No, the interest received from deposits with approved banks or licensed finance companies in Singapore is not taxable.
Depositing Your Money with a Time Deposit System Time deposit system, also called as fixed deposit, is feature offered by banks or other non-bank financial institutions to save your money with certain tenure and higher interest rates, if compared with regular saving account.
If you are their priority banking customer, you can get a preferential rate of 0.
Maybank SaveUp Account Up to 3.