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IOL News
13-07-2025
- Business
- IOL News
Turning declarations into deliverables: South Africa's BRICS 2025 Challenge
For South Africa, the BRICS 2030 horizon offers not just hope, but a promising future, writes Ayanda Holo. Image: IOL / AI By Ayanda Holo Beneath the glittering chandeliers of the Bank of China building in Johannesburg, Chinese Ambassador Wu Peng addressed a gathering of investors, policymakers, and technocrats. At his side sat South Africa's Deputy Finance Minister Dr David Masondo, a key architect of the government's economic recovery and structural reform agenda. The occasion marked the release of the Chinese Investor Survey, a moment that revealed not only the depth of Sino-South African relations but also the lingering bottlenecks that continue to hinder what could be a transformative partnership. Ambassador Wu's tone was both celebratory and cautionary. Over 200 Chinese enterprises have injected more than $11 billion into South Africa, creating jobs, taxes, and valuable industrialisation footprints. Yet, despite this progress, the Ambassador pointedly highlighted recurring frustrations: the slow and sometimes opaque processing of work visas for essential engineers and managers and the heightened security threats to Chinese nationals. These issues, he suggested, could jeopardise investor confidence unless addressed with urgency and sincerity. At the heart of his speech was a subtle but potent reference to Declaration 42 of the BRICS 2025 Strategy, which states: "We welcome the results of the Strategy for BRICS Economic Partnership 2025… and look forward to the conclusion and implementation of the Strategy for BRICS Economic Partnership 2030, which will… guide cooperation on issues relating to the Multilateral Trading System, Digital Economy, International Trade, Financial Cooperation and Sustainable Development." This strategy is not just a document, but a roadmap to our future. This forward-looking blueprint aims to deepen the ties that bind BRICS nations, with South Africa poised to benefit as a regional gateway for Asia–Africa trade. But such ambitions rest precariously on domestic execution. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The Visa Conundrum: When Policy Fails Practice A compelling case in point emerged from a significant $200 million investment project in the Eastern Cape, a region with great potential for economic growth. The project procured high-grade industrial equipment from Yangzhou Metal Forming Machine Tool Co. The firm dispatched three highly skilled engineers to oversee installation and training. Despite submitting complete documentation to VFS Global, including verified invitation letters from their South African host, the engineers were denied work visas for several months. This delay was not only an administrative embarrassment but also a tangible blow to investor confidence. The engineers were essential to commissioning a production line that was central to the project's ROI timeline. The months-long delay undermined the "open the way" vision of Operation Vulindlela, a flagship reform programme by the South African Presidency and Treasury designed to reduce red tape for investors. Is Operation Vulindlela truly living up to its name? According to a recent SA Government News release dated March 2025, the Department of Home Affairs has introduced improvements to fast-track visa applications for investors and critical skills workers. A new "Trusted Employer Scheme" was also piloted with large multinationals and BRICS-partner firms in mind. Yet the Eastern Cape incident underscores a gap between policy and implementation, a chasm where projects stall, costs rise, and goodwill wanes. From Zero-Tariffs to Zero-Tolerance on Inefficiency China's recent announcement to provide zero-tariff treatment to 53 African countries via the Framework Agreement on Economic Partnership for Shared Development is a tectonic shift in global trade patterns. It gives African manufacturers and agricultural producers unprecedented access to the world's second-largest economy. And South Africa, with its mature logistics, industrial base, and financial institutions, is uniquely positioned to lead this integration. But it must not allow procedural inertia to squander strategic advantages. This is particularly critical in sectors like automotive components, green energy infrastructure, and advanced manufacturing, where Chinese investment has surged. Each of these sectors requires the temporary importation of technical personnel, often on tight deadlines to transfer knowledge and integrate systems. Ambassador Wu's call for smoother visa processes is therefore not a favour to China, but a necessary step if South Africa is serious about its BRICS role. It's not just about accommodating Chinese investors, but about creating an environment where all BRICS nations can thrive, boosting South Africa's economy and global influence. A Catalogue of Cooperation It is worth reminding readers of the many bilateral and multilateral agreements that underpin this evolving relationship. These include: The China-South Africa Comprehensive Strategic Partnership Agreement (2010).The FOCAC Beijing Action Plan 2019–2025 The Belt and Road MOU, signed in 2015, focuses on infrastructure Investment Treaties and Double Taxation Agreements, protecting investor rights The Annual SA-China High-Level People-to-People Exchange Mechanism, encouraging cultural, academic, and tech innovation links. Each of these frameworks, including the 2025 BRICS Economic Strategy, calls for the removal of administrative and logistical barriers that impede the flow of capital, of people, of ideas. What Must Change? If Pretoria is to maintain credibility within BRICS and its reform agenda, several actions are urgent: Mandate real-time escalation channels for work visa cases tied to investment projects over R50 and enforce the Trusted Employer Scheme beyond pilot status. Include a BRICS Investor Fast Lane under the Department of Trade, Industry and Competition (DTIC).Publish quarterly Operation Vulindlela scorecards, with measurable impact on investor facilitation. As Ambassador Wu concluded, "Challenges are part of development." But challenges left unaddressed become liabilities. For South Africa, the BRICS 2030 horizon offers not just hope, but a promising future. Whether that promise becomes reality depends not on declarations from abroad, but on decisions made at home. * Ayanda Holo is the President of TV BRICS AFRICA ** The views expressed do not necessarily reflect the views of IOL or Independent Media.
