Revision of Singapore Dollar Time Deposit Rate & Mortgage 9-month, 36-month and 48-month Fixed Deposit Rate (FDR)
From 21 August 2020 (inclusive of this date), the following Singapore Dollar Time Deposit (“SGD TD”) interest rates (per annum) will be revised.
| | 9 MTHS | 12 MTHS | 15 MTHS | 18 MTHS | 24 MTHS | 36 MTHS | 48 MTHS | 60 MTHS |
|---|
| Below SGD20,000 | 0.5000% | 0.5500% | 0.7000% | 0.7000% | 0.7000% | 0.7200% | 0.8500% | 0.9500% |
| SGD20,000 to SGD49,999 | 0.5000% | 0.5500% | 0.7000% | 0.7000% | 0.7000% | 0.7200% | 0.8500% | 0.9500% |
| SGD50,000 to SGD99,999 | 0.5000% | 0.5500% | 0.7000% | 0.7000% | 0.7000% | 0.7200% | 0.8500% | 0.9500% |
| SGD100,000 to SGD499,999 | 0.5000% | 0.5500% | 0.7000% | 0.7000% | 0.7000% | 0.7200% | 0.8500% | 0.9500% |
| SGD500,000 and above | 0.5000% | 0.5500% | 0.7000% | 0.7000% | 0.7000% | 0.7200% | 0.8500% | 0.9500% |
The Mortgage 9-month, 36-month and 48-month FDR base rates will be adjusted accordingly. As the rates are linked to your FDR mortgage loan package, a revision in the SGD TD rates will change the FDR of your mortgage loan.
The table below illustrates the downward revision in FDR that clients can enjoy:
| | 9-MONTH FDR | 36-MONTH FDR | 48-MONTH FDR |
|---|
| Existing rate | 0.80% + loan margin | 1.02% + loan margin | 1.15% + loan margin |
| Revised rate | 0.50% + loan margin | 0.72% + loan margin | 0.85% + loan margin |
All other features, as well as the terms and conditions relating to your mortgage loan, will remain unchanged.
What you can expect
Once the new interest rate is effective, you should receive a letter in August 2020 stating:
- Full details of the revised interest rate;
- Revised monthly instalment amount; and
- Payment due date for your revised monthly instalment.
If you are subscribed to eStatements, you will receive an eAdvice with these details via Online Banking instead.
For more information, please refer to our FAQs below.
