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Most financial institutions cut or hold fixed-deposit rates steady

Of nine financial institutions polled by BT, only Maybank bucks trend by raising interest rate from 2% to 2.1%

Singapore

FIXED deposit rates have come down at some financial institutions in Singapore, with the economic outlook trending towards lower interest rates following the United States' slashing of its benchmark lending rate in July.

In Singapore, Maybank has bucked the trend by raising its rate for this type of savings.

Over at the three local banks, rates are now lower than Singapore Savings Bonds' first-year rate of 1.64 per cent, making the fixed-income instrument relatively appealing.

Among the nine financial institutions polled by The Business Times in June and recently, Maybank was the only one that had raised its rate for a minimum S$20,000 fixed deposit in fresh funds. It now offers 2.1 per...

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