AsiaOne
12-07-2025
- Business
- AsiaOne
Best fixed deposit rates in Singapore (July 2025): Minimum deposits from $500, rates up to 2.45%, Money News
If you think that fixed deposits are only for conservative cash — rich aunties and uncles, think again. A fixed deposit (also known as a time deposit) account is a type of bank account that pays account holders a fixed amount of interest in exchange for depositing a certain sum of money for a certain period of time. Although fixed deposit rates have been falling, there's a good number of rates that are still very decent and worth giving a shot if you have some money lying around. You don't even need a large stash of cash — these days, banks are offering fixed deposits starting from as low as $500! Overview of Singapore fixed deposit rates (July 2025) Which bank in Singapore has the best fixed deposit rate? These are the best fixed deposit rates in Singapore this month for various deposit amounts and commitment periods. Overall highest fixed deposit rates in Singapore (July 2025) Looking for the absolute highest fixed deposit rates across all deposit amounts and commitment periods? If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Jul 2025: DBS (2.45 per cent p.a. - min. $1,000 for 12 months) Maybank (2.05 per cent p.a. - min. $20,000 for 12 months) State Bank of India (2.00 per cent p.a. - min. $5,000 for six months) Bank of China (1.95 per cent p.a. - min. $500 for three months) StashAway Simple Guaranteed (1.90 per cent p.a. - one or three months with no minimum amount) Syfe Cash+ Guaranteed (1.90 per cent p.a. - three months with no minimum amount) CIMB (1.85 per cent p.a. - min. $10,000 for three months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) ICBC (1.80 per cent p.a. - $500 for three months) RHB (1.80 per cent p.a. - min. $20,000 for three or six months) UOB (1.75 per cent p.a. - min. $10,000 for six months) OCBC (1.70 per cent p.a. - min. $30,000 for nine months) Standard Chartered (1.45 per cent p.a. - min. $25,000 for six months) HSBC (1.15 per cent p.a. - min. $30,000 for one month) Fixed deposit rates by commitment period When it comes to fixed deposits, do you have a time frame in mind? Whether you want to stash your cash for three, six or 12 months, we've worked out the best fixed deposit rates for you. Best fixed deposit rates for a 3-month commitment period Looking for a short fixed deposit period? Here are the best fixed deposit rates in Singapore for a 3-month commitment period. Bank of China (1.95 per cent p.a. - $500 for three months) Syfe Cash+ Guaranteed (1.90 per cent p.a. - three months with no minimum amount) StashAway Simple Guaranteed (1.90 per cent p.a. - one or three months with no minimum amount) CIMB (1.85 per cent p.a. - min. $10,000 for three months) ICBC (1.80 per cent p.a. - $500 for three months) Citibank (1.80 per cent p.a. - $10,000 for three or six months) RHB (1.80 per cent p.a. - min. $20,000 for three or six months) Syfe Cash+ Guaranteed Period Syfe Cash+ Guaranteed rate (no min. or max deposit amount) 1 month 1.75% p.a. 3 months 1.90% p.a. 6 months 1.80% p.a. 12 months 1.65% p.a. Rates accurate as of 3 July 2025. Do check the Syfe Cash+ Guaranteed page for the latest rates. If you're looking for a fuss-free, guaranteed way to grow your money, you might want to look beyond our traditional banks. Syfe Cash+ Guaranteed isn't technically a fixed deposit, but invests your funds into fixed deposits by with banks that are regulated by MAS. Their rates are generally higher than traditional banks, and there's also no minimum or maximum amount. As of 3 July 2025, Syfe Cash+ Guaranteed is offering up to 1.90 per cent p.a. with a 3-month tenure. It's taken a huge hit since last year, when it was offering up to 3.8 per cent. Still, rates are low all around. and 1.90 per cent is one of the highest rates this month on our list. MoneySmart Take What we like: Higher rates than traditional banks, no minimum or maximum deposit amount. What we don't like: No liquidity. You cannot withdraw the funds prematurely even if you're willing to pay a penalty. With traditional banks, you can prematurely withdraw your fixed deposit funds by paying an early withdrawal fee. StashAway Simple Guaranteed rate Period StashAway Simple Guaranteed rate (no min. or max. deposit amount) 1 month 1.90% p.a. 3 months 1.90% p.a. 6 months 1.80 % p.a. 12 months 1.70% p.a. Rates accurate as of 3 July 2025. Do check StashAway's Simple Guaranteed page for the latest rates. StashAway offers a cash management solution called Simple Guaranteed that earns you interest on your money. StashAway Simple Guaranteed places funds in fixed deposits with MAS-regulated banks, and you get an interest rate that's slightly higher than what you'd get with a fixed deposit at a bank. As of 3 July 2025, the highest StashAway Simple Guaranteed interest is 1.90 per cent p.a. for a 1- or 3-month period, with no minimum or maximum deposit amounts. It's on par with Syfe's highest rates this month. MoneySmart Take What we like: Relatively high rates compared to traditional fixed deposits. Plus, no minimum or maximum deposit amount. What we don't like: Like Syfe's Cash+ Guaranteed, there's no way for you to withdraw your funds early, penalty fee or not. Once locked in, your cash is locked in tight. ICBC