Standard Chartered Singapore announced their pioneer fixed deposit home loan rate (48M FDR) will increase in March 2018. We looked at its history.
Overview of 48M FDR
48M FDR was launched in July 2016. It is the 48-month Singapore dollar fixed deposit interest rate. It was at 0.50% per annum. This rate (as revised from time to time) may be found on Standard Chartered website. During the launch, Standard Chartered circulate a FAQ where it clarified this rate:
FDR is the Bank’s prevailing 48-month Singapore dollar fixed deposit interest rate that is less volatile and provides greater stability as compared to SIBOR. Also, FDR provides flexibility where clients may pay down the outstanding loans without any prepayment fees as there is no lock-in period for this pricing package.
From 2010 to date, the highest FDR was 1.00% in October 2010 and the lowest FDR was 0.50% in September 2011. Between the launch of home loan products that tracks this rate till March 2018, 48M FDR remained at 0.50%. Since March 2018, the bank moved it upwards to 0.90%.
Affected Standard Chartered customers should review their fixed deposit-linked home loans with the current refinancing loans.
