ENGLISH | 简体中文


   BOC Singapore >> Information >> Notices

Notice of Change to Terms and Conditions Governing BOC SmartSaver Savings Plans (Effective from 1 August 2020)


Dear Valued Customer,

We will be revising “Terms and Conditions Governing BOC SmartSaver” and "Terms and Conditions Governing USD Deposits with BOC SmartSaver" with effect from 1 August 2020. Details as follows:

I. Changes to Terms and Conditions Governing BOC SmartSaver

(a) 4.1 Wealth Bonus Interest

To be eligible for Wealth Bonus Interest, an Account Holder must successfully purchase through BOC an eligible financial product of at least the required minimum amount in a single transaction from 1 August 2020. The Account Holder will enjoy the Wealth Bonus Interest for the bonus period determined by BOC and announced on the relevant BOC Smart Saver web pages. Different types of financial products may have different required minimum amounts. Multiple purchases cannot be aggregated for consideration towards the required minimum amount.

If the Account Holder cancels the financial product within 12 months from the issue date of policy, he/she will no longer qualify for the Wealth Bonus Interest.

For eligible financial products with single premium or regular premiums (annual premium payment mode only), only the first premium is considered towards the required minimum amount for the purpose of awarding the Wealth Bonus Interest. Any subsequent premiums will not be eligible.

If the Account Holder makes multiple purchases of eligible financial products that satisfy the Wealth Bonus Interest criteria and there is an overlap of the Wealth Bonus Interest calculation period, the Account Holder will only receive one Wealth Bonus Interest during the overlapping period and any non-overlapping period.

Wealth Bonus interest computation will commence from the calendar month after the month in which the free-look period for the purchased policy ends or the policy issue date + 21 calendar days, whichever is later.

The Account Holder must be the policy owner of the eligible financial product.

For financial products denominated in foreign currency, BOC will calculate the premium amount in Singapore dollars using BOC’s prevailing exchange rate to determine if it meets the required minimum amount.

BOC reserves the right to cancel or suspend payment of the Wealth Bonus Interest and to deduct / claw back any Wealth Bonus Interest paid in the event that any of the foregoing conditions is not met (including the Account Holder ceasing to qualify for it) at any time during the period the Wealth Bonus Interest is payable.

(b) 4.2 Card Spend Bonus Interest

4.2.2 The following are examples of transactions that will not be eligible:

(b)SAM Payments and AXS payments (transactions via all AXS channels, including AXS station, AXS e-station, AXS m-station, etc.);

You can refer to “Revision to BOC Smart Saver Interest Rates with effect from 1 August 2020” for the latest update Singapore dollar(SGD) deposit bonus interest rates.

II.Changes to Terms and Conditions Governing USD Deposits with BOC SmartSaver

We will be removing Card Spend USD Bonus Interest, Payment USD Bonus Interest and Extra Savings USD Bonus Interest under “Section 4. Eligibility Criteria for USD SmartSaver”. The eligibility criteria for Salary Crediting USD Bonus Interest will remain unchanged. The revised terms and conditions will be with the following amendment:

4. Eligibility Criteria for USD SmartSaver

4.1 Salary Crediting USD Bonus Interest

To be eligible for Salary Credit USD Bonus Interest, an Account Holder must successfully credit his/her salary of at least the required minimum amount into his/her MCS Account. Only genuine employment salary credit via BOC Salary Crediting Service with transaction descriptions "SALA" or "IBG-SALA" printed on the monthly statement within the calendar month is eligible.

Salary credit in other forms will not be eligible.

4.2 An Account Holder’s MCS Account shall be valid, subsisting and in good standing at all times.

4.3 The latest eligibility criteria for USD SmartSaver, USD Prevailing Interest rates, USD Bonus Interest rates, USD AEB Limits can be found at For the avoidance of doubt, BOC reserves the right to vary (a) the USD Prevailing Interest rates, (b) the USD Bonus Interest rates, (c) the USD AEB Limits, (d) the eligibility criteria for USD Smart Saver and USD Bonus Interest, in its sole and absolute discretion from time to time without prior notice.

4.4 In the event that any relevant transaction is fraudulent, unauthorised, cancelled or reversed, any Bonus Interest awarded may be cancelled or recovered in whole or in part by BOC.

If you have any queries, please contact our 24-hour Customer Service Hotline at 1800 3385335 (local) or +65 3385335 (overseas).

Bank of China Limited Singapore Branch
22 July 2020

  [ Close ]

· Advisory on Scam & Fraudulent Activities
· Exchange Rates


     Type of Charges
     Terms & Conditions

  ·BOC'S PERSONAL DATA PROTECTION POLICY  ·Data Protection Notice  ·Terms & Conditions  ·Copyright  ·Contact Us  
Copyright © BANK OF CHINA(BOC) All Rights Reserved.