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Prestigious Wealth Management –USD & RMB Time Deposit Bundle Promotion


2016.4.1-2016.5.31

2016-04-01

We take to heart the preferences and interests of those we serve, that they may better enjoy what we have to share - such as the opportunity to savour 4%* p.a. for RMB time deposits and 1.15%*p.a. for USD time deposits over a tenor of just 6 months when you build an investment portfolio with us from 1st April 2016 to 31st May 2016.

Embark on a rewarding relationship with us and enjoy a welcome gift of up to SGD2,000 shopping vouchers, a privilege in every way for us to serve the discerning few.

Terms and Conditions Governing the Promotion (the “Terms and Conditions”)

1. This Promotion is valid from 1st April 2016 to 31st May 2016 (“Promotion Period”).

2. This Promotion is not valid with other promotions and cannot be combined or repeated with any existing promotions offered by Bank of China Limited, Singapore Branch (“BOC”) unless otherwise stated.

3. “Assets Under Management” or “AUM” refers to all combined balances held in a customer’s primary accounts(s) with BOC, including BOC’s current and savings accounts, time deposit accounts and Prestigious Wealth Management Unit (“PWMU”) accounts which must be valid, existing, in good standing at all times during the Promotion Period as determined by BOC at its absolute discretion. 

4. “Fresh Funds” refers to a net inflow of funds from other bank accounts into BOC accounts. As such any transfer of funds between BOC accounts or funding in the form of BOC’s cheque(s)/cashier order(s)/bank draft(s) would not be considered as “Fresh Funds”.

5. A transfer of funds between BOC accounts would be considered an outflow of funds, which include but is not limited to the transfer of funds from a BOC account where a customer is a primary account holder to another BOC joint or related account of which the same customer is a secondary or third account holder.

6. “Investment” refers to the available wealth management products in PWMU investment platform and include but not limited to bonds, structured notes, equities, mutual funds distributed by BOC PWMU. “Insurance” refers to any non-CPF life insurance plan distributed by BOC PWMU.

7. “Primary Customer” refers to (i) the existing main account holder of a BOC account or, (ii) the main holder of a BOC credit card; or (iii) the new PWMU Customer.

8. “PWMU Customer” refers to a customer who must be an accredited investor, having (i) income in the preceding 12 months of not less than SGD300,000 (or its equivalent in foreign currency) or (ii) the value of his/her net personal assets in excess of SGD2,000,000 (or its equivalent foreign currency).

9. To be eligible for this Promotion, a Primary Customer shall:

  • be a PWMU Customer; and 
  • open a PWMU account with BOC which requires a minimum Fresh Funds of SGD1,000,000 and above to be maintained with BOC PWMU for a period of at least twelve (12) months from the date the PWMU account is opened.

Upon fulfilling the above requirements, a Primary Customer who has become a new PWMU Customer with new PWMU and related accounts opened by 31st May 2016 will receive a welcome gift of vouchers issued by Takashimaya Singapore Ltd (“Welcome Gift”), while stocks last.

10. In order for a Primary Customer to be eligible for the Time Deposit Promotion as set out in Clause 12 below, a Primary Customer needs to place at least fifty percent (50%) of the overall AUM (total of existing funds in BOC and the Fresh Funds for existing BOC customers) into Investments or Insurance products.  There is no restriction to any investment products a Primary Customer wishes to invest as long as it is in line with his/her investment profile. However, the Primary Customer shall be assessed to be eligible to purchase any specific investment product he/she wishes to take up in participation to this Promotion.

The remaining sum of the Fresh Funds will then enjoy the Time Deposit Promotions as set out in Clause 12 below. 

11. Time Deposit Promotion and its rates are only applicable to USD and RMB time deposit(s) with tenor(s) of six (6) months. The minimum and maximum amount of the two currencies are set out in the below table. The maximum placement amount for USD is USD5,000,000 per Primary Customer. There is no cap on RMB placement amounts in this promotion.

Currencies USD RMB
Promotional rates-%p.a. 1.15% 4%
Tenor 6-month 6-month
Minimum 250,000 1,000,000
Maximum 5,000,000 N.A.

