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Bank of China (Singapore) Revises Time Deposit Rates, Retains Competitive Peak of 2.3% p.a.
In a continued bid to offer competitive returns to savers in a dynamic financial environment, Bank of China (Singapore) has announced a fresh revision of its time deposit promotional rates, with changes taking effect from 12 May 2025. This follows an earlier rate update just a week prior, on 5 May 2025, and marks a fine-tuning of its interest offerings in response to market conditions.
Some rate brackets have seen modest declines. The maximum promotional interest rate is 2.3% per annum – applicable specifically to select tenures when placements are made through the Bank of China Mobile Banking App. This move underscores the bank’s strategy to nudge customers towards digital channels while preserving attractive returns on savings.
Details of Time Deposit Promotions (Effective 12 May 2025)
The promotional deposit scheme offers customers the convenience of choosing between over-the-counter (OTC) placement or digital placement via the mobile app. For OTC placements, the minimum deposit is S$10,000, while mobile banking customers enjoy a much lower entry point at just S$500. These thresholds cater to both traditional savers and digital-first users, allowing flexibility and accessibility.
Here’s a breakdown of the latest promotional time deposit interest rates:
| Minimum Amount (SGD) | Tenure | 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 | 2.10 | 2.25 |
| 2 months | 2.10 | 2.25 | |
| 3 months | 2.15 | 2.30 | |
| 4 months | 2.15 | 2.30 | |
| 5 months | 2.15 | 2.30 | |
| 6 months | 2.15 | 2.25 | |
| 9 months | 2.05 | 2.20 | |
| 12 months | 2.05 | 2.20 | |
| 18 months | 1.95 | 2.10 | |
| 24 months | 1.80 | 1.95 | |
*Important: The Mobile Banking Promo Rates are applicable strictly to new placements executed via the BOC Mobile Banking App. Customers must hold an existing Savings or Current Account to access these mobile-exclusive offers.
What Savers Should Know
- Promotional rates are intended exclusively for personal banking customers.
- All interest rates are indicative and may be adjusted at the bank’s discretion.
- Should discrepancies arise between online and in-branch rates, the rates shown on the applicable platform (OTC or mobile app) will prevail at the point of transaction.
- Early withdrawals could result in partial or full forfeiture of accrued interest, depending on the terms.
- Customers are encouraged to verify prevailing rates before committing to a placement to avoid misunderstandings or surprises.
Accessing Bank of China’s Full Offerings
To view the complete list of time deposit options and promotional rates, customers can visit the official Bank of China (Singapore) website.
For those preferring face-to-face assistance, branch locations and contact information can be found by clicking here.
Comparative deposit rates from multiple financial institutions in Singapore are also available via this link.
Disclaimer: All depositors are advised to read and understand the latest applicable terms and conditions before placing funds. Seeking independent financial advice is also recommended.
Note: Rates are subject to change. For the most accurate information, consult the bank directly or refer to the mobile app or official website.
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