fixed deposit rates Deposit amount Period $20,000 to <$200,000 (over the counter) $500 to <$200,000 (via e-banking) 1 month 1.65% p.a. 1.75% p.a. 3 months 1.70% p.a. 1.80% p.a. 6 months 1.65% p.a. 1.75% p.a. 9 months 1.65% p.a. 1.75% p.a. 12 months 1.65% p.a. 1.75% p.a. Rates accurate as of 3 July 2025. The rates above are promotional rates subject to change at any time by ICBC. Do check ICBC's website for the latest rates. There are a few fixed deposits which have pretty low barriers to entry on this list, but Chinese bank ICBC takes the cake. If you set up your fixed deposit via e-banking, their minimum deposit is just $500 — nope, we didn't miss a zero there! Even if you only have $500 to invest, you can still get a rate of 1.80 per cent p.a. with a commitment period of three months. You have to do this via e-banking to get this rate. Set on doing it the old school way over the counter? Firstly, you'll have to hit a minimum deposit requirement of $20,000. And secondly, the highest interest rate you can get is slightly lower, at 1.70 per cent p.a. for a 3-month period. There is a plus point for ICBC's fixed deposit — there's no penalty for early withdrawal. That means you fixed deposit isn't as fixed as you might think. MoneySmart Take What we like: Ultra low minimum deposit amount of just $500 via e-banking and a low commitment period of anywhere between a month to a year, making ICBC very accessible. ICBC also doesn't penalise you for early withdrawals. What we don't like: Rates are only slightly above average. And for older folk who want to open a fixed deposit account in person, their minimum deposit amount shoots up to $20,000 while the fixed deposit rates drop slightly. Citibank fixed deposit rates Deposit amount Period $10,000 to $5 million 3 months 1.80% p.a. 6 months 1.80% p.a. Note: The promotional rates above are stated as valid until July 31, 2025. Do check Citibank's fixed deposit promotion page for the latest rates in case Citibank makes changes. The best Citibank fixed deposit rate you can currently get is 1.80 per cent p.a. for a minimum deposit amount of $10,000 and a commitment period of three or six months. That's down by 0.30 per cent since their promotional rates in June 2025. Citibank's minimum deposit is $10,000, which is fairly accessible. This amount is lowered from the previous $50,000, which is a markedly much larger sum of money. MoneySmart Take What we like: Short commitment period of just three months. For those with a lot of money to park in a fixed deposit account, there's also a high upper limit of $3 million. What we don't like: High minimum deposit amount. Not everyone has $50,000 just lying around. HSBC fixed deposit rates Deposit period Personal Banking customers Premier and Premier Elite customers without wealth holdings Premier and Premier Elite customers with wealth holdings 1 month 1.15% p.a. 1.20% p.a. 1.70% p.a. 3 months 1.05% p.a. 1.10% p.a. 1.60% p.a. 6 months 1.05% p.a. 1.10% p.a. 1.60% p.a. 12 months 0.90% p.a. 0.95% p.a. 1.45% p.a. Promotional rates valid until July 31, 2025. Do check HSBC's website for the latest rates. HSBC is offering anything from 0.90 per cent to 1.70 per cent p.a., depending on your banking relationship with them. For the bulk of us who are regular banking customers, the highest fixed deposit rate you can get with HSBC this month is just 1.15 per cent p.a. The best case scenario is if you are a Premier or Premier Elite customer who also has investments with HSBC. If you fit the bill, HSBC will give you 1.70 per cent p.a. for a deposit period of one month. No matter your banking relationship with HSBC, the minimum sum you have to put in is a hefty $30,000. Compared to other banks, it's a rather large sum for an average at best fixed deposit interest rate. MoneySmart Take What we like: Short commitment period of just one or three months available. What we don't like: High minimum sum. You're going to need at least $30,000 to place a fixed deposit with HSBC. Bank of China fixed deposit rates Period Fixed deposit interest rates Over the counter placement ($20,000 and above) Mobile banking placement 1 month 1.60% p.a. 1.80% p.a. (minimum amount: $500 and above) 3 months 1.75% p.a. 1.95% p.a. (minimum amount: $500 and above) 6 months 1.65% p.a. 1.85% p.a. (minimum amount: $20,000 and above) 1.80% p.a. (minimum amount: $500 and above) 9 months 1.55% p.a. 1.75% p.a. (minimum amount: $500 and above) 12 months – 1.75% p.a. (minimum amount: $20,000 and above) 1.70% p.a. (minimum amount: $500 and above) The rates above were set on June 30, 2025 and are subject to change any time by the Bank of China. We noticed they change rates every few weeks or so. Check their website for the latest rates. The Bank of China is currently offering 1.95 per cent p.a. for a placement of $500 for a period of three months — surprisingly easy to do, in terms of the minimum deposit amount and deposit period. Do note that you need to make this deposit via mobile banking to enjoy this rate. Rates aside, the best part about the Bank of China's fixed deposit rates is the low minimum deposit and tenor period. Currently, even if you only have $500 to spare for only one month, you can still get an interest rate of 1.80 per cent p.a. MoneySmart Take What we like: Short commitment period of three