time Deposit"> Press "Singapore Dollar Time Deposit"> Click on "iSAVvy Time Deposit."
Step 2: To place this order, choose the Debit Funds Account.
Step 3: To accept the iSAVvy FD placement, click "Agree."
FAQ's
-
Which bank offers the highest FD rate in Singapore?
CIMB and HL Bank, with the best interest rates of 4.20% and 4.1% for 12 months tenure and a minimum deposit of SGD100000, is the best FD rate offered to individuals. -
What is Maybank Flexi Fixed Deposit?
The eFD of certificates Fixed Deposit is a receipt/certificate less FD that can be bought and withdrawn from Maybank2u.com anytime online. One also enjoys the benefit to earn fixed rates of FD as well. -
Which is the best FD for senior citizens in 2023?
In India, the top public sector banks that offer the highest FD interest rates for senior citizens are:- Union Bank of India: Maximum slab of 7.80% p.a.
- PNB: Maximum slab of 7.75% p.a.
- Canara Bank: Maximum slab of 7.50% p.a.
- DCB Bank: Maximum slab of 8.35% p.a.
- RBL Bank: Maximum slab of 8.05% p.a.
- Bandhan Bank: Maximum slab of 8% p.a.
-
Will interest rates go up in 2023 Singapore?
Singapore, a nation with high GDP, always has high inflation rates (7.5% in September 2022) and high-interest rates of an average of 3.89%. According to financial experts, with the soaring market trends, interest rates will likely go up in 2023. -
Which bank's FD rate is high in 2022 in Malaysia?
In Malaysia, the Simpanan Nasional Bank offered the highest interest rates of 3.25% for 12 months of FD. -
What is better than FD in Malaysia?
Cash Management Funds (CMF) or money market funds are a better choice than Fixed Deposits in Malaysia. The CMFs invest in high-quality investments with an average return of 3% p.a. and mature fast with low-risk involvement.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)
** Fixed deposit rate applicable for 5 year's 1 day to
10 years for investment amount less< 2 Crore ( Not for senior citizens).
*** PPF interest rate applicable for 15 years
for investment amount upto 1.5 Lac
+ Trad plans with a premium above 5 lakhs
would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
## The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Investment Insurers
Aditya Birla Sun Life Traditional Plans
Aviva Traditional Plans
Bajaj Allianz Traditional Plans
Bandhan Life Traditional Plans
Bharti AXA Life Traditional Plans
Canara HSBC Traditional Plans
Edelweiss Life Traditional Plans
Future Generali Traditional Plans
HDFC Life Traditional Plans
IDBI Federal Traditional Plans
IndiaFirst Traditional Plans
Kotak Life Traditional Plans
Max Life Traditional Plans
PNB MetLife Traditional Plans
Pramerica Life Traditional Plans
Reliance Life Traditional Plans
Sahara Life Traditional Plans
SBI Life Traditional Plans
Star Union Traditional Plans
Tata AIA Traditional Plans
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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