That rate comes with some strings attached, too. OCBC earlier this week also increased interest rates for its 360 savings account to an all-time high of 4.65 per cent a year on the customer’s first S$100,000, up from 1.85 per cent.

To earn the full 4.1 per cent interest, a customer must carry out S$30,000 or more in eligible transactions a month, and credit their salary, dividends or Singapore Financial Data Exchange (SGFinDex) detail to the account. The rules around the Multiplier account can seem daunting. It last raised interest rates for its Multiplier account in August. SINGAPORE - As interest rates on borrowing here and around the globe rise rapidly to combat inflation, the grim news for home buyers facing heftier mortgage bills is good news for bank customers with savings deposits.Īgain this week, Singapore banks have been raising interest rates to stay competitive in the fight for deposits.ĭBS, the country's largest bank, on Tuesday (Nov 1) raised the interest rate again for its flagship Multiplier savings account from up to 3.5 per cent to up to 4.1 per cent a year on the first S$100,000 in a customer's account.

Ocbc fixed deposit rate