Chinese New Year Promotion Singapore

There are several banks in Singapore offering customers with the option of investing in fixed deposit accounts. Most banks run attractive promotional offers. Here’s a list of the best promotions out there for investing into fixed deposit accounts this Chinese New Year.

Citi Fixed Deposit Promotion

Citi is currently running a promotion on the Exclusive Foreign Currency (FCY) Time Deposit which offers you higher returns on Foreign Currency Time Deposit.

Here’s a table illustrating the rates offered by the bank:

Foreign Currency 1 month tenure 3 months’ tenure
USD 1% p.a. 1.20% p.a.
NZD 1.50% p.a. 1.70% p.a.
AUD 1.30% p.a. 1.50% p.a.

The promotion period will last until 31 January 2018. However, the promotion shall not be applicable for Citigold Private Client and Citigold customers. The minimum deposit amount is S$10,000 equivalent. The maximum deposit amount is S$1 million equivalent for each customer. This promotional offer is only applicable on new funds, which could be either deposited from outside Citi, or funds that are incremental to the daily average balance of deposits in the month that precedes the placement of the time deposit. However, you must do the foreign exchange conversion of the full deposit sum for all currencies.

Citi can charge a penalty fee, if you plan to pre-terminate the fixed deposit. The fee will be deducted from the amount you withdraw. You could receive lower returns than the principal sum in the currency of the deposit, or receive lower or no interest.

To apply for this service, and make use of the promotional rates, you can either call your Personal Banker or dial the CitiPhone Hotline on +65 6225 5225.

HSBC Fixed Deposit Promotion

HSBC’s SGD Time Deposit comes with higher bonus rate of interest up to 9.88% p.a., applied on your SGD savings. The 9.88% p.a. interest rate is a comprehensive sum of interest earned through savings, spend, remit, and insuring. Here’s how you can earn a total of 9.88% p.a. rate of interest:

  • You can save and earn interest of up to 1.50% p.a. The following table illustrates how it works:
Account that qualifies Amount Additional interest rate
HSBC Advance account S$1 to S$2 million 1.45% p.a.
HSBC Premier account S$1 to S$2 million 1.50% p.a.
HSBC Statement Savings account S$1 to S$2 million 1.35% p.a.
  • When you top-up your account, you can earn an additional interest of 0.95% p.a., which is payable on the initial S$100,000. However, you must make a minimum spend of S$500 on a HSBC Debit Card for 3 months.
  • You can earn an interest of 0.73% p.a. while making an online remittance per month through WWT. The remittances are capped at S$100,000 incremental balances of Singapore dollar.
  • You can also earn interest of up to 6.70% p.a. on insurance. The table below illustrates how:
After First Year Premium Additional Rate of Interest Equivalent sum on S$100,000 ADB
S$15,000 to S$23,999 2.70% p.a. Max. S$688
S$24,000 to S$35,999 4.30% p.a. Max. S$1,088
S$36,000 and more 6.70% p.a. Max. S$1,688

Standard Chartered Fixed Deposit Promotion

USD Time Deposit Promotion

You can earn interest of up to 1.88% p.a. on the USD Time Deposit, the last date to which is 31 January 2018. However, you have to deposit a minimum amount of US$5,000 in the form of fresh funds to be eligible.

Only funds that do not originate from Standard Chartered Bank, or those that haven’t been withdrawn and re-deposited within the last 30 days can be considered as fresh funds. However, for the promotional rates to be applicable, the fixed deposit must be held till the maturity date. The following table illustrates the promotional scheme:

Minimum amount placed Term Promotional rate of interest Priority Banking customers
US$5,000 9 months 1.55% p.a. 1.60% p.a.
12 months 1.85% p.a. 1.88% p.a.

Singapore Dollar Time Deposit Promotion

Standard Chartered Bank provides promotional rates of interest up to 1.38% p.a. on SGD Time Deposit. The offer is valid until 31 January 2018, and initiating a Priority Banking relationship can earn you up to S$7,000. However, you must deposit fresh funds that stand at a minimum of up to S$25,000. In this case too, you must hold the time deposit till maturity of tenure for the promotional rates to be applicable.

The following table illustrates how the promotion works:

Minimum amount placed Term Promotional interest rate Preferential rate given by Priority Banking
S$25,000 7 months 1.20% p.a. 1.25% p.a.
10 months 1.30% p.a. 1.35% p.a.
12 months 1.35% p.a. 1.38% p.a.

