The Singapore branch of Bank of China was established back in 1936. It already acquires license of Qualifying Full Bank (QFB) in the country. The purpose of Bank of China Singapore is to build strengthen relationship China and Singapore as well as to enable development and advancement of technology.
Now, there are plenty of services offered by Bank of China Singapore. One of them is fixed deposit. What is fixed deposit and the offered rates by this bank? Find out below.
What Is Fixed Deposit of Bank of China in Singapore
Fixed deposit, which sometimes is also referred as time deposit is a banking account type that offers fixed interest rate to the customers. As the term, the customers agree not to access or withdraw the funds for certain length of time.
Bank Of China fixed deposit Singapore offers an array of tenor choices with higher rate of interest compared with savings accounts. Tenor is a certain time period applied in the financial contract before it expires.
There are currently 10 currencies available: SGD, USD, RMB, JPY, HKD, AUD, NZD, EUR, GBP and CAD. Here is the initial deposit amount for each of the currency:
- SGD = 5,000
- USD = 2,000
- RMB = 3,000
- JPY = 500,000
- HKD = 50,000
- AUD = 5,000
- NZD = 5,000
- EUR = 5,000
- GBP = 2,000
- CAD = 5,000
Applications Requirement for Fixed Deposit of Bank Of China in Singapore
To be eligible to apply for fixed deposit in the Singapore branch of Bank of China, you have to be:
- Citizen or permanent resident of Singapore; or foreigner that holds work permit, employment pass, or student pass with valid passport or ID.
- Minimum 15 years old (for customers who want fixed deposit account with SGD currency.)
- Minimum 18 years old (for customers who want fixed deposit account with foreign currency.)
Bank of China Singapore Fixed Deposit Rates
The Singapore branch of Bank of China rewards their depositors with high interest rates. The interest rate depends on the amount of your deposit and how long you want to deposit it.
Here is the interest rates list of Bank of China fixed deposit Singapore. This list only contains the fixed deposit rates of Singapore currency, so you may check the rates for other currencies in the official website of Bank Of China Singapore.
Bank Of China Singapore fixed deposit board rates.
| Deposit Range (% p.a) | Below S$20,000 | S$20,000 to $49,999 | S$50,000 to S$99,999 | S$100,000 to S$299,999 | S$300,000 to S$499,999 | S$500,000 and above |
|---|---|---|---|---|---|---|
| 1 mth | 0.275 | 0.275 | 0.275 | 0.275 | 0.275 | 0.325 |
| 3 mths | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.35 |
| 6 mths | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.45 |
| 9 mths | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.5 |
| 12 mths | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.55 |
| 24 mths | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.7 |
| 36 mths | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.75 |
Time Deposit Board Rates
| Currency | Deposit Amount | 1Mth | 3Mth | 6Mth | 9Mth | 12Mth | 24Mth | 36Mth |
|---|---|---|---|---|---|---|---|---|
| SGD | Below 20,000.00 | 0.275 | 0.3 | 0.4 | 0.45 | 0.5 | 0.65 | 0.7 |
| 20,000.00 to 49,999.99 | 0.275 | 0.3 | 0.4 | 0.45 | 0.5 | 0.65 | 0.7 | |
| 50,000.00 to 99,999.99 | 0.275 | 0.3 | 0.4 | 0.45 | 0.5 | 0.65 | 0.7 | |
