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Frequently Asked Questions - BOC SuperSaver (Effective from 1 January 2023)


 

1.What is BOC SuperSaver?

BOC SuperSaver is a deposit plan which enables you to earn tiered bonus interest if you meet the eligibility criteria set out below.

2.When will the revised interest rates be effective?

The revised tiered interest rates will be effective from 1st January 2023.

3.What are the revised interest rates with effect from 1st January 2023?

Account Balance Interest Rate (p.a.)
First S$20,000 1.50%
Next S$40,000 2.20%
Next S$40,000 3.60%
Above S$100,000 1.20%

Average Effective Balance is calculated on a monthly basis as the summation of

each day-end Effective Balance for a month divided by the number of calendar days in that month (subject to the applicable minimum and maximum threshold limits# on which bonus interest will be awarded/calculated). Effective Balance is the SGD day-end available balance of an account but does not include earmarked balance, overdraft, cheque float amount and such other balances as BOC may determine in its discretion from time to time without prior notice.

# Currently, the minimum threshold limit on which bonus interest will be awarded is S$3,000 and the maximum threshold limit on which bonus interest will be calculated is S$5,000,000.

4.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 January 2023 with an Average Effective Balance of S$100,000, your bonus interest awarded for the month will be

[(S$20,000*1.50%)*(21/365)]+[(S$40,000*2.20%)*(21/365)]+[(S$40,000*3.60%)*(21/365)]= S$150.74

5.If I continue to meet 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 January 2023 is S$100,000, your bonus interest awarded for the month will be

[(S$20,000*1.50%)*(31/365)]+[(S$40,000*2.20%)*(31/365)]+[(S$40,000*3.60%)*(31/365)]= S$222.52.

If you continue to meet the eligibility criteria for BOC SuperSaver, you can earn total interest of up to S$2,620 per annum on the first S$100,000 in the account.

6.I hold an existing BOC SuperSaver Account. Are these changes applicable to me?

These changes are applicable to both existing and new customers with effect from 1st January 2023. As a holder of an existing BOC SuperSaver Account, you will enjoy the revised BOC SuperSaver tiered interest rates as long as you continue to meet the eligibility criteria for BOC SuperSaver.

7.Why did BOC make this decision?

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

8.Who may apply for BOC SuperSaver?

All new and existing BOC account holders who are Singapore Citizens, Permanent Residents or Foreigners with valid pass (Work Pass/ Student Pass/ Long Term Visit Pass/Dependent Pass), aged 21years and above may apply for BOC SuperSaver, subjected to the fulfilment of the relevant eligibility criteria set out below and subject to the Terms and Conditions Governing the BOC SuperSaver Campaign.

9.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, Permanent Resident or Foreigners with valid pass (Work Pass/ Student Pass/ Long Term Visit Pass/Dependent Pass)

(2)you must successfully open a new BOC SGD Current Account using MyInfo (whether via the BOC Mobile Banking App or otherwise);

(3)you must deposit and maintain a minimum average effective balance amount of

S$3,000 in this BOC SGD Current Account; and

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

10.I am a Singapore Citizen / Permanent Resident/Foreigner with Valid Pass (Work Pass/ Student Pass/ Long Term Visit Pass/Dependent Pass). How do I apply for a new BOC SGD Current Account using MyInfo?

You may apply for a new BOC SGD Current Account using MyInfo by following the below steps:

  • Open the BOC Mobile Banking App.
  • At the Home Screen on the BOC Mobile Banking App, tap on “Apply New Accounts” and select “BOC SuperSaver Account”.
  • Tap on “Apply Now” to register for a new BOC SGD Current Account via MyInfo. Upon successful application, you will be notified of your new BOC SGD Current Account number via post to your registered mailing address.

11.If I apply for a new BOC SGD Current Account at any BOC branch in Singapore instead of using MyInfo, will I still be eligible for BOC SuperSaver?

No. You will only be eligible for BOC SuperSaver if you apply for a new BOC SGD Current

Account using MyInfo.

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

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

13.If I open a new BOC 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.

14.After I have been notified of my new BOC SGD Current Account number, what must I do next for my account to qualify for the BOC SuperSaver bonus interest rate?

You must deposit and maintain a minimum average effective balance amount of S$3,000 into this new BOC SGD Current Account and link this BOC SGD Current Account to your mobile phone number using the BOC PayNow Service for the receipt of incoming funds.

15.What is Average Effective Balance?

Average Effective Balance is calculated on a monthly basis as the summation of each day-end Effective Balance for a month divided by the number of calendar days in that month. Effective Balance is the SGD day-end available balance of an account but does not include earmarked balance, overdraft, cheque float amount and such other balances as BOC may determine in its discretion from time to time without prior notice.

16.How do I deposit a minimum amount of S$3,000 into this new BOC SGD Current Account?

  • New-to-Bank Customers

You may transfer a minimum deposit of S$3,000 from your bank account with another bank into your BOC SGD Current Account using any channel, including but not limited to FAST (Fast and Secure Transfers), GIRO or PayNow, etc.

  • Existing Bank Customers

You may transfer a minimum deposit of S$3,000 from any other bank account with BOC or another bank into your BOC SGD Current Account using or any channel, including but not limited to FAST (Fast and Secure Transfers), GIRO or PayNow, etc .

17.What if the Average Effective Balance in my BOC SuperSaver Account falls below S$3,000 for the month?

If the Average Effective Balance in your BOC SuperSaver 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, if the Average Effective Balance in your BOC SuperSaver Account falls below S$200 for the month, a monthly account service feeof S$7.50 will be charged on your account for that month.

18.What if I de-link my BOC SuperSaver Account from the BOC PayNow Service at any time in a particular month?

If you de-link your BOC SuperSaver Account from the BOC PayNow Service at any time during a particular month, BOC SuperSaver bonus interest will not be awarded to you for that month. You will only be entitled to earn BOC SuperSaver bonus interest for the month(s) in which your BOC SuperSaver Account is linked to the BOC PayNow Service.

19.What if my BOC SuperSaver 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 BOC may determine at its sole and absolute discretion.

20.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 BOC SuperSaver Account (up to a maximum of S$5,000,000) so long as the eligibility criteria for BOC SuperSaver are being met.

A regular BOC SGD current account is non-interest bearing.

21.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 BOC SuperSaver Account of up to a maximum of S$5,000,000. Any account balance above S$5,000,000 will be non-interest bearing.

22.What if I have existing funds which have been earmarked in my BOC SuperSaver 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 BOC SuperSaver Account for any other purposes.

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

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

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

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

You will receive the bonus interest within 15 business days of the start of the following month. If your BOC SuperSaver 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.

25.How do I access the monthly statement for my BOC SuperSaver Account?

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

26.Is there any restriction on the amount(s) I may withdraw from my BOC SuperSaver Account?

No. There is no restriction on the amount(s) that you may withdraw from your BOC SuperSaver Account at any time. But to enjoy the BOC SuperSaver bonus interest, you will have to maintain a minimum average effective balance amount of S$3,000 in your BOC SuperSaver Account for the month.

27.Will I be issued with a debit card for my BOC SuperSaver Account?

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

28.Will I receive a cheque book for my BOC SuperSaver Account?

No cheque book will be issued for a BOC SuperSaver Account. Should you require a cheque book, you may visit any of our BOC 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$100,000 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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