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夕阳剪影 LV16
发表于 4-7-2008 10:09:00
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<p><span class="postbody"><span style="FONT-WEIGHT: bold"><span style="FONT-SIZE: 18px; LINE-HEIGHT: normal">Published July 3, 2008, <span style="FONT-STYLE: italic">The Business Times</span> <br/></span></span></span></p>
<p><span class="postbody"><span style="FONT-WEIGHT: bold"><span style="FONT-SIZE: 18px; LINE-HEIGHT: normal">Bank cuts short fixed-deposit offer as depositors rush in</span></span> <br/><span style="FONT-WEIGHT: bold">Stanchart's planned 3-week promotion halted after 2 days</span> <br/>By SIOW LI SEN <br/><br/>(SINGAPORE) Interest- starved depositors flocked to Standard Chartered Bank's fixed deposit promotion, prompting the bank to end its offer after just two days. It had originally planned to run a three- week promotion drive. <br/><br/>Stanchart had offered to pay 2.28 per cent interest for amounts between $50,000 and $499,999. For $500,000 and above, the interest would be 2.38 per cent. <br/><br/>DBS Bank, the biggest bank in South-east Asia, in contrast pays 0.625 per cent for fixed deposits of at least $50,000. <br/><br/>'We underestimated the response to our term deposit promotion. And so, due to overwhelming response to our deposit drive, we withdrew the promotion upon hitting our targets,' said Janice Poon, general manager, wealth management, Standard Chartered Bank. <br/><br/>'The bank's deposit drive raised more than two times the target we set for ourselves,' said Ms Poon. <br/><br/>The now-withdrawn deposit drive which was advertised last Friday was supposed to run from June 27 to July 20, for amounts of $50,000 and above for a 18-month tenure. <br/><br/>Ms Poon added that the bank had started with a below-the-line campaign in mid-June in its branches islandwide and, as planned, it launched the above-the- line campaign on June 27. (A below-the-line campaign means selling to customers who walk into a branch or by calling them up.) <br/><br/>From now until July 13, Stanchart is offering to pay between 1.48 and 1.78 per cent for amounts between $50,000 and $499,999 for tenures of 6-15 months. <br/><br/>A BT check showed that none of the other foreign banks has a similar promotion. <br/><br/>United Overseas Bank (UOB) does have a promotion in which customers have to place two deposits of equivalent amounts for two tenures of 3 months and 12 months to enjoy interest rates of 1.68 per cent and 1.28 per cent respectively. <br/><br/>Ms Poon said the bank 'is offering customers an opportunity to lock in deposits at higher rates now in preparation for a lower interest rate environment going into 2009'. <br/><br/>One rival banker said it is very difficult to know where interest rates are going. Some economists say fighting inflation means interest rates have to rise - which is happening globally as central banks hike rates. <br/><br/>But in Singapore they have been going south since the middle of last month as the Monetary Authority of Singapore (MAS) allows a stronger Singapore dollar (SGD) to alleviate the pain of higher costs for imported raw materials. <br/><br/>The key three-month interbank rate yesterday fell to a 52-week low of 1.17283 per cent. <br/><br/>Barclays Capital economist Wai Ho Leong said inflation is the primary focus of policy. <br/><br/>'We believe MAS will keep the SGD trading near the top of its implied policy band, given the surge in commodities prices. <br/><br/>'As a result, the SGD rates market continues to experience high volatility, primarily due to the influence of overseas markets (US rates).<br/></p></span>
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