OCBC Fixed Deposit Promotion

OCBC is offering promotional rates of interest on both Singapore dollar and foreign currency deposits, which offer you higher returns. You can earn interest rate of up to 2.10% p.a. To be eligible, you must be a Singaporean, a Permanent Resident, or a foreigner, whose age is 18 years and above. To apply, you must either visit a branch or use the Online Banking feature.

Promotion for Singapore Dollar Deposit is characterised by a minimum placement sum of S$20,000, and such placements can’t be made through funds from the Supplementary Retirement Scheme (SRS). The following table illustrates the promotional rates for Singapore Dollar Deposits:

Currency Term Promotional rate of interest
Singapore Dollar 12 months 1.18% p.a.

Similarly, in case of promotion for Foreign Currency Deposit, the minimum placement amount is 5,000 units in the respective currency for USD, AUD, and NZD. The following table comprises the promotional rates:

Currency Term Promotional rate of interest
U.S. Dollar 3 months 1.40% p.a.
12 months 1.80% p.a.
New Zealand Dollar 3 months 1.75% p.a.
12 months 2.10% p.a.
Australian Dollar 3 months 1.35% p.a.
12 months 1.70% p.a.

Furthermore, the promotion will only be applicable if you make the placements at any of the bank branches, using only fresh funds. However, the maximum placement sum for all these fixed deposits can’t exceed S$999,999, or its equivalent. For amounts exceeding S$999,999 please contact the bank by visiting a branch or contact OCBC on 1800 363 3333.

UOB Fixed Deposit Promotion

UOB offers a promotional interest rate on its Singapore Dollar Fixed Deposits, which stands at 1.20% p.a. for a tenure of 10 months. The promotional interest rate offered comes with minimal risks and you have to place a minimum amount of S$20,000 in fresh funds. This promotion will last until 31 January 2018.

Term Promotional rate of interest
10 months 1.20% p.a.

Besides, for the promotional rate to be applicable, the fixed deposit must be held till maturity, and only individual customers can make use of it. This promotion can’t be combined with any separate promotion or privileges.

Maybank Fixed Deposit Promotion

Maybank also provides interest rates on SGD Time Deposits as part of the Chinese New year promotion, when you deposit fresh funds into your Current or Savings account. You can earn up to 1.55% p.a. on an SGD Time Deposit when you place it for a period of 12 and 24 months. The following table illustrates the promotional interest rates offered:

Tenure/Interest rates 12 months 24 months
Promotional interest rates 1.40% p.a. 1.55% p.a.

The promotion will expire as per the discretion of Maybank. Customers can enjoy the promotional rates for 12-month and 24-month deposits. You can place a sum of S$10,000 into the SGD Time Deposit, for every S$1,000 you deposit into your CASA Account. This is however, subject to a minimum amount of S$50,000 in Fixed Deposit, which means you must deposit at least S$5,000 in your CASA Account. The sum deposited in these accounts must be made using fresh funds, which excludes transfer from other existing Maybank accounts.

Besides, the funds deposited in both the CASA and time deposit accounts shall not be available for withdrawal until the date of maturity, as it could lead to the termination of promotional benefits offered. The period for which the sum is held in both the accounts must be same, and calculated from the deposit date. Your Maybank CASA account is where the upfront interest sum for your SGD Time Deposit shall be credited. This shall be executed the next business day, after the fixed deposit is placed successfully.

ICBC Fixed Deposit Promotion

ICBC also provides promotional rates on SGD Fixed Deposits. To make use of this promotional offer, you must place a minimum deposit of S$20,000, only in fresh funds. This promotion will end on 28 February 2018. The following table illustrates the promotional scheme:

Sum deposited 6-months tenure 9-months tenure 12-months tenure
S$20,000 to S$200,000 1.15% p.a. 1.20% p.a. 1.30% p.a.
S$200,000 and more 1.20% p.a. 1.25% p.a. 1.35% p.a.
Fixed Deposits from Top Banks
Foreign Currency Fixed Deposits from Top Banks
Currency Specific Fixed Deposit
US Dollar Foreign Currency Fixed Deposit by Bank
Australian Dollar Foreign Currency Fixed Deposit by Bank
GBP Foreign Currency Fixed Deposit by Bank
NZD Foreign Currency Fixed Deposit by Bank
Euro Foreign Currency Fixed Deposit by Bank
Canadian Dollar Foreign Currency Fixed Deposit by Bank
Fixed Deposit Promotion by Banks
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