The 1.68 per cent interest is 'quite low', seeing as savers typically don't place their funds beyond the first year and seek 'very short-term' investments, Mr Leow told The Business Times on Thursday. Applications for the Aug 1 SSBs will close on July 26. In contrast, the latest SSBs to be issued on Aug 1 will pay 1.68 per cent at the end of its first year - down from last month's 1.93 per cent rate for SSBs issued on July 1. OCBC is also offering 1.7 per cent for a 12-month Singapore-dollar placement of at least $20,000.

Maybank has been offering a 2 per cent promotional rate since May 1, for its 12-month Singapore-dollar fixed deposits with a minimum of $20,000 deposited.Ĭurrent promotions lasting the month of July include CIMB Bank's 12-month fixed deposits which offers 1.85 per cent for online placements of at least $10,000 UOB's 1.7 per cent rate for a 10-month tenor with at least $20,000 and Standard Chartered's 1.7 per cent rate - or a 1.8 per cent preferential rate for priority-banking customers - for its 12-month fixed deposits with a $25,000 minimum placement.

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