'In particular, we continue to see strong inflows in Q4 2022 where we saw time deposits volume increased by over 400 per cent year on year,' said an HSBC spokesperson. HSBC said it has seen 'strong interest' from customers, especially those from the Premier segment. 'At the same time, we have also seen record client flows into fixed income products that can help clients lock in higher yields for longer tenors, given that peak rates may not be maintained for long in view of the macroeconomic environment,' said Citibank Singapore's head of wealth management Lui Chee Ming. HSBC, Citibank and Hong Leong Finance have similarly seen a surge in fixed deposit placements, with Citibank reporting more than 300 per cent growth in fixed deposits in the last six months. These include new time deposit account openings, deposit placements and withdrawals, applications for government treasury bills and applications for CPF Investment Scheme accounts. 'Branch transactions have increased more than 15,000 every month since June 2022,' said OCBC's head of branch service and risk management Jean Oh, adding that a majority of these customers were making time deposit-related transactions. This has translated to higher footfall at bank branches. 'The number of monthly time deposit placements has grown consistently seven times on average since June last year,' OCBC's head of deposits Na Kok Peng told CNA on Tuesday (Jan 10).

OCBC said the demand for time deposits has continued to 'grow significantly' in the past few months. Some banks have also deployed more employees at branches to cope with the expected increase in customers over the festive period.

SINGAPORE: Banks in Singapore have seen a surge in fixed deposit transactions amid the rising interest rate environment, prompting calls for customers to go online if they are able to, instead of queuing at branches.

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