CIMB Singapore is offering a limited-time interest rate of 3.55% per annum on a three-month Singapore dollar fixed deposit for all new business customers with a minimum of $500,000 in new funds.
The bank is also offering 5.10% p.a. on a three-month US dollar fixed deposit with a minimum of US$500,000 ($676,977.50) in new funds.
In a May 14 announcement, CIMB Singapore says the fixed deposit account is one of the highest interest-bearing business accounts available in the market that boosts the cash flow for businesses and rewards them with higher returns on surplus funds.
To enjoy the promotion, customers will need to open a CIMB SGD BusinessGO account or CIMB USD Interest Plus account and open a CIMB Business Fixed Deposit account in the desired placement currency in the same application. This must be done by May 31.
Customers must fund their new CIMB SGD BusinessGO account or CIMB USD Interest Plus account with minimum balance and fund their new CIMB Fixed Deposit account with a minimum of $500,000.
This promotion ends June 30.
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The new accounts must be funded with a minimum balance to avoid fall-below fees charges. The account minimum balance on the CIMB SGD BusinessGo is $30,000, otherwise an $88 fall-below fee applies per month.
For the CIMB USD Interest Plus account, the minimum balance is US$8,000, otherwise a US$35 fall-below fee applies per month.
Benjamin Tan, head of commercial banking at CIMB Singapore, says investing in fixed deposits gives businesses assurance on the guaranteed return of an investment that is not affected by market fluctuations.
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“Given the anticipated market fluctuations, this fixed deposit account serves more than a repository for business’ operating cash flows, it provides an opportunity for idle funds to grow and over time, defray the rising costs of doing business,” adds Tan.
Last year, CIMB Singapore’s commercial banking arm logged 60% higher profit before tax y-o-y.
“This reflects that we are on the right path, and we will continue to put customers at the heart of what we do,” says Tan.
For more information, visit CIMB Singapore’s website.
