CIMB Bank Singapore (CIMB) has announced an online SGD Fixed Deposits application service for all new customers. With the CIMB Fast Fixed Deposit service, CIMB is the first bank in the country to offer online application for SGD Fixed Deposits.

“CIMB is proud to be the first in Singapore to roll out an online SGD Fixed Deposit application for new customers. In today’s time-starved landscape, people are constantly looking for services that are convenient, fast and efficient. Recognizing this change in how our clients are banking with us, CIMB is moving towards adopting a technology-based way of banking so that customers can do it anywhere, anytime at their convenience. To do that successfully, we must equip ourselves with the right technology infrastructure, resources as well as knowledge, and we are taking the necessary steps for that. The CIMB Fast Fixed Deposit is the first of many online services and products we have in the pipeline,” said Mr Mak Lye Mun, Country Head, Singapore, and Chief Executive Officer, CIMB Bank Singapore.

New customers need not physically apply for a SGD FD account at the bank’s branches and wait in line to do so either. All they have to do is to fill up an online application form, and an SGD FD account together with a CIMB FastSaver (online savings) account will be opened. The latter is used to facilitate the crediting and debiting of funds to and from the SGD FD account.

Single applicants can then proceed to make transfers from their accounts with other banks in Singapore to their CIMB FastSaver account for placements into their CIMB Fast Fixed Deposits accounts. Joint applicants will both have to make transfers from their respective individual accounts with other banks locally to go through the same process.

In conjunction with the launch, CIMB has introduced exclusive online promotional rates, for their three-months, six-months and 12-months SGD FD from 1 July to 31 July 2018 for all CIMB Fast Fixed Deposit customers. They will get to enjoy these rates as long as their accounts are opened and funded within the promotional period.

The online promotional rates are as follows:

3-months: 1.40% p.a
6-months: 1.54% p.a
12-months: 1.80% p.a

“As part of a series of enhancements that CIMB is undertaking, our existing customers with CIMB Clicks Internet Banking were among the first to enjoy the promotional rates from 17 June 2018 onwards. This allowed them to place new SGD Fixed Deposits or adjust their maturity instructions. The response has been excellent so far, and I believe that our new customers would find this service and the promotional rates just as attractive,” added Mr Mak.