Singapore banks raise promotional rates in race for deposits

AS interest rates rise, the jostle for deposits has also begun.

Banks in Singapore have launched a series of fixed deposit promotions in the past month, with rates going up to 1.3 per cent for 24-month tenures, as of this week.

While board rates have largely remained unchanged, observers expect promotional rates on fixed deposits to continue inching up amid rising rates. Most banks The Business Times spoke to also said they revise promotional rates based on the broader interest rate environment and market movements.