Thursday, January 29, 2009

CIMB bank time deposits

For the benefits of some fixed income lovers, I just would like to bring up a SGD time deposits promotion which was promoted by CIMB Bank quite some time back. Below is a summary of terms and conditions for the promotion.

  • Minimum deposit of SGD10,000 up to a maximum of SGD1,000,000
  • Promotion applies to both new and existing customers
  • Rates are subject to change in line with prevailing market conditions
  • Premature withdrawals are not entitled to published rates and interest payments will be calculated at the Bank’s discretion
  • All Singapore and Foreign Currency deposits placed in banks licensed by MAS are guaranteed by the Singapore Government until 2010

Frankly speaking, I don’t quite understand the third term which states that rates are subjected to change. You need to check with the bank whether the rate is locked once you deposit your money inside. If the rate is not locked, that means the rate is not guaranteed!

CIMB Bank Time Deposits

No comments: