• Bank of East Asia Fixed Deposit

    About Bank of East Asia Singapore Fixed Deposit, Singapore

    Bank of East Asia (BEA) was founded Hong Kong in 1918. BEA started its operations overseas in several countries in order to serve expatriate Hong Kong residents. The Singapore branch of the Bank was established in 1952. Bank of East Asia’s branch in Singapore offers products such as Consumer Banking, Corporate Banking, Wealth Management and Financial Services such as retail banking, foreign currency deposits, commercial lending, and securities services.

    Why choose Bank of East Asia Singapore Time Deposits?

    Bank of East Asia (BEA) Singapore, offers fixed deposit schemes that cater to the different needs of its customers. It offers Singapore Dollar Fixed Deposits as well as Foreign Currency Fixed Deposit, both of which provide an attractive interest rate to the account holder. the Bank also offers automatic renewal upon maturity of the fixed deposit. There is a wide range of tenure that the customer can choose from, as per his/her requirements.

    Bank of East Asia Singapore Fixed Deposit Scheme

    Bank of East Asia offers two major time deposit schemes for its customers, i.e., Singapore Dollar Fixed Deposit Account and Foreign Currency Fixed Deposit Account.

    Singapore Dollar Fixed Deposit Account

    Features & Benefits of Bank of East Asia Singapore - Singapore Dollar Fixed Deposit Account:

    • Minimum age for holding an account is 12 years.
    • Minimum placement amount required is S$10,000, for 1 month tenure and above. Deposit terms range from 1 to 12 or 24 months, at attractive interest rates.
    • Automatic renewal of fixed deposits are enabled upon maturity, unless the customer does not wish to do so, for the same period of time, at the prevailing interest rate.
    • Interest earned upon maturity can be added to the principal of your renewed deposit, credited to your savings / current account, or paid to you with a cashier’s order in your name and mailed to you at no charge.

    Foreign Currency Fixed Deposit Account

    Foreign currency fixed deposits have more yield than Singapore dollar fixed deposit and has thus been more popular. The Bank’s Asian Currency Unit allows individuals as well as corporations to make a wide range of foreign currency fixed deposits.

    Features & Benefits of Bank of East Asia Singapore - Foreign Currency Fixed Deposit Account:

    • ACU deposits offer higher interest rates than Singapore dollar fixed deposits.
    • Greater potential for capital gains through favorable movements in exchange rates.
    • ACU deposits can be used as a means to minimize any risk of adverse exchange rate fluctuations.
    • Future payments in foreign currencies can be done using this facility to lock in the exchange rates as well as earn higher returns from their deposits at the same time.
    • Deposit terms range from 1 week to a maximum of 12 months, available at competitive interest rates.
    • Fixed deposits are available for a wide variety of foreign currencies such as Australian dollar, British pound, Canadian dollar, Euro, Hong Kong dollar, Japanese yen, New Zealand dollar, Swiss franc and US dollar.
    • A minimum placement should be US$20,000 or its equivalent, for tenures of 1 month or more.
    • For deposit renewal and withdrawal, customers are required to give instruction to the bank in advance.

    Foreign Currency Call Deposit

    • For the convenience of customers who need to make payments on an unknown date in the future, ACU deposits are offered on a call basis.
    • This Deposit scheme is similar to savings deposits as it allows the customers to enjoy both high returns and liquidity.
    • Minimum amount that the customer should deposit in a foreign currency should be US$50,000.

    Check here all the foreign currency fixed deposit interest rates offered by Bank of East Asia, Singapore.

    Minimum Initial Deposit

    The following are the minimum initial deposits that are required to be made in the respective fixed deposit schemes:

    • Singapore Dollar Fixed Deposit Account: Minimum placement amount required is S$10,000, for 1 month tenure and above.
    • Foreign Currency Fixed Deposit Account: A minimum placement should be US$20,000 or its equivalent, for tenures of 1 month or more.
    • Foreign Currency Call Deposit: Minimum amount that the customer should deposit in a foreign currency should be US$50,000.