months, and very low minimum deposit amount of $500. What we don't like: Like ICBC, the Bank of China offers different rates depending on how you place your funds-online rates are better than rates at the bank branch. This may disadvantage older folks who want to open a fixed deposit account over the counter and find that their fixed deposit rates become around 0.10 per cent - 0.20 per cent p.a. lower. Best fixed deposit rates for a 6-month and 12-month commitment periods Looking to stash your cash in a fixed deposit account for six months or one year? Here's a summary of the best fixed deposit rates in Singapore in 2025 for 6-month and 12-month commitment periods: Best fixed deposit rates in Singapore for 6 and 12 months (Jul 2025) Min. deposit amount 6 months 12 months No minimum 1.80% p.a. ( Syfe , StashAway ) 1.70% p.a. (StashAway); 1.65% p.a. (Syfe) $500 2.25% p.a ( ICBC ); 1.85% p.a. ( Bank of China ) 2.25% p.a. (ICBC); 1.75% p.a. (Bank of China) $1,000 2.15% p.a ( DBS ) 2.45% p.a ( DBS ) $10,000 1.75 – 1.80% p.a. ( CIMB ) 1.55 – 1.60% p.a. (CIMB) $20,000 1.90% p.a. ( Maybank ); 1.80 – 1.90% p.a. ( RHB ) 2.05% p.a. (Maybank); 1.60 – 1.70% p.a. (RHB) $25,000 1.45 – 1.50% p.a. ( Standard Chartered ) – $30,000 – 1.65% p.a. ( OCBC ) $50,000 2.00% p.a. ( State Bank of India ) 1.90% p.a. (State Bank of India) CIMB fixed deposit rates Deposit amount: $10,000 and above Period Personal Banking (For regular CIMB customers) Preferred Banking 3 months 1.85% p.a. 1.90% p.a. 6 months 1.75% p.a. 1.80% p.a. 9 months 1.55% p.a. 1.60% p.a. 12 months 1.55% p.a. 1.60% p.a. Promotional rates valid from July 1, 2025, subject to change anytime by CIMB. Do check CIMB's website for the latest rates. Malaysian bank CIMB is offering relatively good fixed deposit rates in Singapore this month, at up to 1.85 per cent p.a. for regular CIMB customers and 1.90 per cent p.a. if you're a CIMB Preferred Banking customer. These aren't high in absolute terms, but they are some of the highest this month compared to rates offered by other banks. This promo is for deposits of at least $10,000. To enjoy the highest rates, you need to lock up your money for three months and must apply and deposit your money online. If you're looking to deposit smaller amounts of your savings into a fixed deposit account, CIMB's board rates apply from deposits of $1,000 and up. However, they are a measly 0.2 per cent to 0.3 per cent p.a. or so. In this instance, you would be better off placing your money almost anywhere else. ICBC (1.80 per cent p.a. with a minimum deposit of $500 for three months) and the Bank of China (1.95 per cent p.a. with a minimum deposit of $500 for three months) are good options for small deposit amounts and small time frames. MoneySmart Take What we like: Relatively short commitment periods of three and six months. What we don't like: CIMB's best rates are reserved for their Preferred Banking customers — these are 0.05 per cent p.a. higher than the rates for regular Personal Banking customers. So if they advertise their rates as up to a certain rate, know that those rates may not apply to you. RHB fixed deposit rates Deposit amount: $20,000 and above Period Personal banking Premier banking 3 months 1.80% p.a. 1.90% p.a. 6 months 1.80% p.a. 1.90% p.a. 12 months 1.60% p.a. 1.70% p.a. Note: The rates above are correct as of 3 July 2025. They are promotional rates subject to change at any time by RHB. Do check RHB's website for the latest rates. The easiest way to place your fixed deposit with RHB is on your phone via the RHB Mobile SG App. However, if that isn't possible for you, RHB's fixed deposit rates are the same whether you use mobile banking or head down to one of their branches. The highest rate personal banking customers can get is 1.80 per cent p.a. with a minimum deposit requirement of $20,000-slightly on the high side compared to other banks. Currently, this rate applies to two of the three available tenors — three or six months. A big advantage to RHB's fixed deposit is that they don't charge you any penalty fee for early withdrawal. That means you can take your cash out early with no penalty in the event of an emergency. MoneySmart Take What we like: No premature penalty fee if you want to withdraw your funds early! What we don't like: RHB's minimum deposit amount of $20,000 is higher than that for other banks. HL Bank fixed deposit rates Tenor HL Bank board rates 1 month 0.10% p.a. 3 months 0.20% p.a. 6 months 0.30% p.a. 12 months 0.40% p.a. Do check HL Bank's latest fixed deposit rates; HL Bank may revise rates at any time at their discretion. A member of the Hong Leong group, HL Bank does not have any ongoing fixed deposit promotion as of the time of writing. Without any promotional rates, their board rates are between 0.10 per cent to 0.40 per cent p.a. for a minimum sum of $50,000. MoneySmart Take What we like: Low tenors available, from just one month. What we don't like: High minimum deposit amount required at $50,000. Maybank fixed deposit rates Deposit amount: $20,000 and above Period iSAVvy Time Deposit Promotion (Online Placement) 6 months 1.60% p.a. 9 months 1.70% p.a. 12 months 1.75% p.a. Note: The rates above are promotional rates subject to change at any time by Maybank. Check the Maybank fixed deposit rate page for the latest