The interest rate for this FD account is for a 12 month tenure for Tier 1. It requires a minimum for opening an account: RMB 1000 for deposits of 2 months and above or RMB 5000 (1 month tenure). You must be aged 18 years or over for non-residents as well as residents. Documents possibly required include NRIC or passport and utility bill to verify address.
The rate of 3.20% is 0.19% lower than the average 3.39%. Also it is 0.9 % lower than the highest rate. Updated Nov, 2015