CIMB rolls out online application for fixed deposit accounts

CIMB Fast Fixed Deposit will be the first of many online services the bank has in the pipeline, says CIMB Singapore chief executive Mak Lye Mun.
CIMB Fast Fixed Deposit will be the first of many online services the bank has in the pipeline, says CIMB Singapore chief executive Mak Lye Mun.ST FILE PHOTO

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 to offer customers fixed deposit online applications.

The bank's country head and chief executive Mak Lye Mun said the new service, called 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 in an online application form to open a Singapore-dollar fixed deposit 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 placements into their CIMB Fast Fixed Deposit accounts.

Joint applicants will both have to make transfers from their respective individual accounts with other banks 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 for all CIMB Fast Fixed Deposit customers.

The online promotional interest rates are 1.4 per cent, 1.65 per cent and 1.8 per cent for three-month, six-month and 12-month fixed deposits respectively.

A version of this article appeared in the print edition of The Straits Times on July 02, 2018, with the headline 'CIMB rolls out online application for fixed deposit accounts'. Print Edition | Subscribe