First some clarifications: Fixed Deposit is not for real investment. My review on Singapore's FD is limited to S$50,ooo and below; and tenure term not exceeding 12 months. Fixed Deposit is for parking the emergency fund and allowing immediate access to the fund when needed. These are also based on the following considerations:
1. Singapore's Deposit Insurance Scheme maximum coverage up to S$50,ooo only.
2. Long tenure term will potentially affect your cash-out value for your emergency fund, as you may suffer a penalty fee for early withdrawal.
Back to the update: Bank of China's 12-months FD rates of 1.18% p.a. is currently the highest in Singapore. The minimum deposit amount for BOC FD is S$50,000.
This promotion is valid for customers with fresh funds only, meaning it is not applicable for money transferred from existing BOC accounts.
There are few branches of BOC in Singapore:
1. Battery Road (BOC ......
