Singdollar deposits hit new high amid virus fallout

Total deposits hit $716.6b in April; banks say customers are saving more amid pandemic

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Retail deposits in Singapore have grown at two local banks amid the economic fallout of the Covid-19 pandemic, compared with a year ago, as more bank customers choose saving over spending.

The rise in retail deposits comes as total deposits hit a record high.

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A version of this article appeared in the print edition of The Straits Times on June 06, 2020, with the headline Singdollar deposits hit new high amid virus fallout. Subscribe