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   BOC Singapore >> Self Services >> FAQ

Frequently Asked Questions - BOC SuperSaver (Effective 1 August 2020 to 30 December 2022)


 

1. How do I qualify for BOC SuperSaver?

To qualify for BOC SuperSaver, you must fulfil the following eligibility criteria:

(1)you must be a Singapore citizen or permanent resident aged 21 years and above;

(2)you must successfully open a new SGD Current Account online (whether via our bank’s Mobile Banking App or otherwise);

(3)you must deposit and maintain a minimum average effective balance amount of S$3,000 in this SGD Current Account; and

(4)you must link this SGD Current Account to your mobile phone number using PayNow for the receipt of incoming funds.

2. How do I apply for BOC SuperSaver?

You may apply for a new SGD Current Account online or via our bank’s Mobile Banking App. 

3. What criteria do I need to take note of to maintain my eligibility for BOC SuperSaver?

No. You must maintain a minimum average effective balance amount of S$3,000 your SGD Current Account and keep this account linked to your mobile number via PayNow.

4. I hold an existing SGD Current Account under BOC SuperSaver. Is the rates revision applicable to me?

Yes. The rates revision is applicable to existing customers.

5. Why did the bank make this decision?

The revision to the interest rates is reflective of the current market conditions. The revised interest rates are still competitively priced.

6. Is there any maximum account balance to which the BOC SuperSaver tiered bonus interest rates can apply?

Yes. The BOC SuperSaver tiered bonus interest rates apply to the account balance in your SGD Current Account of up to a maximum of S$5,000,000. Any account balance above S$5,000,000 will be non-interest bearing.

7. How is BOC SuperSaver bonus interest rate different from the interest rate of a regular current account?

BOC SuperSaver enables you to earn tiered bonus interest on the account balance in your SGD Current Account (up to a maximum of S$5,000,000) so long as the eligibility criteria for BOC SuperSaver are being met.

A regular SGD current account is non-interest bearing.

8. If I open a SGD Current Account in the middle of the month and meet the eligibility criteria for BOC SuperSaver, how will the bonus interest be calculated for this first month?

Your BOC SuperSaver bonus interest will be pro-rated based on the actual number of days you have maintained the SGD Current Account from the account opening month. The bonus interest calculation is based on the Average Effective Balance * Applicable Interest Rate * The number of days the account met the eligibility criteria/365.

For example, if you met the BOC SuperSaver criteria on 11 August 2020 with an Average Effective Balance of S$80,000, your bonus interest awarded for the month will be [(S$20,000*0.10%)*(20/365)]+[(S$40,000*0.80%)*(20/365)]+[(S$20,000*1.80%)*(20/365)]= S$38.36.

9. If I continue meeting the eligibility criteria for BOC SuperSaver, how will my bonus interest be calculated?

It will be calculated in the same way as in the answer to the previous question.

For example, if your Average Effective Balance in September 2020 is S$80,000, your bonus interest awarded for the month will be [(S$20,000*0.10%)*(30/365)]+[(S$40,000*0.80%)*(30/365)]+[(S$20,000*1.80%)*(30/365)]= S$57.53.

If you continue meeting the eligibility criteria, you can earn total interest of up to S$700 per annum on the first S$80,000 in the account.

10. For how long will I be able to enjoy the BOC SuperSaver tiered interest rates in my SGD Current Account?

The BOC SuperSaver tiered interest rates will be applicable to the account balance in your SGD Current Account so long as you meet the eligibility criteria for BOC SuperSaver, until such time as BOC Singapore Branch may determine in its sole and absolute discretion. The bank reserves the right to extend, shorten, revise, terminate or withdraw the BOC Supersaver Campaign at any time without prior notice.

11. How will I know when the BOC SuperSaver bonus interest has been credited to my SGD Current Account?

Your BOC SuperSaver bonus interest will be reflected in your SGD Current Account monthly statement.

You will receive the bonus interest within 15 business days of the start of the following month. If your SGD Current Account is closed at any time before the date that the bonus interest is to be credited to your account, the bonus interest will be forfeited.

12. What if I have existing funds which have been earmarked in my SGD Current Account? Is the BOC SuperSaver bonus interest rate applicable to these funds?

No. The BOC SuperSaver bonus interest rates are not applicable to any funds that have been earmarked in your SGD Current Account for any other purposes.

13. If I open more than one SGD Current Account using MyInfo, will all these SGD Current Accounts be eligible for BOC SuperSaver?

No. Each account holder is only entitled to qualify for BOC SuperSaver on ONE (1) SGD Current Account.

14. If I open a new SGD Current Account in a joint-name, will this account still be eligible for BOC SuperSaver?

No. BOC SuperSaver is only applicable to single-name accounts.

15. What if the Average Effective Balance in my SGD Current Account falls below S$3,000 for the month?

If the Average Effective Balance in your SGD Current Account falls below S$3,000 for the month, you will not be entitled to receive BOC SuperSaver bonus interest for that month. In addition, a monthly account maintenance fee of S$7.50 will be charged on your account for that month.

16. What if I de-link my SGD Current Account from the PayNow at any time in a particular month?

If you de-link your SGD Current Account from PayNow at any time during a particular month, BOC SuperSaver bonus interest will not be awarded to you for that month.

17. What if my SGD Current Account becomes dormant, is frozen or is closed?

You will no longer be eligible for BOC SuperSaver if your account is dormant, frozen or closed, or otherwise not in good standing, as the bank may determine at its sole and absolute discretion.

18. How do I access the monthly statement for my SGD Current Account?

Your SGD Current Account monthly statement will be sent to your registered mailing address via post. Alternatively, you may also access your SGD Current Account eStatement through bank’s Personal Online Banking or the bank’s Mobile Banking App.

19. Will I be issued with a debit card for my SGD Current Account?

Yes. Upon successful application of the account, the debit card will be posted to your registered mailing address.

20. Will I receive a cheque book for my SGD Current Account?

No. No cheque book will be issued for a SGD Current Account under BOC SuperSaver. Should you require a cheque book, you may visit any of our branches in Singapore to request for one.

Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 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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