09-12-2022, 05:38 PM
Decide to open boc savings and time deposit account in order to place FD. Partly also becuz next year onwards the multi-currency savings account minimum balance will be revised to 200 which is so much better than current 1500
https://www.bankofchina.com/sg/bocinfo/b...76585.html
Counter staff also explain boc FD maturity instructions unlike other bank. They don't have an option FD mature withdraw principal and interest back to savings account concept. Instead at FD placement you enable auto renewal and you need to keep track once FD mature the interest show in the time deposit account then you manually transfer the deposit monies out to your savings account. That is why boc FD don't have premature withdrawal concept. If you do before maturity you don't get the interest.
If you did not opt for auto-renewal at FD placement, upon mature it goes back to board rate which is super low. But I like BOC for their minimum 5k can place. ICBC minimum 500 but their rates revise so slow
Update: Today update new version now FD mature follow other bank where you can choose to withdraw principal and interest to your savings account. Ppl confirm 1 Jan 2023 the multicurrency savings account minimum balance drop to 200 from 1500. This is very good so faster go open else Jan 2023 fully booked
https://www.bankofchina.com/sg/bocinfo/b...76585.html
Counter staff also explain boc FD maturity instructions unlike other bank. They don't have an option FD mature withdraw principal and interest back to savings account concept. Instead at FD placement you enable auto renewal and you need to keep track once FD mature the interest show in the time deposit account then you manually transfer the deposit monies out to your savings account. That is why boc FD don't have premature withdrawal concept. If you do before maturity you don't get the interest.
If you did not opt for auto-renewal at FD placement, upon mature it goes back to board rate which is super low. But I like BOC for their minimum 5k can place. ICBC minimum 500 but their rates revise so slow
Update: Today update new version now FD mature follow other bank where you can choose to withdraw principal and interest to your savings account. Ppl confirm 1 Jan 2023 the multicurrency savings account minimum balance drop to 200 from 1500. This is very good so faster go open else Jan 2023 fully booked