CIMB Fixed Deposit Singapore

CIMB Fixed Deposit Singapore

If you have spare money, it’s best to keep it in a deposit account. Not only you can find a safe place for keeping your money, by depositing money you can also have a bigger interest rate for your saving.

You should have known that one of the banks offering deposit saving in Singapore is CIMB. Before you go there and putting away your money for deposit, it’s best to know the rules of CIMB fixed deposit Singapore first. This article will inform you some of the essential information about that.

What is CIMB Fixed Deposit?

In short, fixed deposit is defined as a feature offered by banks to save your money without any access of withdrawal for a certain amount of time. Also called as time deposit, you may have heard somewhere about tenure, and this is the term used to represent ‘a certain amount of time’.

So, there are two points that make a fixed deposit: tenure, and higher interest rates if compared to regular saving account. Tenure generally ranges from 1-48 months in maximum, while interest rates also range depending on the bank, amount of money deposited, and the tenure chosen.

As mentioned earlier, CIMB also offers this feature as well aside from providing regular saving account. If you decide to put away your money for deposit in CIMB fixed deposit Singapore, then you should comply some rules set by the bank.

It’s best to keep away your allowance money from getting deposited. You know, there’s a certain consequence if you made your mind to withdraw some or all money before the tenure ends.

Depositor Eligibility, Tenure Choice, and Board Rate Offered

In order to become a CIMB fixed deposit account holder, you have to apply for account opening; either online or directly going to the nearest branch. The requirement is as follows:

  • Minimum age of 18 years old;
  • Minimum deposit starter: S$5,000 for 1- and 2-month tenure; S$1,000 for another amount.
  • Documents requirement:

For Singaporeans and Malaysians currently residing in Singapore:

  • Copy of NRIC (Singaporeans) or passport (Malaysians)
  • Residential address proof if the address written in the account opening application differs from one in the ID document (utility bill, bank statement, etc.)

Foreigners:

  • Passport
  • Residential address proof; proven by letter issued by government, bank statement, or any latest bill.
  • Supporting documents, if available (such as work permit, student pass).

As for the board rate, the interest rate will be listed as follows:

SGD Fixed Deposit Rates

The tenure varies from 1 month to 24 months (1, 2, 3, 6, 9, 12, and 24 months tenure). An individual account holder can also take the 1- and 2-month tenure. For both tenures, the minimum deposit for account opening is S$5,000.

For S$1,000-S$99,999 deposit, the board rate ranges from 0.20%-0.30% p.a. The board rate is slightly different for deposit amount starting from S$100,000 which ranges from 0.20%-0.35% p.a.

Tenure (Months)S$1,000 - $99,999S$100,000 & Above
1*0.20.2
2*0.250.3
30.30.35
60.30.35
90.30.35
120.30.35
240.30.35

Note: *A minimum placement of S$5,000 is required. Rates are subject to change without prior notice.

SGD Islamic Fixed Deposit Rate

Unlike the earlier fixed rate type, Islamic fixed deposit offers flat rate for all tenures (same as above, 1-24 months) and all amount of deposit. The rate for this service is 0.1% p.a.

Tenure (Months)S$1,000 - $99,999S$100,000 & Above
1*0.10.1
2*0.10.1
30.10.1
60.10.1
90.10.1
120.10.1

Note: *A minimum placement of S$5,000 is required. Rates are subject to change without prior notice.

You may also like: Sing Investments & Finance Fixed Deposit

Aside from the mentioned board rate, CIMB fixed deposit Singapore also available for currencies other than SGD. These foreign deposits will be enabled for USD, CNH, CAD, EUR, AUD, NZD, and GBP. In addition, there are various rates up to 0.35% p.a. with tenure ranging from 1, 3, 6, and 12 months.

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