| 100,000.00 to 299,999.99 | 0.275 | 0.3 | 0.4 | 0.45 | 0.5 | 0.65 | 0.7 | |
| 300,000.00 to 499,999.99 | 0.275 | 0.3 | 0.4 | 0.45 | 0.5 | 0.65 | 0.7 | |
| 500,000.00 and Above | 0.325 | 0.35 | 0.45 | 0.5 | 0.55 | 0.7 | 0.75 | |
| USD | Below 5,000.00 | 0.2 | 0.3 | 0.4 | 0.45 | 0.5 | / | / |
| 5,000.00 to 49,999.99 | 0.2 | 0.3 | 0.4 | 0.45 | 0.5 | / | / | |
| 50,000.00 to 99,999.99 | 0.2 | 0.3 | 0.4 | 0.45 | 0.5 | / | / | |
| 100,000.00 to 499,999.99 | 0.2 | 0.3 | 0.4 | 0.45 | 0.5 | / | / | |
| 500,000.00 and Above | 0.25 | 0.35 | 0.45 | 0.5 | 0.55 | / | / | |
| AUD | Below 5,000.00 | 0.08 | 0.1 | 0.12 | / | / | / | / |
| 5,000.00 to 49,999.99 | 0.08 | 0.1 | 0.12 | / | / | / | / | |
| 50,000.00 to 99,999.99 | 0.08 | 0.1 | 0.12 | / | / | / | / | |
| 100,000.00 to 499,999.99 | 0.1 | 0.12 | 0.15 | / | / | / | / | |
| 500,000.00 and Above | 0.1 | 0.12 | 0.15 | / | / | / | / | |
| CAD | Below 5,000.00 | 0.05 | 0.05 | 0.05 | / | / | / | / |
| 5,000.00 to 49,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 50,000.00 to 99,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 100,000.00 to 499,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 500,000.00 and Above | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| RMB | Below 200,000.00 | 1.3 | 1.9 | 2 | 2.1 | 2.2 | / | / |
| 200,000.00 and Above | 1.4 | 2 | 2.1 | 2.2 | 2.3 | / | / | |
| EUR | Below 5,000.00 | 0.0001 | 0.0001 | 0.01 | / | / | / | / |
| 5,000.00 to 49,999.99 | 0.0001 | 0.0001 | 0.01 | / | / | / | / | |
| 50,000.00 to 99,999.99 | 0.0001 | 0.0001 | 0.01 | / | / | / | / | |
| 100,000.00 to 499,999.99 | 0.0001 | 0.0001 | 0.01 | / | / | / | / | |
| 500,000.00 and Above | 0.0001 | 0.0001 | 0.01 | / | / | / | / | |
| GBP | Below 5,000.00 | 0.05 | 0.05 | 0.05 | / | / | / | / |
| 5,000.00 to 49,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 50,000.00 to 99,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 100,000.00 to 499,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 500,000.00 and Above | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| HKD | Below 100,000.00 | 0.15 | 0.25 | 0.35 | / | / | / | / |
| 100,000.00 to 499,999.99 | 0.15 | 0.25 | 0.35 | / | / | / | / | |
| 500,000.00 and Above | 0.2 | 0.3 | 0.4 | / | / | / | / | |
| JPY | Below 1,000,000.00 | 0.0001 | 0.0001 | 0.0001 | / | / | / | / |
| 1,000,000.00 to 19,999,999.99 | 0.0001 | 0.0001 | 0.0001 | / | / | / | / | |
| 20,000,000.00 to 99,999,999.99 | 0.0001 | 0.0001 | 0.0001 | / | / | / | / | |
| 100,000,000.00 and Above | 0.0001 | 0.0001 | 0.0001 | / | / | / | / | |
| NZD | Below 10,000.00 | 0.05 | 0.05 | 0.05 | / | / | / | / |
| 10,000.00 to 49,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 50,000.00 to 99,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 100,000.00 to 499,999.99 | 0.05 | 0.05 | 0.05 | / | / | / | / | |
| 500,000.00 and Above | 0.05 | 0.05 | 0.05 | / | / | / | / |
You may also like: CIMB Fixed Deposit Singapore
Judging from the current economy climate, there’s a good chance that majority of interest rates offered by most banks will remain low. However, still, they are usually higher than saving accounts.
You may see the fixed deposits as investments in shorter-term. So, you need to prepare to look for another place to deposit your money again after the agreed time is over.
