ICBC Bank Fixed Deposit plans are designed to provide higher returns upon maturity of your deposited amount. You will enjoy great returns and save more with ICBC Bank fixed deposit schemes. ICBC offers flexible tenure options, high interest rates and other exciting benefits. You will also get insurance coverage with Singapore dollar fixed deposit accounts. The accounts of non-bank depositors are insured by the Singapore Deposit Insurance Corporation.
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 is six months long and the interest is paid at the end of the sixth, twelfth, eighteenth or twenty fourth month of each cycle.
- If you wish to withdraw your fixed deposit before maturity, you 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 you will get your money back based on the current account interest rates.
- ICBC Bank Singapore levies a 1% service charge on deposit or withdrawal of foreign currencies in cash (except for SGD).
- If you are depositing amounts above S$30,000 (or equivalent in foreign currencies) you will have to submit a proof of its source.
- A minimum deposit amount of S$500 is required while opening an ICBC Singapore fixed deposit account. The bank offers fixed deposit schemes in three currencies - SGD, RMB and USD.
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):
Singapore Dollar Fixed Deposit Rate of Interest
|1 month||3 months||6 months||9 Months||12 months||13 Months||24 Months|
|500 to 5,000||0.30||0.35||0.4||0.45||0.50||0.55||0.60|
|5,000 to 200,000||0.40||0.45||0.5||0.55||0.60||0.65||0.70|
|200,000 and above||0.50||0.55||0.6||0.65||0.70||0.75||0.80|
Renminbi Fixed Deposit Rate of Interest:
|3 months||6 months||12 months|
|10,000 to 50,000||2.50%||2.70%||3.60%|
|50,000 to 5 million||2.80%||3.20%||3.70%|
|5 million and above||2.85%||3.25%||4.00%|
US Dollar (USD):
US Dollar Fixed Deposit Interest Rates:
|1 week||1 month||3 months||6 months||12 months (over the counter)||12 months (via e-banking)|
|500 to 100,000||0.28%||0.73%||1.31%||1.51%||2.10%||2.12%|
|100,000 and above||0.34%||0.79%||1.39%||1.59%||2.27%||2.28%|
ICBC Fixed Deposit Promotion
Runtime – This is an ongoing promotion unless otherwise communicated by the bank.
Particulars – ICBC Bank is offering promotional interest rates on Singapore Dollar (SGD), Renminbi (RMB) and United States Dollar (USD) fixed deposits in the following way:
SGD Fixed Deposit – Minimum placement amount of S$20,000 is required and promotional interest rate offered for a tenure of 12 months:
- Placement amount between S$20,000 and S$200,000 will enjoy promotional interest rate of 1.25% p.a.
- Placement amount of S$200,000 and above will enjoy promotional interest rate of 1.30% p.a.
RMB Fixed Deposit - Minimum placement amount of RMB 10,000 is required to earn promotional interest rates in the following way:
- Placement amount below RMB 5 million will enjoy promotional interest rates of 2.50% p.a. for a 3-month tenure, 2.70% p.a. for a 6-month tenure and 2.90% p.a. for a 12-month tenure.
- Placement amount of RMB 5 million and above will enjoy promotional interest rates of 2.60% p.a. for a 3-month tenure, 2.80% p.a. for a 6-month tenure and 3% p.a. for a 12-month tenure.
USD Fixed Deposit - Minimum placement amount of USD 500 is required to earn promotional interest rates in the following way:
- Placement amounts between USD 500 and USD 100,000 will earn promotional interest rates as follows:
- 0.35% p.a. for a 1-week tenure.
- 0.60% p.a. for a 1-month tenure.
- 0.90% for a 3-month tenure.
- 1.20% p.a. for a 6-month tenure.
- 1.50% p.a. for a 12-month tenure.
- Placement amounts of S$100,000 and above will earn promotional interest rates as follows:
- 0.40% p.a. for a 1-week tenure.
- 0.70% p.a. for a 1-month tenure.
- 1% for a 3-month tenure.
- 1.30% p.a. for a 6-month tenure.
- 1.55% p.a. for a 12-month tenure.
Terms and Conditions
- This ICBC Fixed Deposit Promotion is available at all Singapore bank branches.
- Fixed deposits should be opened in fresh funds only to get the promotional interest rates.
ICBC Fixed Deposit Eligibility and Documentation
To open an ICBC Bank Singapore fixed deposit account, you must be above 18 and you must submit the completed application along with copies of your identity cards, passes and passports.
Other Products offered by ICBC Bank
ICBC Fixed Deposit FAQs
- What is the minimum age for having a fixed deposit account with ICBC Bank?
- Is there insurance cover for non-bank depositors?
- What are the different tenures for fixed deposit?
- Is there a penalty for premature withdrawal?
- Is proof of fund source required?
The applicant must be above 18.
Yes, the non-bank depositors can enjoy insurance cover up to an amount of S$50,000 provided by Singapore Insurance Deposit Corporation.
The tenures are 1 week, 1 month, 3 months, 6 months and 12 months.
No, there is no such penalty for premature withdrawal of the deposited amount.
If you want to deposit more than S$30,000 the proof of fund source is required.