CIMB Singapore offers high interest rate of 3.55%* per annum on new CIMB Business Fixed Deposit accounts

• CIMB Business Fixed Deposit account is one of the highest interest-bearing business accounts available in the market to support SMEs that are navigating the volatile macroeconomic environment.

• CIMB Singapore's commitment to customer-centricity is bearing fruit. In FY23, their Commercial Banking's profit before tax grew by more than 60% on a year-on-year basis.

SINGAPORE, May 14, 2024 /PRNewswire/ -- CIMB Singapore is offering a limited-time interest rate of 3.55%* per annum on a 3-month SGD Fixed Deposit for all new business customers, or 5.10%* p.a. on a 3-month USD Fixed Deposit with new funds placement of minimum SGD/USD 500,000.

The CIMB Business Fixed Deposit account is one of the highest interest-bearing business accounts available in the market that boosts the cash flow for businesses and rewards them with higher returns on surplus funds.

It also comes with additional benefits such as greater flexibility and safe investments with a wide range of tenures and attractive interest rates.

To enjoy the promotion, customers will need to:

1)         Open a CIMB SGD BusinessGO account or CIMB USD Interest Plus account, and open a CIMB Business Fixed Deposit account in the desired placement currency (SGD or USD) in the same application.

2)         Fund their new CIMB SGD BusinessGO account or CIMB USD Interest Plus account with minimum balance^.

3)         Fund their new CIMB Fixed Deposit account with a minimum of S$500,000.

Benjamin Tan, Head of Commercial Banking at CIMB Singapore, said: "Against the backdrop of today's volatile macroeconomic environment, investing in fixed deposits gives businesses assurance on the guaranteed return of an investment that is not affected by market fluctuations."

"We constantly put ourselves in our customers' shoes to deeply understand their challenges including upcoming obstacles, and enhance our products and services to meet their evolving needs. Given the anticipated market fluctuations, this fixed deposit account serves more than a repository for business' operating cashflows, it provides an opportunity for idle funds to grow and over time, defray the rising costs of doing business."

Our commitment to customer-centricity is bearing fruit. Last year, our Commercial Banking's profit before tax grew by more than 60% on a year-on-year basis. This reflects that we are on the right path, and we will continue to put customers at the heart of what we do," Benjamin added.

For more details on this promotion, please visit https://cimb.sg/fdpromo2024.

[END]

Disclaimers:

*T&Cs apply. This promotion is valid from 1 March 2024 – 30 June 2024.

A new CIMB SGD BusinessGo account or CIMB USD Interest Plus account and CIMB Fixed Deposit account must be opened via online account opening by 31 May 2024.

^The new account(s) must be funded with a minimum balance to avoid fall-below fees charges.

• CIMB SGD BusinessGo account minimum balance is S$30,000, otherwise an S$88 fall-below fee applies per month.

• CIMB USD Interest Plus account minimum balance is US$8,000, otherwise a US$35 fall-below fee applies per month.

A minimum of S$500,000 or US$500,000 in fresh funds is required for Fixed Deposit placement to enjoy the promotional interest rate.

This promotion is not applicable to Non-Profit Organisation (NPO) and Management Corporation Strata Title (MCST).

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Note to editors:

CIMB Singapore would be pleased to arrange for interviews with Benjamin Tan, Head of Commercial Banking, CIMB Singapore.

About CIMB 

CIMB is one of ASEAN's leading banking groups and Malaysia's second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM62.4 billion as of 31 December 2023. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines).

Beyond ASEAN, the Group has market presence in mainland China, Hong Kong(China) and UK. CIMB has one of the most extensive retail branch networks in ASEAN with 601 branches and around 33,000 employees as at 31 December 2023. CIMB's investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group's leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

Located in ASEAN's global financial gateway, Singapore is one of our most important markets with approximately 1,000 employees serving over 500,000 customers. CIMB Singapore services include:

• Banking products and services

• Treasury products and services

• Investment banking

• Asset management

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SOURCE CIMB Singapore