Dear readers, the cut-off yield of the latest 6-month Treasury Bill (T-Bill) was just announced yesterday and the interest rate is generous, at 3.85% per annum.
And currently, Maybank fixed deposit is offering a 3.75% per annum for a tenure of 12 or 15 months. Other banks like CIMB is offering 3.35% per annum for a 9-month tenure.
Given such decent interest rates, it surprises me to note that two of Singapore’s biggest banks, OCBC and UOB are offering only 2.7% per annum on their fixed deposit interest rates.
Is it time for DBS, OCBC and UOB to increase their fixed deposit rates? I hope so, given many Singaporeans are customers for these local brands.
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