   *Rates are indicative only.

  • RMB is not a freely convertible currency and is subject to regulations imposed by the regulatory authorities of the People's Republic of China, as may be amended from time to time.
  • If the eligible Primary Customer chooses to place RMB in cash on time deposit/multi-currency savings placement(s), a commission in lieu of exchange of 0.8% (minimum of RMB 100 or equivalent) will be charged.
  • If the eligible Primary Customer chooses to withdraw RMB in cash upon maturity of the time deposit/multi-currency savings placement(s), a commission in lieu of exchange of 1% (minimum of RMB 100 or equivalent) will be charged.
  • If the eligible Primary Customer chooses to place USD in cash on time deposit/multi-currency savings placement(s), a commission in lieu of exchange of 1% (minimum of USD 100 or equivalent) will be charged.
  • If the eligible Primary Customer chooses to withdraw USD in cash upon maturity of the time deposit/multi-currency savings placement(s), a commission in lieu of exchange of 1% (minimum of USD 100 or equivalent) will be charged.
  • Upon maturity of the time deposit placement(s), the principal and interest amounts will be renewed at BOC’s prevailing (i.e. non-promotional) time deposit board rates for the respective tenors, currencies and amounts, unless other instructions are provided by the Primary Customer.
  • Foreign currency deposits are subject to exchange rate fluctuations, which may result in a loss of principal invested and lower return or earnings.
  • Foreign currency deposits are not covered under the Deposit Insurance Scheme (as illustrated below)

12. The qualifying criteria and the corresponding Welcome Gifts are as follows:

Qualifying Criteria Welcome Gift Time Deposit Promotion
1) A Primary Customer who increases his/her AUM with a deposit of Fresh Funds of at least S$1,000,000 (or its equivalent) into a BOC current/savings/time deposit/PWMU account. S$1,000 vouchers Not Applicable
2) A Primary Customer who increases his/her AUM with a deposit of Fresh Funds of at least S$1,000,000 (or its equivalent) into a BOC current/savings/time deposit/PWMU account AND places at least 50% of the Fresh Funds into Investment or Insurance products. S$1,000 vouchers Applicable
3) A Primary Customer who increases his/her AUM with a deposit of Fresh Funds of at least S$2,000,000(or its equivalent) into a BOC current/savings/time deposit/PWMU account. S$2,000 vouchers Not Applicable
4) A Primary Customer who increases his/her AUM with a deposit of Fresh Funds of at least S$2,000,000 (or its equivalent) into a BOC current/savings/time deposit/PWMU account AND places at least 50% of the Fresh Funds into Investment or Insurance products. S$2,000 vouchers Applicable

13. The Welcome Gift will be presented within one month from the setup of the account to the Primary Customer who has satisfied the foregoing criteria.

14. The Welcome Gift under this Promotion is limited and is available on a “first-come-first served” basis. Each Primary Customer shall only be eligible to one (1) Welcome Gift. In the event that the shopping vouchers are unavailable for any reason whatsoever, BOC reserves the right to substitute the Welcome Gift with another gift of an equivalent value issued by other suitable merchants at its discretion, at any time without giving any reasons and without any prior notice or assuming any liability to any Primary Customer.  The Welcome Gift is neither transferrable nor exchangeable for credits or otherwise and is not replaceable if lost, damaged or stolen.

15. BOC assumes no liability or responsibility for the acts or defaults of Takashimaya Singapore Ltd or defects in the goods or services offered in this Promotion, or for any injury, loss, damage, costs or expenses in connection with or arising out of the redemption or usage of the goods and services offered in this Promotion. BOC is not an agent of Takashimaya Singapore Ltd. Any dispute about the quality or service standard must be resolved directly with the Takashimaya Singapore Ltd.  Takashimaya Singapore Ltd may impose conditions for redemption of the goods or services.