rates. Maybank is among one of the higher fixed deposit rates this month with up to 2.05 per cent p.a. (12 months) under a deposit bundle promotion. Without the bundle, it's 1.75 per cent p.a. (12 months). To unlock the highest rate that's available under the deposit bundle promotion, you must have an eligible Maybank savings accounts or current account. For every $1,000 in the account (minimum of $2,000), you can put $10,000 into your fixed deposit (minimum $20,000). For example, if I have $3,000 in my Maybank savings account, I can do a $30,000 fixed deposit and earn 2.05 per cent p.a. on it over six months. While that's a relatively high rate this month, don't forget that you need to leave money in your current or savings account to unlock this rate. This sum of money you stash away will come with an opportunity cost. In the example above, I face the opportunity cost of the interest I would be able to earn on the $3,000 even while I earn interest on the $30,000 fixed deposit. MoneySmart Take What we like: We like that both online placements and placements in branch enjoy the same rates — those who can't access one or the other for whatever reason aren't disadvantaged. Their deposit bundle promotions also work well if you already have or intend to get a Maybank savings account. What we don't like: Low rates, longer commitment periods, and quite a large deposit amount relative to other banks on this list. OCBC fixed deposit rates Period Deposit amount of $30,000 and above 9 months 1.65% p.a. (placement in branch) / 1.70% p.a. (online banking) 12 months 1.60% p.a. (placement in branch) / 1.65% p.a. (online banking) Note: The rates above are promotional rates subject to change at any time by OCBC. See OCBC's fixed deposit rates for the latest. OCBC's highest fixed deposit rate this month is 1.70 per cent p.a. for a 9-month deposit period. That's if you use internet banking. Going down to an OCBC branch to set up your fixed deposit account is going to yield an even lower rate of 1.65 per cent p.a. While 1.70 per cent p.a. is not high, OCBC has maintained relatively low fixed deposit rates for the past few months anyway. Now that other banks have slashed theirs, OCBC's has gone from low to kinda average. MoneySmart Take What we like: Short commitment period of six months. What we don't like: Relatively high minimum deposit amount of $30,000. OCBC also has a pretty significant disparity in its in-branch rates versus online banking rates, which makes me think older folks who only can only access banking services in person are disadvantaged. Fixed deposit rates by minimum deposit amount Is cash your limiting factor? Good news — the minimum amount for a fixed deposit account starts from as low as $500! Here are the best fixed deposit rates for deposits of the following amounts: $10,000 and under $20,000 - $49,999 $50,000 and above Best fixed deposit rates for deposits $10,000 and under These are the best fixed deposit rates in Singapore 2025 for deposits $10,000 and under: DBS (2.45 per cent p.a. - min. $1,000 for 12 months) Bank of China (1.95 per cent p.a. - min. $500 for three months) CIMB (1.85 per cent p.a. - min. $10,000 for three months) ICBC (1.80 per cent p.a. - $500 for three months) UOB (1.75 per cent p.a. - min. $10,000 for six months) DBS fixed deposit rates Deposit amount Period $1,000 – $19,999 $20,000 – $999,999 1 month 0.30% p.a. 0.05% p.a. 3 months 1.00% p.a. 6 months 2.15% p.a. 9 months 2.35% p.a. 12 months – 60 months 2.45% p.a DBS kept their fixed deposit rates consistent throughout 2024, with rates of up to 3.20 per cent p.a. But in 2025, they took a big hit. Currently, the best DBS fixed deposit rate is 2.45 per cent p.a. for those who put $1,000 to $19,999 into a fixed deposit for 12, 18, 24, 36, 48 or 60 months. That's high compared to other promotional fixed deposit rates this month from other banks, and of course is still miles better than having your cash parked in a regular savings account. Additionally, one thing I have always liked about the DBS fixed deposit rates is their low minimum deposit amount of $1,000. They're also pretty flexible with the deposit period. If you can only afford to lock in your cash for less than 12 months, DBS will let you choose any deposit period at 1-month intervals, from 1 - 12 months. Most other banks limit this to 3-month intervals. However, if you're looking to put $20,000 or more into a fixed deposit, the current DBS rates are a flat, unimpressive 0.05 per cent p.a. for all lock-in periods. You'd be better off investing your money almost anywhere else. MoneySmart Take What we like: Low minimum amount of just $1,000. We also like that you get so much flexibility in terms of how long you want to leave it in for — DBS offers deposit periods in 1-month intervals from 1 -12 months. What we don't like: DBS doesn't have very high fixed deposit rates (and rarely change them too). Their rates only become worth looking at from deposit periods of 12 months onwards, and even then are only relatively attractive if other banks drop their rates. Also, DBS is a poor option for investing larger sums. If you want to put in $20,000 or more, DBS fixed deposit rates plummet to just 0.05 per cent p.a. UOB fixed deposit rates UOB fixed deposit rates Period 6 months 10 months Promotion valid until: