• ICBC Bank Fixed Deposit

    ICBC Fixed Deposit

    Fixed Deposit or Time Deposit allows you to save substantially and secures your investment plan. Along with saving money, you also get to enjoy the interest earned on your savings. ICBC Bank Fixed Deposit plans are designed in a way to provide you with higher returns upon the maturity of your deposited amount.

    About ICBC Bank Singapore

    The Singapore branch of the Industrial and Commercial Bank of China was established in 1993 as a premier banking institution offering innovative banking solutions. ICBC has become one of Singapore’s most reliable banks with its advanced technologies, easy access, prudent business approach and personalized banking services specially tailored to suit retail customers.

    Why choose ICBC Bank Fixed Deposits in Singapore?

    Enjoy great returns and save more with ICBC Bank fixed deposit schemes. Watch your money grow with ICBC’s flexible tenure options, low interest rates and other exciting benefits. ICBC Singapore also offers insurance coverage for Singapore dollar fixed deposit accounts. The accounts of non-bank depositors are insured up to S$ 50,000 by the Singapore Deposit Insurance Corporation. Foreign currency and dual currency deposits are not insured.

    Features and Benefits of ICBC Fixed Deposit

    SGD Step-Up Fixed Deposits

    ICBC Singapore offers fixed deposit schemes with a two year tenure divided into four cycles. Each cycle comprises of six months each and the interest rate for the fixed deposit will be paid at the end of the sixth, twelfth, eighteenth and twenty fourth month with respect to each cycle. If a customer wishes to withdraw his fixed deposit before maturity, he will be paid the full interest for the completed cycle plus the number of days in the current cycle with the previous cycle rate. The bank does not charge a penalty for premature withdrawal of the fixed deposit and the customer will get paid based on the prevailing current account interest rates. ICBC Bank Singapore levies a 1% service charge on deposit or withdrawal of foreign currencies in cash (except for SGD). Customers depositing amounts above SGD30, 000 (or equivalent in foreign currencies) are required to submit a proof of the fund source.

    A minimum deposit amount of SGD500 is required while opening an ICBC Singapore fixed deposit account. The bank offers fixed deposit schemes in three currencies - SGD, RMB and USD.

    • For deposit amounts below 200,000, an interest rate of 0.50% is charged for the first 6 months, 1.10% from the seventh to the twelfth month, 1.60% from the thirteenth to the eighteenth month and 2.00% for the last six months.
    • For deposit amounts between 200,000 - 1M, an interest rate of 0.55% is charged for the first 6 months, 1.15% from the seventh to the twelfth month, 1.65% from the thirteenth to the eighteenth month and 2.10% for the last six months.
    • For deposit amounts of 1M and above, an interest rate of 0.60% is charged for the first 6 months, 1.20% from the seventh to the twelfth month, 1.70% from the thirteenth to the eighteenth month and 2.20% for the last six months.

    Fixed deposits are offered with tenures of 1 week, 1 month, 3 months, 6 months and 12 months in the following currencies:

    Singapore Dollar (SGD):

    For deposit amounts between 500 - 5000, an interest rate of 0.30% is offered for a one month tenure, 0.40% is offered for a three month tenure, 0.60% is offered for a six month tenure and 1.00% is offered for a twelve month tenure.

    For deposit amounts between 5,000 - 200,000, an interest rate of 0.30% is offered for a one month tenure, 0.40% is offered for a three month tenure, 0.60% is offered for a six month tenure and 1.25% is offered for a twelve month tenure.

    For deposit amounts of 200,000 and above, an interest rate of 0.30% is offered for a one month tenure, 0.40% is offered for a three month tenure, 0.60% is offered for a six month tenure and 1.20% is offered for a twelve month tenure.

    Singapore Dollar Fixed Deposit Rate of Interest

    One month

    Three months

    Six months

    Twelve months

    500 to 5,000

    0.3 percent

    0.4 percent

    0.6 percent

    0.80 percent

    5,000 to 200,000

    0.3 percent

    0.4 percent

    0.6 percent

    1.10 percent

    200,000 to 1 Million

    0.3 percent

    0.4 percent

    0.6 percent

    1.15 percent

    1 Million and above

    0.3 percent

    0.4 percent

    0.6 percent

    1.18 percent

    Renminbi (RMB):

    For deposit amounts between 50000 - 5M, an interest rate of 2.65% is offered for a three month tenure, 2.85% is offered for a six month tenure and 3.25% is offered for a twelve month tenure.

    For deposit amounts of 5M and above, an interest rate of 2.80% is offered for a three month tenure, 3.00% is offered for a six month tenure and 3.30% is offered for a twelve month tenure.

    Renminbi Fixed Deposit Rate of Interest:

    Three months

    Six months

    Twelve months

    Less than 5 million

    2.65 percent

    2.85 percent

    3.10 percent

    5 million and above

    2.80 percent

    3.00 percent

    3.20 percent

    US Dollar (USD):

    For deposit amounts below 100,000, an interest rate of 0.15% is offered for a one week tenure, 0.35% is offered for a one month tenure, 0.50% is offered for a three month tenure, 0.60% is offered for a six month tenure and 0.80% is offered for a twelve month tenure.

    For deposit amounts of 100,000 and above, an interest rate of 0.25% is offered for a one week tenure, 0.45% is offered for a one month tenure, 0.60% is offered for a three month tenure, 0.75% is offered for a six month tenure and 0.90% is offered for a twelve month tenure.

    US Dollar Fixed Deposit Interest Rates:

    One week

    One month

    Three months

    Six months

    Twelve months

    Less than 1 million

    0.15 percent

    0.35 percent

    0.60 percent

    0.80 percent

    1.00 percent

    1 million and above

    0.25 percent

    0.45 percent

    0.70 percent

    0.90 percent

    1.10 percent

    ICBC Fixed Deposit Eligibility and Documentation

    To open an ICBC Bank Singapore fixed deposit account, customers above the legal age of 18 need to submit the completed application along with copies of their Identity Cards, passes and passports.

    Other Products offered by ICBC Bank

    ICBC Fixed Deposit FAQs

    1. What is the minimum age for having a fixed deposit account with ICBC Bank?
    2. The applicant must be above the age of 18 years

    3. Is there insurance cover for non-bank depositors?
    4. Yes, the non-bank depositors can enjoy insurance cover up to an amount of S$ 50,000 provided by Singapore Insurance Deposit Corporation.

    5. What are the different tenures for fixed deposit?
    6. The tenures are 1 week, 1 month, 3 months, 6 months and 12 months.

    7. Is there a penalty for premature withdrawal?
    8. No, there is no such penalty for premature withdrawal of the deposited amount.

    9. Is proof of fund source required?
    10. If you want to deposit more than SGD 30,000 the proof of fund source is required.

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