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 1.18% p.a. is currently the highest in Singapore. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC Building),
2. Chinatown branch (Furama Hotel),
3. Katong branch (188-192 East Coast Road),
4. Middle Road (BOC Plaza),
5. Maxwell Road (Maxwell House).
According to BOC's website, this promotion starts from 3rd Feb and is for a limited period only.
|Min. Deposit Amount (S$)||12-MTH SGD Time Deposits Promotional Interest Rate*|
|S$50,000 to S$199,999||1.18% p.a.|
|More than $200,000||1.20% p.a.|
Please let me know if there is better offer in the market.