Standard Chartered’s All-New Singapore Dollars Miles Time Deposit – Earn up to 60,000 KrisFlyer Miles!
13 September, 2016
Imagine waking up one day and finding out that you have been given 60,000 KrisFlyer miles – what would you do with it? Would you prefer to:
- Take a round trip Singapore Airlines Business Class flight to Hong Kong or Taipei to shop, eat, drink and be merry;
- Take a round trip Economy Class flight to Tokyo, Sydney, Christchurch or Johannesburg;
- Get an upgrade on your long haul flights halfway across the world;
- Do some shopping to pamper yourself or for your loved ones on KrisShop.com (with additional 15% discount for points spent in Singapore); or
- Convert them to “TapForMore” points (for PAssion card holders to use at Cold Storage, Guardian etc)?
As a travel addict, I would redeem the miles for flights for a holiday or two in a heartbeat! For those who require some shopping therapy, spending the miles online at KrisShop is also not a bad way to make your miles go a long way. Now, let me tell you how to earn those miles just by saving!
The New Way to Earn KrisFlyer Miles
Chalking up spends on your credit cards and flying around the world with Star Alliance member airlines are foolproof ways to earn KrisFlyer miles. However, all these require some financial expenditure on the KrisFlyer account holder’s part – If only there were ways to earn miles without having to spend money!
Lo and behold, I was recently informed that Standard Chartered has introduced an all-new SGD Miles Time Deposit that allows customers to earn miles just by depositing cash with them. No additional expenses, and I get to save money in the process – I had to find out more about this.
SGD Miles Time Deposit is a limited time only promotion, and is relatively new in Singapore where customers of Standard Chartered can get to earn 10,000 KrisFlyer miles for every $27,000 of fresh funds deposited in a time deposit account for 6 months. In lieu of monetary interest, customers get to earn up to a maximum of 60,000 KrisFlyer miles (which means that the maximum amount of funds that can be deposited in the SGD Miles Time Deposit account is capped at $162,000). What’s more, this is the first in its kind to earn KrisFlyer miles without having to spend, definitely something I’m very excited about.
For young singles like me who do not have existing financial commitments and have some extra cash in my bank account, this is the perfect way to help secure my savings for the next 6 months and also earn some KrisFlyer miles to be used on future holidays. Upon maturity, there are no worries about losing the principal sum deposited, as you will be entitled to the return of the principal sum.
To start earning KrisFlyer miles, a minimum deposit of $27,000 fresh funds into the 6-month SGD Miles Time Deposit account is required. Every $27,000 fresh funds deposited will get you 10,000 miles. To receive the KrisFlyer miles by 31 Oct 2016, you will also need to register your KrisFlyer membership information with Standard Chartered within two weeks of opening the account.
It is key that the commitment to the SGD Miles Time Deposit of 6 months is upheld. A replacement fee of $270 for every $27,000 deposited to the account will be imposed if there is an early withdrawal made by the client before the Time Deposit matures.
As this SGD Miles Time Deposit Campaign is only available till 30th September 2016 for Singapore Citizens/ Singapore Permanent Residents/ Foreigners above the age of 18 years old, be sure to head to the nearest Standard Chartered branch to seize this opportunity before it lapses – I know I will!
Visit Standard Chartered’s SGD Miles Time Deposit webpage for more information.
This article was produced in conjunction with Standard Chartered Bank (Singapore) Limited. All information provided is on an “as is” basis and for informational purposes only, and is not intended for trading purposes or advice. It is not an offer, recommendation, or solicitation to anyone to enter into any investment transaction. It has not been prepared for any particular person or class of persons and does not constitute and should not be construed as investment advice or an investment recommendation. It has been prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser on the suitability of an investment or financial product for you, taking into account these factors before making a commitment to invest in an investment or financial product. Standard Chartered and PassportChop are not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. For the most updated information on SGD Miles Time Deposit promotion, please click here.
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
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Kelly is a corporate employee by day and free-spirited artisan by night. Having lived abroad for more than half a decade, she enjoys travelling the world and going on new adventures. She believes that everything in life happens for a reason, and never dwells on the past. Writing and creating art are her greatest passion as they provide an avenue for her to freely express herself. The ability to perceive, create and re-define the world through her own eyes fuels her passion for writing and the arts. Her portfolio of works focuses mainly on portraits and contemporary oil on canvas creations. She draws inspiration from events, emotions and experiences in her life, and has a penchant for capturing human interactions, emotions and their physical forms.