• Bank of China Fixed Deposit

    Bank of China offers a wide range of products including the Fixed Deposit account. A customer can choose a convenient tenure for the Fixed Deposit that can run between one month and 60 months. The bank provides higher interest rates as compared to regular Savings Accounts.

    Bank of China Fixed Deposit Interest Rates 2018 (Updated on 20 Oct 2018)

    Deposit Term (months) Interest Rate (% p.a.)
    1 Month 3.15% p.a.
    2 Months 3.15% p.a.
    3 Months 3.25% p.a.
    4 Months 3.25% p.a.
    5 Months 3.25% p.a.
    6 Months 3.30% p.a.
    7 Months 3.30% p.a.
    8 Months 3.30% p.a.
    9 Months 3.40% p.a.
    10 Months 3.40% p.a.
    11 Months 3.40% p.a.
    12 Months 3.45% p.a.

    Note: The interest rates must be verified at the bank.

    Bank of China Fixed Deposit Benefits

    • BOC allows the customer to choose the deposit term, from a minimum of one month to a maximum of 60 months.
    • The minimum principal amount for a fixed deposit for a period of one month is RM5,000.
    • For a deposit term that is between two months and 5 years, the minimum principal amount is RM1,000.
    • For the deposit term of one to 12 months, the interest is earned on the deposit amount only on the completion of the term.
    • For deposit terms greater than 12 months, the interest is earned on the account on a half-yearly basis.

    Bank of China Fixed Deposit Interest Rates for Foreign Currencies

    The interest rates for CNY are given below:

    Deposit Term (months) Interest Rate for CNY (% p.a.)
    1 1.80
    2 1.80
    3 2.25
    4 2.25
    5 2.25
    6 2.70
    7 2.70
    8 2.70
    9 2.80
    10 2.80
    11 2.80
    12 3.05

    Note: The interest rates must be verified at the bank.

    The interest rates for US Dollars are given below:

    Deposit Term (months) Interest Rate for USD (% p.a.)
    1 0.40
    2 0.40
    3 0.60
    4 0.60
    5 0.60
    6 0.70
    7 0.70
    8 0.70
    9 0.85
    10 0.85
    11 0.85
    12 1.05

    Note: The interest rates must be verified at the bank.

    Eligibility Criteria

    The eligibility criteria to be fulfilled in order to open a Fixed Deposit account with Bank of China are given below:

    • The depositor must be 18 years of age or above.
    • The depositor can be a Malaysian citizen, a permanent resident of Malaysia or a foreigner.

    Required Documents for BOC FD Account

    • A Malaysian citizen or a permanent resident of Malaysia must provide a valid identity proof such as a copy of NRIC along with a copy of the supporting documents such as driving licence.
    • A foreigner must provide a copy of a valid Passport along with a copy of supporting documents such as a valid work permit or a student pass.

    Bank of China Fixed Deposit for Foreigners

    Foreigners are allowed to open a Fixed Deposit account with Bank of China, provided that the individuals provide documents such as a copy of their Passport and a document stating the purpose of their visit or stay in Malaysia.

    Bank of China Fixed Deposit Promotion 2018

    Choose the currency in which you want to place a fixed deposit—Malaysian Ringgits (MYR), Chinese Yen (CNY) or US Dollars (USD). Just place a minimum deposit of RM5,000 for 12 months to earn interest rates up to 4.40% p.a. The interest rates depend on the currency chosen and the deposit amount. New-to-bank customers get the maximum interest rate on a deposit amount of RM150,000 or more.

    The promotion is valid until 31 July 2018. The interest rates on MYR are:

    • Existing Customers: 4.28% p.a.
    • New-to-bank Customers:
      • RM5,000-RM149,999: 4.28% p.a.
      • RM150,000 or more: 4.40% p.a.

    The interest rates on CNY for both new and existing customers is 3.78% p.a. on a minimum deposit of CNY10,000. The interest rates in USD for both new and existing customers is 2.80% p.a. on a minimum deposit of USD5,000.

    Fees and Charges

    • To obtain a duplicate certificate in case of loss of the Fixed Deposit receipt, the depositor must pay a service charge of RM5 and a stamp charge of RM10.
    • For Foreign Currency Deposit account, the depositor must pay transaction charges of USD4.24 or equivalent to the bank.

    How to Open a Bank of China Fixed Deposit Account?

    To open a Fixed Deposit account with BOC, the customer can visit the nearest branch office. It is required to carry all the necessary documents as listed above for quicker processing.

    Bank of China Contact Number for Fixed Deposit

    For more information on opening a Fixed Deposit account, one can make use of the service hotline number, 006-03-20595566, provided on the official website of Bank of China.

    FAQs

    Q. What should be done when the depositor is deceased?

    A. When the depositor is deceased, the nominee will have to inform the bank. If the nominee of the deceased depositor wants to withdraw the deposit money, then the process will be initiated.

    Q. I would like to open a Fixed Deposit Account with a tenure of 20 months. Is the interest added to the account only after the completion of the tenure?

    A. Since you have mentioned that the tenure is 20 months, the interest will be added to the account on a half-yearly basis.

    Q. What interest rates apply for senior citizens?

    A. Bank of China has a defined set of interest rates for fixed deposits. The same interest rates apply for senior citizens as well.

    Q. I have come to Malaysia to pursue education. Can I open a Fixed Deposit account in BOC?

    A. You can definitely open a Fixed Deposit account with Bank of China. For this, you have to provide a copy of your Passport and your student pass.

    Q. I am planning to make a fixed deposit of RM6,000 in Bank of China for an year. What interest percent would I earn over this amount?

    A. Since you have mentioned that the deposit will be made for a year, you can earn interest up to 3.20% p.a.

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