Last updated: 11 October 2026 · Rates checked against: IRAS — Interest, with PwC Worldwide Tax Summaries
Reviewed by Zia Shahid, Buzdy Banking Editor · Our methodology
In this guide
For almost everyone banking in Singapore the answer is no. The exceptions are narrow, and they are about where the money is, not how much of it there is.
Interest from deposits with approved banks and licensed finance companies in Singapore is not taxable for individuals.
You do not need to declare it.
PwC: "Generally, interest income derived from Singapore-approved banks or licensed finance companies is not taxable."
What is not taxable
Interest from deposits with approved banks in Singapore and with finance companies licensed in Singapore is not taxable for an individual. Foreign-sourced interest is generally not taxable either.
What is taxable
The exceptions are specific. Interest is taxable where it comes from:
- deposits with banks in Singapore that are not approved banks
- deposits with finance companies not licensed in Singapore
- pawnshops in Singapore
- loans to companies or to individuals
Taxable interest is declared under "Other Income" in the return. Interest that is not taxable is not declared at all.
Why the distinction is about licensing
The test is not the size of the deposit or the type of account. It is whether the institution holding your money is an approved bank or a licensed finance company. If you are lending privately, or using an unlicensed institution, you are outside the exemption.
Frequently asked questions
Is there a limit above which savings interest becomes taxable?
The exemption is framed around the institution, not the amount.
Do I declare interest from my bank in Singapore?
Non-taxable interest is not declared. Taxable interest goes under Other Income.
Is interest from a foreign bank taxable?
Foreign-sourced interest is generally not taxable for individuals in Singapore.
What about interest from lending money to a friend's company?
Interest from loans to companies or persons is listed as taxable.
Sources
- IRAS — What is taxable, what is not: Interest
- PwC Worldwide Tax Summaries — Singapore, income determination
This is information, not tax advice. The figures above were checked against the source named at the top of this page on 11 October 2026. Tax rules change, usually with each annual budget. For a decision about your own money, speak to a qualified tax adviser in your country.
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