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Bank of China (Singapore) introduces new time deposit rates, effective from 12 Aug 2024, offering Singaporean savers a chance to maximise their savings with returns of up to 3.35% p.a.
UPDATE 2 Sep: Bank of China (Singapore) Latest Time Deposit Rates Offers Up to 3.20% p.a. Effective 2 Sep 2024
Bank of China (Singapore) has announced the latest updates to its time deposit rates, providing an opportunity for customers to earn up to 3.35% per annum.
These rates have undergone a slight adjustment, showing a reduction of up to 0.1% for specific tenures compared to the earlier rates released on 5 Aug. The revised rates, effective from 12 August 2024, offer various tenure options tailored to meet the diverse financial planning needs of individuals in Singapore.
Time Deposit Rates as of 12 Aug 2024
The newly introduced rates cover a broad range of terms, providing flexibility for both short-term and long-term savers. These offerings are particularly beneficial for those looking to make their savings work harder while maintaining the security of a time deposit. Notably, the interest rates vary depending on the deposit method, with mobile banking users enjoying higher promotional rates.
For traditional over-the-counter placements, a minimum deposit of S$10,000 is required, whereas those opting for mobile banking placements can start with as little as S$500, making it more accessible for a wider audience.
| Currency | Minimum Amount | Tenor | Interest Rates (% p.a.) | |
|---|---|---|---|---|
| Counter Promo Rates | Mobile Banking Promo Rates (New Placement)* | |||
| SGD | 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 | 3.25 | 3.35 | ||
| 4 months | 3.10 | 3.20 | ||
| 5 months | 3.00 | 3.10 | ||
| 6 months | 3.00 | 3.10 | ||
| 9 months | 2.85 | 2.90 | ||
| 12 months | 2.75 | 2.80 | ||
| 18 months | 2.40 | 2.50 | ||
| 24 months | 2.30 | 2.40 | ||
*Mobile Banking Promo Rates apply exclusively to new placements made via the BOC Mobile Banking APP. A Savings Account or Current Account is necessary to facilitate Time Deposit placements through Mobile Banking.
Key Considerations:
- Premature Withdrawal: Withdrawals made before the maturity of the time deposit may result in the loss of both principal and/or accrued interest, emphasising the importance of carefully planning the tenure before committing.
- Indicative Rates: The rates mentioned are indicative and applicable solely to personal customers. The promotional rates at the time of your deposit placement will be the effective rates.
For those interested in exploring more about Bank of China’s enhanced Time Deposit rates and other financial offerings, detailed information can be found by clicking here. Customers seeking personalised banking services can locate their nearest Bank of China branch by clicking here.
Stay Updated! For continuous updates on the best deposit rates available in Singapore, click here to access the latest information.
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