At Singapore-Savings-Account-Rates.blogspot.com, we highlight the DBS Singapore Prime Rate today.
Before we proceed, let's clarify what in Singapore is Prime Rate, and also what is Floating Rate.
According to Association of Banks in Singapore, Prime Rate is the lowest lending rate which a bank is prepared to lend in Singapore Dollars to its best customers on an overdraft or demand basis.
A floating rate is one which is not fixed, and is pegged to an index rate eg Prime + 1%, and "floats" according to the movements in the index rate.
In simple Singlish, Singapore Prime Rate is THE rate that banks decide, based on many commercial decisions, on a case-by-case basis depending on whether you are the 'best' customer or not, to charge you for lending you its money. If you wish to know the criteria to qualify as best customer in Singapore, we are afraid we can't give you the answer.
We could not find anything on DBS Singapore website that states its Singapore prime rate. You need to call them directly to ascertain the DBS Singapore prime rate.
However, according to their promotional materials about Assetline, the DBS Singapore prime rate is 4.25%, which is marketed as the lowest prime rate. This prime rate applies only to AssetLine Loan package in Singapore.
See the copy of Singapore Prime Rate we snapped below:
If you are looking for Singapore mortgage loan rates | Singapore housing loan rates | Singapore home loan rates and similar Singapore loan packages, the trend now is to charge for loans in Singapore based on SIBOR (Singapore interbank offered rate). But that is for another post, on another day.NEW! Check out this site on Singapore Bank Prime Rates:
http://singaporeprimerates.blogspot.com/Link to other posts on Singapore Bank Prime Rates.
Thanks for reading Singapore Savings Account Rates, where we bring you the best and latest savings account rates (most of the time, except in a post like today's).