July 31, 2025, subject to change by UOB. Do check UOB's website for the latest rates. UOB's fixed deposit rate is currently 2-tiered — 1.75 per cent p.a. for a deposit period of six months and 1.60 per cent p.a. for a deposit period of 10 months. This rate applies as long as you deposit a minimum of $10,000. If you want higher rates, consider the Bank of China (1.95 per cent p.a.) or ICBC (1.80 per cent p.a.) with just $500 for a 3-month tenor. MoneySmart Take What we like: Commitment periods start from a relatively short six months. What we don't like: UOB's current rate is below average. As aforementioned, you'd do better at other banks for the same deposit amount and period. Best fixed deposit rates for deposits $20,000-$49,999 If you have over $20,000 you want to stash away, here are your best fixed deposit rates in Singapore this month: Maybank (2.05 per cent p.a. - min. $20,000 for 12 months) Bank of China (1.95 per cent p.a. - min. $500 for three months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) ICBC (2.15 per cent p.a. - $500 for three months) CIMB (1.85 per cent p.a. - min. $10,000 for three months) RHB (1.80 per cent p.a. - min. $20,000 for three or six months) OCBC (1.70 per cent p.a. - min. $30,000 for nine months) Standard Chartered (1.45 per cent p.a. - min. $25,000 for six months) Standard Chartered fixed deposit rates Deposit amount: $25,000 and above Period Personal Banking customers Priority Banking customers Priority Private Banking customers 6 months 1.45% p.a. 1.50% p.a. 1.50% p.a. Promotional rates valid until: July 8, 2025, subject to change by Standard Chartered. Do check Standard Chartered's fixed deposit rates for the latest figures. With interest rates from 1.45 per cent p.a. to 1.50 per cent p.a., Standard Chartered's fixed deposit rates are on the lower end this month. Plus, you only get the higher rates if you're a priority private banking customer, i.e. with a certain high net worth. If you're a regular customer, you'll only be able to get a rate of 1.45 per cent p.a. with a 6-month tenor at their current promotional rates. In any case, you can get a better rate with the Bank of China with a smaller minimum sum-deposit $500 or more to lock in 1.95 per cent p.a. over three months. MoneySmart Take What we like: Relatively short commitment period of six months. What we don't like: Standard Chartered doesn't have very high rates for the average Joe-you only get a decent one if you're a priority private banking customer. Best fixed deposit rates for deposits $50,000 and above Have a fairly sizeable sum of money? If you have $50,000 or more that you want to put into a fixed deposit account, you've got a few good options. Here are the best fixed deposit rates in Singapore 2025 for deposits $50,000 and above: State Bank of India (2.00 per cent p.a. - min. $5,000 for six months) Bank of China (2.10 per cent p.a. - min. $500 for three months) ICBC (1.80 per cent p.a. - $500 for three months) RHB (1.80 per cent p.a. - min. $20,000 for three or six months) CIMB (1.85 per cent p.a. - min. $10,000 for three months) Hong Leong Finance (1.83 per cent p.a. - min. $20,000 for nine months) Citibank (1.80 per cent p.a. - $10,000 for three or six months) State Bank of India Singapore fixed deposit rates The State Bank of India is not currently offering any promotional fixed deposits, which means we're left with their board rates: SBI Singapore board rates Period Deposit amount: $5,000 to $1,000,000 1 month 0.35% p.a. 3 months 1.75% p.a. 6 months 2.00% p.a. 12 months 1.90% p.a. 24 months 1.25% p.a. Do check SBI's fixed deposit promotion page for any new promotional rates, if any. The highest board rate you'll get to enjoy is 2.00 per cent p.a., which is actually comparable to some promotional rates this month from other banks. For example, with $500, you can get 1.80 per cent p.a. with ICBC or 1.95 per cent p.a. with the Bank of China for a 3-month period. MoneySmart Take What we like: Relatively short commitment periods available, with decent interest rates. What we don't like: SBI asks for a high minimum deposit sum. Hong Leong Finance fixed deposit rates Deposit amount 9 months 11 months 13 months $5,000 to < $20,000 1.78% 1.73% 1.73% $20,000 and above 1.83% 1.78% 1.78% The rates above are as of 5 June 2025 and are subject to change any time at the discretion of Hong Leong Finance. See Hong Leong Finance's fixed deposit rates for the latest. Besides putting your money with banks, it's also worthwhile looking into other financial institutions which also offer competitive fixed deposit rates. Hong Leong Finance is one such institution. Don't get it confused with HL Bank, though. While the two share the same name, they offer entirely different fixed deposit rates. With a lock-in period of nine months, Hong Leong Finance is currently offering a fixed deposit rate of 1.83 per cent p.a. for a $20,000 minimum deposit. For slightly longer tenors of 11 or 13 months, you earn 1.78 per cent p.a. instead. These rates are low this month; you'd be able to find better rates almost anywhere else. MoneySmart Take What we like: Short tenor periods for which you have to stash your cash with them. What we don't like: Hong Leong Finance isn't coming out super strong in terms of their fixed deposit rates — average at best. They