RETAIL BANKING | Tony Chua, Singapore

DBS starts offering US dollar-based high-yield time deposit account

The product, minimum value of US$20,000, offers a one-year rate of 1.88%.

DBS Bank's high-yield products have always been popular among customers. To offer them more choices, DBS has rolled out a high-yield time deposit account based on the U.S. dollar, with the rate of 1.88 percent for a one-year deposit. The rate is higher than the market average and offers a stable asset management choice for consumers amid global equity volatility.

Tang Cheng-feng, DBS Consumer Banking head, pointed out: “With the European debt crisis lingering, stock markets across the globe have become volatile and are characterized by uncertainty in the short-term. In light of this, investors have become conservative and opt to park their funds in foreign currency accounts to wait for the right moment to enter.”

To meet the demands of these customers, DBS has announced the high-yield U.S. dollar account, which offers a one-year rate of 1.88 percent for those wiring in new funds from now till Dec. 31. Minimum value of the account is US$20,000.

According to Tang, the market average is 0.72 percent, and DBS's rate is 2.6 times higher than that.

View the full story in China Post.

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