    Bank of East Asia Singapore Fixed Deposit - Eligibility

    • An individual is eligible to open this account if he/she is at least 12 years old.
    • Singaporeans, Singapore Permanent Residents and foreigners residing in Singapore can apply.

    Fees & Charges

    Under the Singapore dollar fixed deposit account, when an individual deposits funds for one month or more the bank charges a fee of S$10,000 per placement and if it’s a corporate account, the bank levies a charge of S$20,000 per placement.

    In the Foreign Currency Fixed Deposit Account, when an individual deposits funds for one month or more the bank charges a fee of US$20,000 equivalent per placement and if it’s a corporate account, the bank levies a charge of US$50,000 equivalent per placement.

    Bank of East Asia Fixed Deposit Interest Rates -

    S$ Fixed Deposit Rates

    Terms

    Deposit Amount / Rate of Interest p.a. (in %)

    $1,000.00- $49,999.99

    $50,000.00- $99,999.99

    $100,000.00- $249,999.99

    $250,000.00- $499,999.99

    One mth

    0.125

    0.1875

    0.1875

    0.1875

    Two mths

    0.125

    0.1875

    0.1875

    0.1875

    Three mths

    0.25

    0.3125

    0.3125

    0.3125

    Four mths

    0.25

    0.3125

    0.3125

    0.3125

    Five mths

    0.25

    0.3125

    0.3125

    0.3125

    Six mths

    0.375

    0.4375

    0.4375

    0.4375

    Seven mths

    0.375

    0.4375

    0.4375

    0.4375

    Eight mths

    0.375

    0.4375

    0.4375

    0.4375

    Nine mths

    0.5

    0.5625

    0.5625

    0.5625

    Ten mths

    0.5

    0.5625

    0.5625

    0.5625

    Eleven mths

    0.5

    0.5625

    0.5625

    0.5625

    Twelve mths

    0.625

    0.6875

    0.6875

    0.6875

    Eighteen mths

    0.75

    0.8125

    0.8125

    0.8125

    Twenty- Four mths

    0.75

    0.8125

    0.8125

    0.8125

     

    Other Products offered by Bank of East Asia Singapore

    The Bank of East Asia Singapore, offers banking services and financial products to corporate and individual customers in Singapore. It provides:

    • Personal banking products: current, savings and fixed deposit products
    • Car financing
    • Share margin trading
    • Property loans
    • Trade Finance: imports, exports, guarantees, and government assistance financing schemes.
    • Structured deposit products
    • Dual currency investment products
    • Corporate banking products: current and fixed deposit accounts and working capital facility, syndication, mortgage and project finance, etc.
    • Treasury services: foreign exchange products and interest rate swaps; and remittance, foreign currency banknotes, cheque for collection and safe deposit box services.

    Bank of East Asia Singapore Fixed Deposit – FAQ's

    1. What are the risks in exchange?

      During conversion, exchange rates are subject to market fluctuations. If funds have been used in another currency to be deposited in the Foreign Currency fixed deposit account, the customer may receive an amount less than the original amount deposited when it is converted back to that other currency. The customer may also be subjected to foreign exchange controls that are imposed periodically.

    2. What is the renewal policy applicable on the time deposit?

      The principal and interest of the fixed deposit will be automatically renewed upon maturity, for the same period at the prevailing fixed deposit interest rate unless instructions are received from the customer to do otherwise, at least two Business Days before the maturity date.

    3. When will I get interest on the amount deposited?

      Interest on the time deposit is due and payable only upon maturity of the deposit. Interest on premature withdrawal of the time deposit will be calculated at the rate the Bank determines.

    4. Is premature withdrawal of funds allowed?

      Yes. However, Premature withdrawal will be subject to a penalty based on the replacement cost of the deposit

    5. How in interest on fixed deposit calculated?

      Interest is calculated based on the contracted interest rate on the principal for the elapsed number of days from the date of commencement to due date.

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