Are you looking for a savings account that lets you save not only in local currency but also provides you an option to save in other foreign currencies? With Bank of China’s Multi-Currency Savings Account, you can do that. This account allows you to save in nine different foreign currencies apart from Singapore Dollars. Read on to understand everything you need to know about this account.
Features and Benefits: Consolidated Account for SGD and Nine Other Foreign Currencies
The following features and benefits are applicable to the BOC Multi Currency Savings Account:
- This is a consolidated savings account that lets you save and transact in Singapore Dollar and nine other foreign currencies.
- You have the option of opening a single or a joint account.
- The account requires a minimum initial deposit of S$1,500.
- You can access your funds in this account through an ATM card, Telephone Banking, or Internet Banking.
- This account will give you the option to make telegraphic transfers with China, both inward and outward.
Interest Rates: Earn Up to 0.475% p.a. on Your SGD Savings
The following table illustrates the interest rates applicable in case of the BOC Multi Currency Savings Account:
|Savings amount||Interest rate offered (p.a.)|
|SGD Savings Account|
|Below S$5,000||0.25% p.a.|
|S$5,000 and above||0.275% p.a.|
|S$20,000 and above||0.35% p.a.|
|S$50,000 and above||0.40% p.a.|
|S$100,000 and above||0.475% p.a.|
|AUD Savings Account|
|Below AUD10,000||0% p.a.|
|AUD10,000 and above||0.125% p.a.|
|NZD Savings Account|
|Below NZD10,000||0% p.a.|
|NZD10,000 and above||0.50% p.a.|
Fees and Charges
You will be charged a fall-below fee of S$3 if your average balance in a month is below S$1,500 in the SGD sub-account. You can always get in touch with the bank if you have any queries pertaining to fees and charges on this account.
Are You Eligible to Open This Account?
The following eligibility criteria will be applicable in case of the BOC Multi-Currency Savings Account:
- You must be at least 18 years old.
- Any Singaporean or Singaporean PR can apply.
- If you are a foreigner, you must have an employment pass, work permit/student pass along with a valid passport and ID.
- A copy of the NRIC will have to be submitted in case of a Singapore Citizen or a Permanent Resident.
- In case you are a foreigner, the following documents need to be submitted:
- Copies of your valid travel documents.
- Copy of your Employment Pass, a Work Permit, or a Student Pass.
- Copy of the proof of address.
How to Apply for BOC Multi Currency Savings Account
You can easily apply for this savings account by walking into your nearest BOC branch and placing an application request. You must remember to carry all the relevant and required documents in order to apply for this account.
Q. What is the minimum initial deposit requirement for BOC Multi-Currency Savings Account?
A. You must place a minimum initial deposit of S$1,500 for this account.
Q. What does the Deposit Insurance Scheme cover in case of this savings account?
A. The Deposit Insurance Scheme insures Singapore dollar deposits for non-bank depositors.
Q. What is the coverage I will be provided with under the Deposit Insurance Scheme?
A. A total coverage of S$50,000 will be applicable for each depositor per Scheme member under the Deposit Insurance Scheme.
Q. What isn’t insured under the Deposit Insurance Scheme?
A. Structured deposits, foreign currency deposits, dual currency investments, and other investment products aren’t insured under the Deposit Insurance Scheme.