OCC 3.93% NCPS   

OCBC NCPS 3.93% vs FD

Need expert advise on what is Singapore Swap Offer Rate + 1.85%  as offered by OCBC below: how much interest will OCBC pay after 2015. 

On/ Before 20 March 2015: 3.93% p.a.
Thereafter: 3-Month Singapore Swap Offer Rate plus 1.85%

 

For advice, pls.. Instead of placing my $$$ in FD @3%, would it be better to buy this NCPS @ $96 for $100.