Like OCBC, UOB customers must deposit fresh funds of at least $20,000.įor its more affluent customers, UOB has also increased its promotional privilege account interest rates from 1.9% p.a. This is up from last month’s headline rate of 2.8% p.a. UOB raised promotional rates on its Singapore dollar fixed deposits on Oct 3, with 10-, 12- and 15-month tenors now at 2.8%, 2.9% and 3.0% p.a. “We continue to reward customers for depositing with us and review our interest rate offerings in line with market conditions,” adds Na.
This has buoyed the overall demand for time deposits, which are about 75% higher in average in September and August compared to the average placements in the past six months. Thanks to the OCBC Digital app for digital banking, Na shares that customers are able to place a time deposit via the app almost immediately. Placements grew close to 70% compared to the same period in August.” Na Kok Peng, head of deposits at OCBC Bank, says: “Our previous promotional time deposit rate… was very well-received by customers. This is up from previous rates of 2.6%-2.8%, effective since Sept 15. OCBC Premier Banking customers get 3.0% p.a., while OCBC Premier Private clients get 3.1% p.a.
