DBS Bank launches two-year high-interest USD deposits plan
The China Post News StaffTAIPEI, Taiwan -- DBS Bank Taiwan said it has launched a two-year U.S. dollar (USD) deposits plan with annual interest rate as high as 2 percent in the second year, saying this plan eyes the mid-long term strength of the greenback.
October 5, 2013, 12:01 am TWN
Having launched high-interest time deposits targeted at Chinese renminbi (RMB) and Australian dollar (AUD), DBS Bank Taiwan recently further diversified foreign currency time deposit product by launching two-year USD deposits plan until Nov. 29.
DBS Bank Taiwan Executive Director of Asset & Liabilities Lingyun Sung (宋霖耘) earlier revealed that he accumulated his first capital in life by investing in foreign currency products and mutual funds and once got a 29-percent return in three months.
Head of Consumer Banking of DBS Bank Taiwan Seraph Sun (孫可基) indicated that foreign currencies are an unpreventable part of customers' asset portfolio, a consideration on which DBS Bank Taiwan continue introducing related financial products.
Despite recent weak demand on global forex, the greenback is expected to get back on its feet in the mid- to long-term due to the U.S. Federal Reserve's eventual exit from a bond-buying scheme and an improving current account deficit.
Sun said that annual interest rate of the new two-year USD deposit plan increases to 2 percent in the second year from 1.39 percent in the first year.