Dear readers, in this post, let us take a look at DBS Bank Fixed Deposits for May 2023, specifically the fixed deposit interest rates offered by DBS Bank for the month of May 2023.
But first, just a humble thought of mine. When it comes to fixed deposits, two other big banks are often mentioned about by savers or individuals interested in fixed deposits: OCBC bank and UOB bank. This may be due to the fact that DBS Bank offers fixed deposit interest rates for amount up to $19,999 only, after which the bank offers board interest rates at 0.05% per annum.
As at 9 May 2023, these are the fixed deposit interest rates offered by DBS for up to $19,999 as per its webpage:
1 month: 0.3% per annum
2 month: 0.5% per annum
3 month: 1% per annum
4 month: 1.85% per annum
5 month: 2.35% per annum
6 month: 2.90% per annum
7 month: 2.95% per annum
8 month: 3.00% per annum
9 month: 3.10% per annum
10/11 month: 3.15% per annum
12/18 /24/36/48/60month: 3.20% per annum
The drawback of DBS Fixed Deposit, notwithstanding the relatively decent fixed deposit interest rates and varying tenures is the cap on the fixed deposit amount. Hence, for a $19,999 capital invested for 12 month at 3.20% per annum interest, annual interest amount is $639.97.
I would think a better deal when it comes to DBS Fixed Deposit is to lock in the capital for as long as a tenure as possible, up to 60 months. This is because an offer of 3.20% per annum for up to 5 years is one where very few banks can match in terms of interest rates and long tenure. DBS’ 3.20% per annum for 5 years is also much higher than the Jun 2023 Singapore Savings Bonds which offers an average return of 2.81% over 10 years.
Definitely, looking at 5 years time frame, one cannot deny that other banks may offer higher interest rates for latter years in the future, but we are talking about only up to $19,999 for the deposit for DBS fixed deposit, hence this should not preclude individuals from investing the rest of their liquidity in other higher fixed deposits.
That’s it for my insights today. I Thank you once again for your support of SG STOCKS INVESTING, your Money and Lifestyle magazine! Connect with me here to follow the daily exciting and useful posts on these two blogs, Thank You for your support!
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