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Singapore bank deposit rates
Along with surging global interest rates, the trio of local banks has also jacked up its deposit rates to keep up.
Promotional interest rates on Singapore dollar (S$) fixed deposits have hit as high as 2.8% for a 24-month tenor.
At this level, the rate slightly surpasses the 2.6% one-year return for the latest Singapore Savings Bond.
United Overseas Bank Ltd (SGX: U11), or UOB, is offering an attractive interest rate of 2.6% on its one-year S$ fixed deposit.
However, due to a large surge in customers, the bank has imposed a limit of five fixed deposit placements per customer.
OCBC Ltd (SGX: O39) wasn’t far behind as it offered a 2.3% interest rate for the same product with a similar tenor.
DBS Group (SGX: D05), Singapore’s largest bank, has, however...