Bank of China (BOC) was established first in Singapore back in 1936. At that time, the bank provided only basic services such as deposits, remittance and exchange services. Now, BOC offers corporate and retail banking products as well.
Today, the bank has a skilled team of experts providing a wide service network with multiple solutions that comprise retail banking, corporate banking, international trade settlements and more. For Singaporeans, time deposit schemes offered by the bank are one of the most preferred investment option. Bank of China has ia operating skilfully in Singapore, standing by its promise of encouraging mutual trade and economic relations between China and Singapore.
It is fairly simple for you to manage your wealth through various time deposit schemes offered by Bank of China. It offers multi-currency time deposit accounts at competitive interest rates.
Bank of China RMB Time Deposit Features and Benefits
- Flexible terms starting from 1 month to 12 months.
- Immediate access to RMB exchange rates and interest rates through BOC’s Telephone Banking services.
- BOC time deposit accounts can be opened with a wide range of currencies that include RMB, SGD, EUR, NZD, USD, GBP, JPY, HKD AUD and CAD.
Bank of China RMB Time Deposit interest rate
The interest rates offered by BOC RMB Time Deposit accounts are given in the table below:
|Placement Term||1 month||3 months||6 months||9 months||12 months|
|RMB 200,000 and more||1.9% p.a.||1.95% p.a.||2.15% p.a.||2.25% p.a.||2.3% p.a.|
|Up to RMB 199,999.99||1.85% p.a.||1.85% p.a.||2.0% p.a.||2.1% p.a.||2.2% p.a.|
- Singapore nationals, foreigners and Permanent Residents with legal employment passes, student passes with legal IDs and passports are qualified to apply for a Bank of China RMB Time Deposit account.
- The bank dictates that you should be at least 21 years or older at the time of opening of the account.
- You will have to provide your National Registration Identity Card when you apply for this account.
Frequently Asked Questions
Q. What is the minimum initial amount that must be deposited for RMB Time Deposit?
A. For the RMB Time Deposit, the minimum initial deposit is RMB3,000.
Q. If I wish to open a deposit account in another foreign currency, what is the initial deposit amount requirement?
- The initial deposit amount for SGD, EUR, CAD, NZD and AUD is 5,000 units. The initial deposit amount for USD and GBP is 2,000 units, for HKD is 50,000 units and JPY is 500,000 units.
Q. Will I get a better interest rate with this time deposit than savings account?
A. Yes, you will get higher returns on time deposit account tenures than conventional savings account.
Q. Is there any insurance with this deposit scheme?
A. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured under the Deposit Insurance Scheme.
Q. What documents are needed for foreigners to open an RMB Time Deposit?
A. Foreign nationals will have to submit proper travel documents, passports and proof of address.