Thanks to the OCBC Digital app for digital banking, Na shares that customers are able to place a time deposit via the app almost immediately. This has buoyed the overall demand for time deposits, which are about 75% higher in average in September and August compared to the average placements in the past six months. “We continue to reward customers for depositing with us and review our interest rate offerings in line with market conditions,” adds Na. UOB raised promotional rates on its Singapore dollar fixed deposits on Oct 3, with 10-, 12- and 15-month tenors now at 2.8%, 2.9% and 3.0% p.a.
This is up from last month’s headline rate of 2.8% p.a. Like OCBC, UOB customers must deposit fresh funds of at least $20,000.įor its more affluent customers, UOB has also increased its promotional privilege account interest rates from 1.9% p.a.
