CIMB rolls out "first online application" for S'pore-dollar fixed deposit

CIMB Bank Singapore has rolled out an online Singapore-dollar fixed deposit application service for new customers.

With this new service, the Singapore arm of Malaysia-based CIMB Group lays claim to being the first bank to offer such an online application service in Singapore.

CIMB Bank Singapore's country head and CEO Mak Lye Mun said that the new service - CIMB Fast Fixed Deposit - would be the first of many online services the bank has in the pipeline.

"In today's time-starved landscape, people are constantly looking for services that are convenient, fast and efficient. Recognising 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, any time at their convenience," he said.

New CIMB customers only have to fill up an online application form to open a Singapore-dollar fixed account together with a CIMB FastSaver online savings account. The online savings account is used to facilitate the crediting and debiting of funds to and from the Singapore-dollar fixed deposit account.

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

CIMB has also introduced exclusive online promotional interest rates for Singapore-dollar fixed deposits from July 1 to July 31, 2018 for all CIMB Fast Fixed Deposit customers. The online promotional interest rates are respectively 1.4 per cent per annum, 1.65 per cent per annum and 1.8 per cent per annum for 3-month, 6-month and 12-month fixed deposits. New customers will get to enjoy these rates as long as their accounts are opened and funded within the promotional period.