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Bank of China (Singapore) revises time deposit rates
UPDATE 14 Oct: Bank of China (Singapore) Latest Time Deposit Rates Offers Up to 3.1% p.a. from 14 Oct
Bank of China (Singapore) has recently announced an update to its time deposit rates, offering its customers the chance to earn up to 3% per annum. This adjustment in interest rates aims to provide more competitive returns for both new and existing clients.
Compared to the previous rates announced on 30 Sep 2024, the 3-month rate has increased to 3% and the 4-month rate increased to 2.9%.
Details of the Latest Time Deposit Rates
The revised rates, effective from 7 Oct 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) | Tenure | Interest Rates (%p.a.) | |
|---|---|---|---|
| Counter Promo Rates | Mobile Banking Promo Rates * | ||
| S$10,000 and above (Over the Counter) S$500 and above (Via Mobile Banking) | 1 month | 2.60 | 2.70 |
| 2 months | 2.70 | 2.80 | |
| 3 months | 2.90 | 3.00 | |
| 4 months | 2.80 | 2.90 | |
| 5 months | 2.70 | 2.80 | |
| 6 months | 2.70 | 2.80 | |
| 9 months | 2.60 | 2.70 | |
| 12 months | 2.60 | 2.70 | |
| 18 months | 2.20 | 2.30 | |
| 24 months | 1.90 | 2.00 | |
*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.
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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