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Bank of China (Singapore) revises time deposit rates, effective from 2 September 2024
UPDATE 10 Sep: Bank of China (Singapore) Latest Time Deposit Rates Offers Up to 3.15% p.a. from 9 Sep
Bank of China (Singapore) has recently announced an update to its time deposit rates, offering its customers the chance to earn up to 3.20% per annum. This adjustment in interest rates aims to provide more competitive returns for both new and existing clients.
As part of the new structure, some rates have been reduced by up to 0.15% compared to those previously announced on 12 August 2024. Despite the reductions, these rates still represent a solid opportunity for individuals seeking secure and profitable savings options in Singapore’s dynamic financial market.
Details of the Latest Time Deposit Rates
The revised rates, effective from 2 September 2024, offer a variety of tenures to cater to different savings goals. For customers who prefer traditional over-the-counter (OTC) placements, a minimum deposit of S$10,000 is required.
However, those who choose to utilise the Bank of China mobile banking platform can enjoy the flexibility of starting with a deposit as low as S$500, broadening accessibility to more customers.
| Minimum Amount (SGD) | Tenor | Interest Rates (% p.a.) | |
|---|---|---|---|
| Counter Promo Rates | Mobile Banking Promo Rates (New Placement) | ||
| S$10,000 and above (Over the Counter) S$500 and above (Via Mobile Banking) | 1 month | 2.85 | 2.95 |
| 2 months | 3.10 | 3.20 | |
| 3 months | 3.10 | 3.20 | |
| 4 months | 2.90 | 3.00 | |
| 5 months | 2.85 | 2.90 | |
| 6 months | 2.80 | 2.90 | |
| 9 months | 2.70 | 2.80 | |
| 12 months | 2.70 | 2.80 | |
| 18 months | 2.30 | 2.40 | |
| 24 months | 2.20 | 2.30 | |
*These Mobile Banking Promo Rates are exclusively available for new placements made through the Bank of China Mobile Banking APP. Customers must have a Savings Account or Current Account to make Time Deposit placements via mobile banking.
Important Considerations for Customers
Potential customers should take note of the following key points when planning to open a time deposit account:
- Premature Withdrawal: Customers who choose to withdraw their funds before the maturity of the time deposit may face the loss of both the principal amount and any accrued interest. It is advised to carefully select a tenure that aligns with one’s financial plans to avoid potential penalties.
- Indicative Rates: The interest rates provided are indicative and apply to personal customers only. The actual promotional rates applicable at the time of deposit placement will determine the effective rate.
For more information about Bank of China’s latest time deposit rates and other financial products, customers can click here to visit the official website. Those seeking personalised service can find their nearest Bank of China branch by clicking here.
To stay updated on the most competitive deposit rates across Singapore, click here for the latest information.
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