also require a minimum deposit of $20,000, which is not the most beginner-friendly. Fixed deposit vs savings account - what's the difference? Anyone looking for a better alternative to their basic savings account will be faced with the same decision: fixed deposit or high-interest savings account? Both options beat the measly 0.05 per cent p.a. interest on a regular savings account, but looking at interest rate alone isn't enough to compare the two. Here are the differences between fixed deposits and savings accounts at a glance: Fixed deposit Savings account Tenure As low as 1 month, but go for at least 6 months for better rates None Interest rate Usually, the longer the tenure, the better the interest rate Usually the same regardless of tenure Deposit amount Fixed amount, usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China Smaller initial deposit and minimum monthly balance ($500 to $3,000) Currency SGD by default, but some banks offer higher interest rates for foreign currency SGD by default. There are a few multi-currency accounts, but no difference in interest rate Can you withdraw? Contrary to popular belief, yes, you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. Yes, no impact on interest, but don't fall below the minimum balance Interest payments Quarterly or annually Monthly Risk level Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) Compare fixed deposit vs Singapore Savings Bonds (SSB) vs T-bills If you're looking for a virtually risk-free investment vehicle, you're bound to have come across fixed deposits, Singapore Savings Bonds (SSB) and Treasury bills (T-bills). Which is the right one for you? Here are some key differences you should consider. Fixed deposit SSB T-bills Tenure As low as 1 month, but go for at least 6 months for better rates 10 years 6 months / 1 year Current interest rate Up to 3.35% p.a. 2.29% p.a. ( Jul 2025 SSB's 10-year average return) 1.85% p.a. (cut-off yield for 3 Jul 2025 6-month T-bill ) Deposit amount Usually at least $5,000, but promotional offers can go as low as $500 with ICBC and the Bank of China $500-$200,000 $1,000, with a cap of $1 million in non-competitive bids at each auction. Currency SGD by default, but some banks offer higher interest rates for foreign currency SGD SGD Can you withdraw? Contrary to popular belief, yes—you can withdraw prematurely. However, you lose the interest and may have to pay a penalty. Yes, with no penalty. However, you must pay a $2 transaction fee each time you buy/redeem a bond. No, you cannot redeem T-bills early. Instead, you can try to sell it on the secondary market. Interest payments Quarterly or annually Every 6 months Upon maturity, full value of T-Bill refunded following initial sale at a discount Risk level Virtually risk-free, insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC) Virtually risk-free, backed by the Singapore government Virtually risk-free, backed by the Singapore government [[nid:718806]] This article was first published in MoneySmart .
Business Times
08-07-2025
- Business
- Business Times
GuocoLand secures S$619.3 million green loan for River Valley Green development
[SINGAPORE] GuocoLand has secured a S$619.3 million green club facility on Tuesday (Jul 8) to finance the acquisition and development of its upcoming River Valley Green (Parcel B) project – a high-end residential development located in Singapore's prime District 9. The green loan was jointly provided by UOB, Bank of China's Singapore branch and OCBC under GuocoLand's Green Finance Framework. This is the latest in a string of green financing initiatives the developer has tapped for its portfolio of integrated and sustainable developments. The 99-year leasehold site, awarded to GuocoLand in February 2025, is strategically located next to Great World MRT station on the Thomson-East Coast Line. Spanning 11,736 square metres, the site offers direct access to Kim Seng Park and the Singapore River. The development will feature about 455 residential units across two towers, as well as commercial shops on the ground floor. Dora Chng, GuocoLand's residential director, said: 'With direct connectivity to the Thomson-East Coast Line, residents of the future development at River Valley Green will have convenient access to all parts of Singapore, in addition to enjoying the wide selection of shopping and dining options right at their doorstep.' She added: 'Residents can also look forward to scenic views of the city and of Singapore River, as well as GuocoLand's signature features such as lush landscaping and efficient, generous layouts that enhance the liveability of the development.' Upon completion, the development is set to achieve the Building and Construction Authority's Green Mark Platinum (Super Low Energy) certification with Maintainability Badge, which signifies a building's exceptional energy efficiency and commitment to sustainable design, construction and operation, with a focus on ease of maintenance. This project adds to GuocoLand's expanding pipeline of green-certified developments. The developer has already secured green financing for its integrated mixed-use projects such as Guoco Tower and Guoco Midtown, and high-end residences including Lentor Modern, Lentor Mansion, and the upcoming Springleaf Residence and Faber Walk development.