16. To participate in this Promotion, an eligible Primary Customer must complete the minimum requirements for the opening of an account with BOC PWMU and its related investment platform partner, Pershing LLC. Participation in the Promotion is at all times subject to this Terms and Conditions. This Terms and Conditions shall be read in conjunction with, and are subject to, the BOC’s (i) Account Opening Application Form, (ii) Section I Terms and Conditions Governing Accounts, (iii) Section II Terms and Conditions for Wealth Management Unit Singapore and (iv) other applicable agreements.

17. The PWMU account criteria must be maintained and the minimum AUM/Fresh Funds of SGD 1,000,000 shall be maintained for a period of at least twelve (12) months from the date the PWMU account is opened. Pre-mature withdrawal of the Time Deposits Promotion in first quarter of 2016 shall be subject to a penalty.  BOC reserves its right to impose an early withdrawal fee for any premature withdrawal of foreign currency deposits.

18. Notwithstanding anything herein, BOC has the absolute right and unfettered discretion in determining a Primary Customer’s eligibility in participating in the Promotion. BOC’s decision on all matters relating to or in connection with the Promotion is at its absolute discretion and shall be final, conclusive and binding on all participants.  No correspondence or claims will be entertained and no payment or compensation will be given or paid by BOC to any person.

19. Should BOC subsequently discover that the Primary Customer is in fact not eligible to participate or does not meet any criteria for the Promotion, BOC may at its discretion recover the value of the Welcome Gift by charging or debiting an amount equivalent to the value of the Welcome Gift from that Primary Customer’s PWMU account or any other account that the Primary Customer maintains with BOC.

20. BOC shall not be responsible, nor shall BOC accept any losses, damages, expenses or liabilities of whatsoever nature and howsoever arising or suffered by all participants resulting directly or indirectly from this Promotion.

21. By participating in this Promotion, you agree to be bound by the Terms and Conditions herein including any amendments and variations thereto.  BOC may, at its sole and absolute discretion, vary, amend, delete or add on to any of the Terms and Conditions herein, including but not limited to varying the Promotion Period or terminating the Promotion at any time and from time to time without giving any reason or prior notice or assuming any liability to you, and you shall be bound by these amendments.  BOC shall not be liable to or for any claims, costs, expenses, losses or damages suffered by any person as a result of the aforementioned matters.

22. The Primary Customer should carefully consider the suitability of the Investment/Insurance products before entering into any investment in light of his/her financial resources, experience, objectives, ability to bear risks and other relevant circumstances. It is the Primary Customer’s sole responsibility to make his/her own independent appraisal and investigation into the risks associated with the investment. The Primary Customer should, therefore consult with his/her own legal, tax, financial, and other relevant professional advisors prior to making an investment.

23. The Primary Customer may wish to seek advice from a financial adviser before making a commitment to purchase any Investment/Insurance product. In the event that the Primary Customer chooses not to seek advice from a financial adviser, the Primary Customer should consider carefully whether the Investment/Insurance product that his/her wish to purchase is suitable for him/her.

24. In the event of any inconsistency between the Terms and Conditions herein and any advertising, promotional, publicity, brochure, marketing or materials relating to or in connection with the Promotion, the Terms and Conditions and the important notices and disclaimers herein shall prevail.

25. While all the information provided herein is believed to be reliable at the time and date of printing, BOC makes no representation or warranty whether express or implied, and accepts no responsibility or liability for its completeness or accuracy.

26. Words importing the singular shall, where applicable, include the plural and vice versa.

27. A person who is not a party to these Terms and Conditions shall have no rights under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce or enjoy the benefit of any term herein.

28. The Terms and Conditions shall be governed by and shall be construed in accordance with the laws of the Republic of Singapore and you agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore.

29. By participating in this Promotion and providing your personal data to BOC, you consent under the Personal Data Protection Act (Cap. 26 of 2012) (“Act”) to the collection, use and disclosure of your personal data by/to BOC for the purpose of the Promotion and you confirm that you have read and agreed to be bound by the terms of BOC’s Personal Data Protection Policy, as may be amended, supplemented and/or substituted by BOC from time to time, a copy of which can be found on www. bankofchina.com/sg.

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Please visit www.sdic.org.sg for full details.

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