• Bank of China Fixed Deposit

    Bank of China Fixed Deposit

    The first Singapore branch of Bank of China was established in 1936 with the bank providing basic banking services like remittance, deposits and exchange services. After 1978, Bank of China in Singapore extended its scope of services to include retail and corporate banking products. The bank has an experienced team of professionals and an extensive service network providing multiple solutions comprising of corporate banking, retail banking, China related trade financing and international trade settlements. Over the past 70 years, Bank of China time deposit schemes have been the most desired investment option for the Singaporeans. Bank of China has always functioned adeptly in Singapore, adhering to its commitment of promoting bilateral economic and trade relations between Singapore and China.

    Singapore holds the unique distinction of having the maximum percentage of millionaires and Bank of China’s Prestigious Wealth Management unit offers a high level of personalized services to affluent Singaporeans. Currently with a network of five sub-branches and one remittance centre in Singapore, Bank of China has achieved a strong foothold in the flourishing Singapore banking industry. The main Singapore branch of Bank of China was awarded the Qualifying Full Bank License in 2012.

    About Bank of China Fixed Deposit Singapore

    Bank of China makes it very easy for a Singaporean to manage his wealth with its flexible time deposit schemes available at attractive interest rates and multi-currency deposit options. Customers can enjoy high returns on their investments with fixed deposit tenures when compared to traditional savings accounts.

    Why choose Bank of China Fixed Deposit?

    • Bank of China time deposits present an extensive range of currency choices and accounts can be opened in SGD, USD, RMB, EUR, NZD, GBP, AUD, CAD, JPY and HKD.
    • Bank of China customers need to place an initial deposit as mentioned below with respect to the currency selected for their time deposit account.

    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 - 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.

    Bank of China Fixed Deposit Interest Rates

    Placement Amount 1 Month 3 Month 6 Month 9 Month 12 Month 24 Month 36 Month
    Upto S$ 19,999.99 0.175 0.3 0.4 0.45 0.6 0.7 0.7
    S$ 20,000.00 to S$ 49,999.99 0.1875 0.35 0.45 0.5 0.6 0.725 0.725
    S$ 50,000.00 to S$ 99,999.99 0.1875 0.35 0.45 0.5 0.6 0.725 0.725
    S$ 100,000.00 to S$ 299,999.99 0.1875 0.35 0.45 0.5 0.6 0.725 0.725
    S$ 300,000.00 to S$ 499,999.99 0.1875 0.35 0.45 0.5 0.6 0.725 0.725
    S$ 500,000.00 and Above 0.1875 0.375 0.5 0.625 0.6875 0.76 0.95

    Bank of China Fixed Deposit Insurance Scheme

    SGD time deposits of non-bank depositors are insured up to S$50,000 by the Singapore Deposit Insurance Corporation. Dual currency investments, foreign currency deposits, structured deposits and other investment products are not insured.

    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.

    Bank of China Fixed Deposit FAQs

    1. Can I open a Bank of China Fixed Deposit if I am not a citizen of Singapore?
    2. Yes. For this purpose, you will have to submit valid travel documents, proof of address and passports.

    3. Which currencies can I deposit in the fixed deposit account from Bank of China?
    4. Deposits can be made in 10 currencies: SGD, RMB, USD, EUR, GBP, NZD, AUD, JPY, CAD and HKD.

    5. Who is eligible to apply?
    6. 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.

    7. What is the time deposit interest rate for a placement of up to SGD 19,999.99 for one year?
    8. The interest rate for a placement of up to SGD 19,999.99 for one year is 0.600000.

    9. I am 16 years old. Can I open a fixed deposit account in Bank of China?
    10. Yes. You can open a SGD time deposit account with Bank of China.

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