Interest received from deposits with approved banks or licensed finance companies in Singapore on or after 1 Jan 2005 is not taxable.
You do not need to declare interest that is not taxable.
To check if a bank is an approved bank, please:
- Visit MAS website
- Click on 'Commercial Banks' and 'Merchant Banks'.
All banks listed on these two pages are approved banks.
To view the list of licensed finance companies, please:
- Visit MAS website
- Click on 'Finance Companies'.
All companies listed on this page are licensed finance companies.
When is it taxable
Interest from the following sources is taxable
- Deposits with non-approved banks
- Deposits with finance companies not licensed in Singapore
- Pawnshops
- Loans to companies, persons etc.
Interest from debt securities is also taxable if it is derived:
- through a partnership in Singapore; or
- from the carrying on of a trade in debt securities.
How to report
You need to declare the full amount of your taxable interest under 'other income' in your tax form.
Find out more about how to submit your tax return.