CIMB Bank 9th Birthday Fixed Deposit Promotion

It really has been a very long long time since I wrote about fixed deposits because I could not find any ones that are good and simple to understand. Recently, I found a good deal from CIMB Bank.

As part of their 9th Birthday celebration, CIMB Bank is offering an additional 0.09% interest per annum on all their online promotional SGD Fixed Deposit rates.

You can choose the duration of 3 months, 6 months or 12 months and if you apply online, they offer higher interest rates as shown in the table below.

Interest Rates (% p.a.)
3 Months 6 Months 12 Months
Branch Rate 1.30 1.45 1.55
Online Exclusive Rates 1.49 1.64 1.84

A minimum of S$10,000 per placement is required.

Using S$10,000 as an illustration,

If you place a fixed deposit for 3 months, the total accrued amount (principal + interest) that you will receive is

A = 10000(1 + (0.0149 × 0.25)) = 10037.25
A = $10,037.25

If you place a fixed deposit for 6 months, the total accrued amount (principal + interest) that you will receive is

A = 10000(1 + (0.0164 × 0.5)) = 10082
A = $10,082.00

If you place a fixed deposit for 12 months, the total accrued amount (principal + interest) that you will receive is

A = 10000(1 + (0.0184 × 1)) = 10184
A = $10,184.00

I believe the above is a good deal if you have extra cash to park aside for a short duration of maximum 12 months.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.