BOC time deposit in RMB

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#1
BOC is offering a 6mth/12mth time deposit in RMB at interest rate of 2.7%/2.8% p.a. respectively. This provide an opportunity and an easy way to those who are interested to invest in RMB. Lately, SGD has strengthen against RMB, and the rate now is about 1 SGD : 5.13 RMB. If you take the view that RMB will appreciate against SGD in one years' time, maybe this is another alternative to park some money.

Please take note that bank always maintain a buy/sell rate, and to the advantage of the bank of course.
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#2
Under terms and conditions, take special note of # 2, 3, 13, 14 & 15.

3% for abt S$100,000 looks like a good deal.

Hong Leong Finance (not Maybank) is offering 1.2%; no penalty for early withdrawal, but then also no interest paid!

Nowadays, however good the interest rate may be, money is still eaten up by inflation! But then we still need to park some cash somewhere which is safe.

During our parents' time, there was such a thing as tontine...can really make some good money from idle cash.

Text taken from BOC website:
Promotion Details
Amount CNY 6-month Interest rate % - p.a. 12-month Interest rate % - p.a.
¥50,000 - ¥499,999 2.70% 2.80%
>= ¥500,000 2.80% 3.00%
Terms and Conditions
1.   RMB Time Deposit shall be maintained with BOC for a period of not less than 12 months, and minimum placement is CNY50,000.00
2.   If the eligible customer chooses to place RMB in cash upon time deposit placement(s), a Commission in Lieu of Exchange of 0.9% (minimum of CNY 50.00 equivalent) will be charged.
3.   If the eligible customer chooses to withdraw RMB in cash upon maturity of the time deposit placement(s), a Commission in Lieu of Exchange of 1% (minimum of CNY 50.00 equivalent) will be charged.
4.   This promotion is only applicable to eligible customers with fresh funds i.e. the funds are not transferred from any existing account with Bank of China Limited, Singapore Branch (“BOC”) or in the form of BOC’s cheque(s)/cashier order(s)/bank draft(s).
5.   Upon maturity of time deposit placement(s), the principal and interest amounts will be renewed at BOC’s prevailing time deposit board rates for the respective currencies, tenors and amounts, unless other instructions are provided by the eligible customer.
6.   This promotion is not valid with any other promotions and cannot be combined or repeated with any existing promotions.
7.   BOC reserves its right to extend, revise or withdraw the promotion, and is entitled to vary, delete or amend the terms and conditions herein as in whole or part without prior notice.
8.   The decision of BOC in connection with any matter relating to the promotion is final, conclusive and binding on the eligible customers and no correspondence or claims will be entertained.
9.   BOC shall not be responsible nor shall accept any liabilities of whatsoever nature and howsoever arising or suffered by the eligible customers resulting directly or indirectly from this promotion.
10.  By participating in this Promotion, the eligible customers agree to be bound by the terms and conditions herein including any amendments and variations thereto.
11.  Other terms and conditions shall apply.
12.  RMB is not a freely convertible currency and is subject to regulations imposed by the regulatory authorities of the People’s Republic of China, as may be amended from time to time.
13.  Foreign currency deposits are subject to exchange fluctuations, which may result in a loss of principal invested, and lower return or earnings on the foreign currency deposits.
14.  Foreign currency deposits are not covered under the Deposit Insurance Scheme.
15.  In the event of any discrepancy or inconsistency between the English version and the Chinese version of the terms and conditions, the English version shall prevail.
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
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