Bank of China Fixed Deposit

Boc Fixed Deposit

Bank of China makes it very easy for you to manage your wealth with its flexible time deposit schemes. These schemes are available as multi-currency deposits or Singapore Dollar Fixed Deposits, depending on the extent to which you would like to diversify your investment portfolio.Customers can enjoy high returns on their investments, with fixed deposit tenures ranging from 1 month to 3 years. BOC fixed deposits come with attractive interest rates of up to 2.75% p.a.

Additionally, you have a choice of 9 major foreign currencies to open fixed deposits in, and these allow you to earn higher rates of interest when compared to traditional savings accounts. The extensive range of currencies you can open BOC deposits with include: SGD, USD, RMB, GBP, NZD, CAD, JPY, EUR, AUD, and HKD. The initial deposit amount required for each currency will vary.

BOC Singapore Dollar Term Deposit Interest Rates (SGD)

Tenure (months) Rates (% p.a.) Less than S$20,000 Rates (% p.a.) S$20,000 - S$49,999 Rates (% p.a.) S$50,000 - S$99,999 Rates (% p.a.) S$100,000 - S$299,999 Rates (% p.a.) S$300,000 - S$499,999 Rates (% p.a.) ?S$500,000
1 0.175 0.1875 0.1875 0.1875 0.1875 0.1875
3 0.3 0.35 0.35 0.35 0.35 0.375
6 0.4 0.45 0.45 0.45 0.45 0.5
9 0.45 0.5 0.5 0.5 0.5 0.625
12 0.6 0.6 0.6 0.6 0.6 0.6875
24 0.7 0.725 0.725 0.725 0.725 0.76
36 0.7 0.725 0.725 0.725 0.725 0.95

Note: Singapore Dollar Term Deposit Interest Rates are as of 4 December 2018.

BOC Foreign Currency Term Deposit Interest Rates

Currency Rates (% p.a.) 1 month Rates (% p.a.) 3 months Rates (% p.a.) 6 months Rates (% p.a.) 9 months Rates (% p.a.) 12 months
GBP (?500,000 Units) 0.5 0.625 0.75 - -
EUR (?500,000 Units) 0.0001 0.001 0.01 - -
JPY (? 100 Million Units) 0.0001 0.0001 0.0001 - -
AUD (?500,000 Units) 1.25 1.5625 1.625 - -
USD (?500,000 Units) 2.125 2.375 2.5 2.625 2.75
NZD (?500,000 Units) 1.625 1.8125 1.875 - -
CAD (?500,000 Units) 1.4375 1.625 1.75 - -
HKD (?500,000 Units) 0.5 0.625 0.875 - -
RMB (?200,000 Units) 1.9 1.95 2.15 2.25 2.3

Note: Singapore Dollar Term Deposit Interest Rates are as of 4 December 2018.

Bank of China Fixed Deposit - Eligibility

  • Singaporean citizens, permanent residents, foreigners with employment passes, work permits and students with valid passes, IDs and passports are eligible to open a time deposit account with Bank of China, Singapore.
  • Customers opening SGD time deposit accounts must be at least 15 years old at the time of opening of the account. For any other currency account, applicants must be at least 21 years of age.
  • Singapore citizens and permanent residents are required to provide their National Registration Identity Cards at the time of application. Foreigners need to submit valid travel documents, proof of address and passports.

RMB Time Deposit

Bank of China customers in Singapore can gain substantially with RMB time deposits earning higher interest rates than conventional savings accounts.

  • The RMB time deposit is available with flexible term tenures ranging from 1 month to 12 months.
  • Singaporean citizens, permanent residents and foreigners with valid employment passes, work permits or student passes with valid IDs and passports are eligible to apply for a RMB time deposit from Bank of China.
  • The bank mandates that applicants should be at least 21 years of age at the time of the account opening.
  • Singapore citizens and permanent residents are required to provide their National Registration Identity Cards at the time of application. Foreigners need to submit valid travel documents, proof of address and passports.

SGD Time Deposit

  • Customers opening SGD time deposit accounts must be at least 15 years old at the time of opening of the account. For any other currency account, applicants must be at least 21 years of age.
  • Singaporean citizens, permanent residents, foreigners with employment passes, work permits and students with valid passes, IDs and passports are eligible to open SGD time deposit account with Bank of China, Singapore.

Minimum Initial Deposit

Currency Initial Deposit Amount
SGD 5,000
RMB 3,000
USD 2,000
EUR 5,000
GBP 2,000
NZD 5,000
AUD 5,000
JPY 500,000
CAD 5,000
HKD 50,000

Bank of China Fixed Deposit Schemes

Bank of China offers the following term deposit schemes in Singapore:

  1. BOC Time Deposit Account: This is the standard fixed deposit account but BOC offers it in 10 currencies:
    1. Chinese Renminbi (RMB)
    2. US Dollar (USD)
    3. New Zealand Dollar (NZD)
    4. Australian Dollar (AUD)
    5. Canadian Dollar (CAD)
    6. Hong Kong Dollar (HKD)
    7. Euro (EUR)
    8. Great Britain Pound (GBP)
    9. Japanese Yen (JPY)
  2. The minimum deposit required is 5,000 units for Euro, and Singapore, New Zealand, Australian and Canadian dollars; JPY500,000; HKD50,000; and  2,000 units of US dollar and Sterling Pound. The tenures range from 1 month to 3 years, though each currency has different maximum tenor availability. The deposits in SGD is protected by the Deposit Insurance Scheme.

  3. BOC RMB Time Deposit: This is a separate fixed deposit account for Chinese Renminbi. You can save your money for 1 to 12 months in this account. The minimum deposit amount is RMB3,000.

Other Products offered by Bank of China

  • Corporate Banking
  • Trade Finance
  • Deposits for corporate as well as individual needs
  • BOC Credit Cards
  • Loans – BOC Personal Loan & BOC Home Loan
  • Treasury & Foreign exchange services
  • Remittance and Exchange
  • Wealth Management, etc.

FAQs

  1. Can I open a Bank of China Fixed Deposit if I am not a citizen of Singapore?

    Yes. For this purpose, you will have to submit valid travel documents, proof of address and passports.

  2. Which currencies can I deposit in the fixed deposit account from Bank of China?

    Deposits can be made in 10 currencies: SGD, RMB, USD, EUR, GBP, NZD, AUD, JPY, CAD and HKD.

  3. Who is eligible to apply?

    Singaporean citizens, permanent residents, foreigners with employment passes, work permits and students with valid passes, IDs and passports are eligible to open a time deposit account with Bank of China, Singapore.

  4. What is the time deposit interest rate for a placement of up to SGD 19,999.99 for one year?

    The interest rate for a placement of up to SGD 19,999.99 for one year is 0.600000.

  5. I am 16 years old. Can I open a fixed deposit account in Bank of China?

    Yes. You can open a SGD time deposit account with Bank of China.

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