The 3 major banks in Singapore, and other banks and financial institutions, all offer fixed deposits which makes it accessible to Singaporeans. This simplicity, coupled by its familiarity, makes fixed deposits an easy choice to invest your money (with the interest rates are attractive enough). The odds are that if you are a Singaporean, you would already have at least one bank account (likely one of the 3 major banks: DBS/POSB, OCBC, UOB) and know that banks offer fixed deposits.įixed deposits are also a relatively simple financial instrument to understand – you put your money in a fixed deposit, lock it in for the stipulated period, and collect higher interest instead of putting it in a savings account or holding it as cash. Offered by many traditional Financial Institutions (FI) such as banks, fixed deposits have been a staple for Singaporeans, including the older generation or those who are not as financially savvy.

“Bank Muamalat will continue to manage its assets and liabilities responsibly while supporting the current economic growth initiatives and meeting stakeholders’ expectations,” said Khairul in a statement.Read Also: Beginners’ Guide To Fixed Deposits In Singapore Fixed Deposits Are Easily Accessible And Familiar In line with the increase in SBR, BR and BFR, Bank Muamalat’s FTA-i deposit rates will also be revised accordingly.īank Muamalat president and CEO Khairul Kamarudin said the rate revision corresponds with the increase in Bank Negara's overnight policy rate to 3%. This will affect all floating rate financing packages pegged to the SBR, BR and BFR.

Separately, Bank Muamalat Malaysia Bhd said its SBR, BR and BFR will be revised by 25 basis points from 2.75% to 3%, 3.56% to 3.81% and 6.56% to 6.81% respectively, with effect from May 9, 2023. With the above, OCBC Malaysia’s SBR increases from 2.75% to 3%, BR from 3.58% to 3.83%, and BLR/BFR from 6.51% to 6.76%.

Similarly, all conventional fixed deposit and Islamic time deposit board rates will also increase 0.25% points on the same day. The bank said in a statement all loan and financing rates based on SBR, BR, BLR and BFR will correspondingly increase by the same rate. KUALA LUMPUR: OCBC Bank (Malaysia) Bhd and its Islamic banking unit OCBC Al-Amin Bank Bhd will increase their standardised base rate (SBR), base rate (BR), base lending rate (BLR) and base financing rate (BFR) by 0.25% from May 10, 2023.

Ocbc fixed deposit rate 2023 malaysia