CIMB has announced a change in interest rates for foreign currency time deposits effective November 3.
According to the information issued by CIMB, the interest rate of Foreign Currency Fixed Deposit (FCD) will be adjusted from November 3, 2022.
Foreign Currency Fixed Deposit (FCD) is a time deposit account that allows you to deposit foreign currency. You can convert your money into foreign currency and keep it in a time deposit. This is not only to preserve the value of your money, but also to earn interest on your time deposit.
However, it is important to note that you will lose money if the value of the foreign currency you deposit depreciates during the time you deposit it. There is also a definite exchange rate difference when switching foreign currencies, so you will definitely lose money by switching exchange rates frequently in the short term.
Currently, CIMB Bank offers foreign currency time deposits in New Zealand Dollar, Australian Dollar, Pound Sterling, U.S. Dollar, Euro, Japanese Yen, Hong Kong Dollar, Singapore Dollar and Singapore Dollar. Dollar, Singapore Dollar, Canadian Dollar and Chinese Renminbi.
According to CIMB’s website as of November 3, 2022, you can earn 3.90% interest for 1 month, 4.90% for 3 months, 5.10% for 6 months and 5.30% for 12 months in USD.
For SGD deposits, you can enjoy 2.75% for 1 month, 3.30% for 3 months, 3.45% for 6 months and 3.80% for 12 months.
(No investment advice, information is purely for sharing)
Translated with www.DeepL.com/Translator (free version)
