6 July 2018

Singapore CIMB customers can apply for Singapore dollar fixed deposits online

CIMB Bank is the first bank in Singapore to allow new customers to apply for Singapore dollar fixed deposits online.

The CIMB Fast Fixed Deposit (FD) service allows new customers to fill up an online application form to open a Singapore dollar FD account together with a CIMB FastSaver (online savings) account. The latter is used to facilitate the crediting and debiting of funds to and from the Singapore dollar FD account.

“In today’s time-starved landscape, people are constantly looking for services that are convenient, fast and efficient. Recognising this change in how our clients are banking with us, CIMB is moving towards adopting a technology-based way of banking so that customers can do it anywhere, anytime at their convenience. To do that successfully, we must equip ourselves with the right technology infrastructure, resources as well as knowledge, and we are taking the necessary steps for that.

"The CIMB Fast Fixed Deposit is the first of many online services and products we have in the pipeline,” said Mak Lye Mun, Country Head, Singapore, and CEO, CIMB Bank Singapore.

Single applicants can then proceed to make transfers from their accounts with other banks in Singapore to their CIMB FastSaver account for placement into their CIMB Fast Fixed Deposits accounts. Joint applicants have to make transfers from their respective individual accounts with other banks locally to go through the same process.

“As part of a series of enhancements that CIMB is undertaking, our existing customers with CIMB Clicks Internet Banking were among the first to enjoy the promotional rates from 17 June 2018 onwards. This allowed them to place new Singapore dollar fixed deposits or adjust their maturity instructions. The response has been excellent so far, and I believe that our new customers would find this service and the promotional rates just as attractive,” added Mak.

In conjunction with the launch, CIMB has introduced exclusive online promotional rates, for their three-month, six-month and 12-month Singapore dollar FD till 31 July 2018 for all CIMB Fast Fixed Deposit customers. They will get to enjoy these rates as long as their accounts are opened and funded within the promotional period.

Three months
Six months
12 months
1.40% per annum
1.65% per annum
1.80% per annum

*Documents need to be in order and only upon receipt of funds transfer will the Singapore dollar FD placement be processed based on the following cut-off timings (excluding public holidays):

Before 5pm: Same-day placement
After 5pm: Next-day placement