Sunday, 6 October 2013

Oct Fixed Deposit Rates Update - 1.12% Bank of China

First some clarifications: Fixed Deposit is not for real investment.  My review on Singapore's FD is limited to S$50,ooo and below; and tenure term not exceeding 12 months.  Fixed Deposit is for parking the emergency fund and allowing immediate access to the fund when needed.  These are also based on the following considerations:

1. Singapore's Deposit Insurance Scheme maximum coverage up to S$50,ooo only.
2. Long tenure term will potentially affect your cash-out value for your emergency fund, as you may suffer a penalty fee for early withdrawal.

Back to the update: Bank of China's 12-months FD rates of 1.12% p.a. is still currently the highest in Singapore.  The minimum deposit amount for BOC FD is S$50,000.   

This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.

There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).

According to BOC's website, this promotion is for a limited period only.

Promotion Details:
 SGD Time Deposits Promotional Interest Rates % p.a.
S$50,000 and above0.55%0.85%0.95%1.12%

Please let me know if there is better offer in the market.


  1. If you are willing to venture abroad...Mongolian banks are offering 10% pa interest on USD deposits. USD in the long run prob will appreciate against the SGD. Not for everybody though

    1. Thanks for your comments and information. I would think getting into Mogolian banks is more like gamble than sound investment.