The festive season is here again. CIMB Bank beats other banks and launched their Christmas Fixed Deposit promotion ahead of everyone else. CIMB Bank is offering an interest rate of up to 1.90% per annum. This promotion is similar to their 9th Birthday Fixed Deposit Promotion except that interest rate is higher!
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 | 1.50 | 1.70 | 1.90 |
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 + (0.0150 × 0.25)) = 10037.50
A = $10,037.50
If you place a fixed deposit for 6 months, the total accrued amount (principal + interest) that you will receive is
A = 10000(1 + (0.0170 × 0.5)) = 10085
A = $10,085.00
If you place a fixed deposit for 12 months, the total accrued amount (principal + interest) that you will receive is
A = 10000(1 + (0.0190 × 1)) = 10190
A = $10,190.00
I believe the above is a good deal if you have extra cash to park aside for a short duration of maximum 12 months.