AllAfrica
06-07-2025
- Business
- AllAfrica
The city that refused to gamble on crypto experimentation
While the rest of the world rushes headlong into crypto experimentation, Hong Kong has taken a different route – less Silicon Valley, more central bank. Its licensing regime for stablecoin issuers, which took effect in 2024, isn't designed to foster hype or speed. Instead, it's a filter: fully backed reserves, high liquidity, zero tolerance for algorithmic or partially collateralized models. In short – no Terra, no Tether, no nonsense. This isn't reluctance. It's design. A financial ecosystem still healing from trust erosion, Hong Kong is playing the long game. In Hong Kong, trust weighs more than trend. Photo: Jeffrey Sze Hong Kong Monetary Authority CEO Eddie Yue made it plain: Participating in the sandbox doesn't guarantee a license. The message to global fintechs is sharp: Test freely, but you'll only graduate if you prove resilient. Stability isn't an aspiration – it's a requirement. The framework echoes traditional banking safeguards, translated into a digital idiom. If crypto wants to grow up, it'll have to wear a suit – and in Hong Kong, the tailor is unforgiving. While Western regulators are bogged down in fragmented crypto debates, Hong Kong is executing a calibrated pivot: integrating stablecoin infrastructure with trade platforms such as CargoX and the Commercial Data Interchange (CDI). This isn't just about currency – it's about programmable logistics. By aligning stablecoins with trade digitization, Hong Kong is quietly writing the playbook for how digital assets can be embedded in global commerce – not as speculation, but as infrastructure. A digital trade route map connects Hong Kong, Singapore and Dubai with blockchain nodes pulsing along shipping lines. Photo: Jeffrey Sze 'The global expansion of US dollar stablecoins is posing fresh challenges to yuan internationalization,' said Wang Yongli, a former Bank of China vice president who is now co-chairman of Digital China Information Service Group. 'It would be a strategic risk if cross-border yuan payment is not as efficient as dollar stablecoins.' Hong Kong's model walks a tightrope between proximity and autonomy. It does not allow stablecoins to peg to the RMB unless explicitly authorized, preserving China's monetary sovereignty while creating a sandbox-with-bounds. This makes Hong Kong an ideal buffer zone for digital currency innovation – close enough to Beijing to remain aligned, yet distinct enough to pilot what the Mainland cannot. The success of Hong Kong's stablecoin framework undoubtedly can serve as a practical reference and valuable experience for a future RMB stablecoin, contributing to a strategic deployment aimed at enhancing cross-border payment efficiency. The IMF recently praised key pillars such as strong reserve management and redemption guarantees – without naming names. But the subtext is clear: Hong Kong's architecture checks the boxes. Should a Basel-like global standard emerge for stablecoins, Hong Kong might already be the reference draft. The greatest risk? That the same walls built to guard against collapse may also keep out genuine innovators. Startups might balk at licensing thresholds, leaving the field to banks and legacy players – hardly the vanguard of Web3. Yet Hong Kong appears willing to accept this. It would rather miss the next Tether than host the next Terra. This city is building a regulatory citadel. It isn't chasing unicorns – it's engineering longevity. In an industry plagued by whiplash regulation and overnight implosions, Hong Kong's sober, measured, almost boring approach may become its greatest competitive edge. Because, when the music stops, the city with a seatbelt – and not just a seat – will be the one still standing. Jeffrey Sze is chairman of Habsburg Asia (partially owned by the Habsburg family) and general partner of both Archduke United Limited Partnership Fund and Asia Empower LPF. He specializes in high-end art transactions and in real-world asset tokenization transactions using blockchain technology. In 2017, hw secured a cryptocurrency exchange license in Switzerland.
South China Morning Post
03-07-2025
- Business
- South China Morning Post
HKEX launches order-routing service to enhance mutual fund distribution ecosystem
Hong Kong Exchanges and Clearing (HKEX) has launched an order-routing service on its fund platform as part of its move to diversify its business and support the government's ambition to strengthen the city as an international wealth management centre. Advertisement 'This centralised platform will connect participants of all sizes across the fund value chain, fostering greater collaboration and elevating operational efficiencies for the fund distribution industry,' CEO Bonnie Chan Yiting said at a ceremony to launch the service on Thursday. 'This offering underscores our commitment to further advance the development of Hong Kong's fund distribution ecosystem and to enhance its position as a leading hub for wealth and asset management in the region.' The order-routing service on the exchange's fund platform was designed to facilitate seamless interaction between fund distributors and transfer agents with mutual fund companies. The funds' subscription and redemption information will be available electronically via the platform. HKEX CEO Bonnie Chan Yiting said the launch of the order-routing service further advances the development of Hong Kong's fund distribution ecosystem. Photo: Edmond So A total of 33 firms, mainly mainland Chinese banks and fund houses, will use the order-routing services. This includes 17 fund distributors like Bank of China (Hong Kong), Bank of Communications (Hong Kong), Chief Securities, China Construction Bank (Asia) and Haitong International Securities. Advertisement Ten fund houses, including BOCHK Asset Management, Bosera Asset Management (International) and CCB International, as well as six transfer agents like Bank of Communications Trustee, BOCI-Prudential Trustee, and State Street Bank and Trust, will use the platform.
