DBS Bank offers special certificate of deposit program with 3.5% interest
The China Post news staff
June 8, 2014, 12:01 am TWN
TAIPEI, Taiwan -- DBS Bank (Taiwan) is offering a special three-month certificate of deposit (CD) program, allowing customers to make deposits in Australian dollars with an annual interest rate of 3.5 percent.
This offer was launched on June 3 and is good until Aug. 29, and the annual interest rate of 3.5 percent is higher than market average, DBS said.
As exports, retail and employment indexes showed strong signs of improvement, the Australian government has adjusted upward its GDP forecast from 2.75 to 3 percent. With Australia's central bank shifting toward a more neutral fiscal policy, DBS forecast a rise in the Australian dollar's exchange rate, DBS Taiwan's Head of Consumer Banking Seraph Sun (孫可基) said.
The 3.5-percent interest rate will be applicable for those who open new accounts to deposit Australian dollars for three months. The minimum deposit is AU$20,000 and the maximum is AU$2 million per person.
Sun pointed out that transaction fees may be waived for those who transfer cash deposits from a different bank. DBS has an upper limit on the amount that can be deposited in Australian Dollar, and once this threshold is reached, the special CD program may be terminated ahead of the schedule, DBS cautioned.
DBS said it continuously rolls out CD programs in different currencies, in an effort to meet the needs of various customers who want to allocate assets in foreign currencies, and this is one of the best opportunities.