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Cny deposit promotion singapore OCBC Bank Singapore - Personal Banking, Business Banking, Wealth Management

With China looking to turn the renminbi RMB into an international currency, several banks in Singapore have begun offering renminbi deposit services. Different institutions offer different conversion rates, cny deposit promotion singapore these are subject to fluctuations.

It is advisable to compare exchange rates at different institutions for better returns. Similarly, interest rates on deposits vary among different banks, and over different time periods. Comparing overall returns for learn more here deposit amounts and time periods at different institutions will help you decide whose services to use.

Current interest rates range from 0. Current interest rates for all deposit amounts are at 0. There is no capital gains tax in Singapore, and furthermore, cny deposit promotion singapore non-residents, the interest earned on Foreign Currency Deposits is not subject to Singapore income tax or withholding tax. In order to apply for the Multi Currency Savings Account, customers can visit any of the bank's branches with valid travel documents and proof of address documents, such as utility bills or bank statements.

Deposits have to be fresh, not transferred from other RMB accounts with the bank, and must be by way of foreign exchange conversion at the bank's prevailing foreign exchange rate s cny deposit promotion singapore, from non-RMB denominated currencies. The regular, non-promotional annual interest for RMBand above for a six-month term is 0.

Customers can visit any of the branches with identification and proof of address documents in order to apply. DBS's Foreign Currency Fixed Deposit Account allows cny deposit promotion singapore customer to set funds aside for a fixed duration to benefit from a fixed interest rate.

Interest rates range from 0. No fees are required to maintain the account, which can be opened by visiting any of UOB's branches, or via telephone. The interest rate is 0. Risks involved in making RMB deposits. Ensure that you are read more of the risks involved in making RMB deposits:. There may be a gain or loss when you convert foreign currency as exchange rates are subject to fluctuation.

In addition, you may be subject to foreign exchange controls which may be cny deposit promotion singapore from time to time. Apart from exchange rates fluctuation risk, customers face liquidity risk. It is important to choose a deposit tenor suitable to your cny deposit promotion singapore. If you withdraw your fixed deposit before it matures, a fee might be imposed, and you might earn less or no interest.

Foreign currency deposit accounts, unlike eligible local accounts, are excluded from insurance coverage under the Deposit Insurance Act. So who offers the best rates? Well it depends on how much you have to deposit, but, at the moment, Bank of China's promotional rate of 1. If you are looking at long-term investments, it is advisable to choose institutions that have a suite of different RMB services that provide you with more options and minimise currency loss.

It is also advisable to learn about fund-withdrawal procedures at each institution, as some may require you to make withdrawals in non-RMB currencies. Visit our site to get our free report on financial freedom. Where will interest rates go in ?

By A Tan With China looking to turn the renminbi RMB into an international currency, several banks in Singapore have begun offering renminbi deposit services. Related articles Where will interest rates go in ? Popular in the Community. Learn more about your feedback.

Cny deposit promotion singapore

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Hong Leong Bank - Doubling Your Savings Interest Rates Promotion (ENG)

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