CIMB has adjusted the interest rate for foreign currency time deposits on November 16.
According to the news issued by CIMB, you can now get 2.85% p.a. for 1 month, 3.95% p.a. for 3 months, 4.20% p.a. for 6 months and 4.35% p.a. for 12 months.
Foreign Currency Fixed Deposit (FCD) is a type of 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 not only allows you 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. Also, when you switch foreign currencies, there will definitely be an exchange rate difference, so you will definitely lose money by switching exchange rates frequently in the short term.
(No investment advice, information is purely for sharing)
