Public Bank Launches Chinese Yuan Foreign Currency Accounts
The Public Bank is pleased to announce that Public Bank has entered into a business arrangement with Bank of China (Malaysia) Berhad to offer Chinese Yuan Fixed Deposits ("CNY FD") and Chinese Yuan Current Accounts ("CNY CA") to the public so as to provide more currency options for customers of Public Bank's foreign currency deposit accounts services.
The CNY FD and CNY CA are offered to individuals aged 18 years and over. All eligible Malaysian and non-resident individuals are allowed to open a CNY FD and/or CNY CA at any of Public Bank's branches nationwide. Interest on the CNY FD currently ranges from 0.70% p.a. to 0.80% p.a. depending on the tenure and 0.40% p.a. on the CNY CA. For the placement of CNY FD, the initial minimum deposit amount is RM10,000 equivalent in CNY for tenures of 1, 3, 6 and 12 months, whilst for the CNY CA, the initial minimum deposit amount is USD1,000 equivalent in CNY.
In conjunction with the launch of the CNY FD and CNY CA, Public Bank will run a promotional campaign until 31 March 2010 to create awareness and publicity for the new CNY FD and CNY CA. During this promotional campaign period, customers are offered additional interest rates of up to 2% p.a. and preferential foreign exchange rates for eligible customers. In addition, a free limited-edition mug will be given to early bird customers.
With the People Republic of China's move to liberalise the use of the Chinese Yuan in the international market, Public Bank anticipates good response from the public for these new products.
For more information on this two new products, customers may visit their nearest Public Bank branch, call free-phone at 1-800-22-9999 during office hours, or visit Public Bank's website at
www.pbebank.com.
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