Saturday, September 29, 2012

CIMB SGD Step Up Fixed Deposit

Enjoy a Step Up rate of 0.1% p.a. every month, starting from 0.5% p.a. to 1.6% p.a. Plus flexibility to withdraw anytime with no penalty

A colleague of mine alerted me that CIMB SGD Step Up Fixed Deposit is currently the highest interest paying fixed deposit.  Being able to earn interest of up to 1.6% p.a. with just a S$10,000 placement, there is also flexibility to withdraw the fixed deposit after one calendar month.

Wanting to validate my colleague's claims, i set out to determine the average interest rate i would earn should i keep a fixed deposit of S$10,000 for a full 12 calendar months.

Average interest rate computation:
Month Step Up Interest Rate (%) Step Up Interest Earned (S$)
1 0.5 4.17
2 0.6 5.00
3 0.7 5.83
4 0.8 6.67
5 0.9 7.50
6 1.0 8.33
7 1.1 9.17
8 1.2 10.00
9 1.3 10.83
10 1.4 11.67
11 1.5 12.50
12 1.6 13.33

A one year S$10,000 placement would earn me approximately S$105 or an average interest rate of 1.05% p.a. which is commendable.

Key terms & conditions:
  • A "Cycle" of an Eligible Account refers to 1 calendar month or such other timeframe as CIMB Bank may determine in its sole and absolute discretion.
  • "Deposit Tenure" of an Eligible Account refers to 12 calendar months or such other timeframe as CIMB Bank may determine in its sole and absolute discretion.
  • The sum of all Cycles of an Eligible Account will equal the Deposit Tenure of that Eligible Account.
  • Different interest rates will apply to different Cycles. CIMB Bank will pay the interest accrued during a Cycle on the maturity date of that Cycle ("Cycle Maturity Date"). Such interest will be paid to the customer in the manner specified by the customer upon placement of the Eligible Account.
  • To qualify for this promotion, the customer must place a minimum amount of SGD10,000 and a maximum of SGD1,000,000 per placement. Each customer is entitled to open a maximum of 3 Eligible Accounts during the promotion.
  • No interest will be paid by CIMB Bank for uncompleted Cycle.


  1. Concidentally, I have intention to put my monies in CIMB. Thanks for your article. Kepp up the good work and do share more.


  2. the highest fixed deposit rate is found here