Bank of China (BOC) offers different types of savings accounts in Singapore, each designed to provide unique benefits to the individuals. Find out everything you need to know about these accounts.
Types of Savings Accounts Offered by BOC
Here is a list of savings accounts offered by BOC:
- Multi-Currency Savings Account
- SGD Savings Account
- Gold Savings Account
- Bank of China Future Savers Account
Features and Benefits of BOC Savings Accounts
The features and benefits of the various BOC Savings Account are as follows:
- Bonus interest rates when you fulfil certain conditions.
- Opportunity to invest and trade in gold.
- Option of selecting a single or joint account.
- Outward and inward telegraphic transfers with China.
- Initial deposit of S$1,000 to S$1,500.
- Monthly average balance of S$1,500 to S$2,000 is required.
- Easy access to your account through ATM Card, Telephone Banking service and BOC Internet Banking.
BOC charges a fall-below fee, if you fail to maintain the minimum average monthly balance in your account. This fee is usually in the range of S$2-S$3, depending on the savings account you choose.
Additionally, BOC charges an early closure fee of S$30.
BOC Savings Account Interest Rates
The interest rate currently offered with the Multi-Currency Savings Account is tiered. So, the more money you deposit in the account, higher the interest rate you earn. These interest you earn is accrued each day and will be credited to your account at the end of the month. The interest rate that you will earn with SGD Savings Account ranges from 0.25% p.a. to 0.475% p.a.
Q. What is the minimum age required to open an SGD Savings Account?
A. You must be at least 15 years old to be eligible to open a BOC SGD Savings Account.
Q. Are the various BOC savings deposits insured by Singapore Deposit Insurance Corporation (SDIC)?
A. Yes, the BOC savings bank deposits of depositors are covered by SDIC, for an amount of up to S$50,000.
Q. Who are eligible to apply for BOC savings account?
A. Permanent Residents, citizens of Singapore and foreign nationals who have a valid employment pass, student pass or work permit with valid ID and passport are eligible to apply for BOC savings account.
Q. What are the documents required to apply for BOC savings account?
A. If you are a Permanent Resident or a citizen of Singapore, you will have to bring your NRIC. If you are a foreigner, you will have to bring your employment pass, proof of address and all your valid travel documents.
Q. What is the minimum age required to open a Multi-Currency Savings Account?
A. You must be at least 18 years old to be eligible to open a BOC Multi-Currency Savings Account.
Q. What are the risks involved in operating a Gold Savings Account?
A. Gold investments are not guaranteed by BOC and are prone to risks, including the possible loss of the principal sum invested. The value of your investments may fluctuate, based on what happens in the international and local gold market and forex market.
Q. How is the prevailing and bonus interest rates calculated with BOC SmartSaver?
A. The bonus and prevailing interest rate will be calculated on a monthly basis.