ICBC Bank Fixed Deposit

ICBC fixed deposit schemes are designed to get you to save more and enjoy higher returns on your deposited amount. ICBC offers 4 different fixed deposit accounts. They are: SGD Fixed Deposits, SGD Step-Up Fixed Deposits, RMB Fixed Deposits, and USD Fixed Deposits. The SGD fixed deposits have tenures that go up to 24 months and require a minimum placement amount of S$500. The two foreign currency deposit accounts available are for the Chinese Renminbi and the US Dollar. Both foreign currency deposits come with tenures of up to 12 months. Place your additional funds in time deposits with ICBC and earn up to 3.35% p.a. interest on your savings.

ICBC Fixed Deposit Interest Rates

SGD Fixed Deposit

The minimum deposit amount required to open an SGD Fixed Deposit account with fresh or non-fresh funds is S$500.

Interest rates for deposits of fresh funds:

SGD Promotion Rates (For Fresh Funds)
Tenure Deposit Amount SGD20k & Above
3 Months 1.55%
6 Months 1.85%
9 Months 1.88%
1 Year 1.90%
1 Year (via e-banking) 1.98%

SGD Fixed Deposit interest rate (applicable to non-Fresh Funds)

Deposit Amount (SGD) Tenure/Rates (% p.a.)
1 Month 3 Months 6 Months 9 Months 12 Months 13 Months 24 Months
$500 - $4,999 0.30 0.35 0.40 0.45 0.50 0.55 0.60
$5,000 - $199,999 0.40 0.45 0.50 0.55 0.60 0.65 0.70
$200,000 - Above 0.50 0.55 0.60 0.65 0.70 0.75 0.80

Note: Rates are only indicative and are correct as of 23 Janaury 2019.

SGD Step-Up Fixed Deposit

Tenures available for ICBC SGD Step-Up Fixed Deposits range from a minimum of 1 month to a maximum of 24 months. The minimum deposit amount required is S$500. The interest rates provided are for deposit amounts of S$5,000 and above.

The following table illustrates the sectional interest rates offered for both a 1-year and 2-year tenure:

For a 1-Year Tenure For a 2-year Tenure
Tenure Interest rate (p.a.) Tenure Interest rate (p.a.)
First 3 months 1.8% First 6 months 0.4%
4 to 6 months 2.0% 7 to 12 months 0.8%
7 to 9 months 1.9% 13 to 18 months 1.3%
10 to 12 months 2.1% 19 to 24 months 2.1%

Note: Rates are only indicative and are correct as of 23 Janaury 2019.

ICBC Foreign Currency FD Interest Rates

RMB Fixed Deposit

Tenures available for this account range from a minimum of 3 months to a maximum of 12 months.

The minimum deposit amount required to open an account with fresh or non-fresh funds is RMB10,000.

Interest rates for deposits of fresh funds:

Amount (RMB) Tenure/Rates (%)
3 Months 6 Months 12 Months 12 Months (Via - Ebanking)
10k(inclusive)-50k 2.55% 2.90% 3.25% 3.30%
50k (inclusive) & above 2.60% 2.95% 3.30% 3.35%

Note: Rates are only indicative and are correct as of 23 January 2019.

Interest rates for deposits of Non-fresh funds:

Amount (RMB) Tenure/Rates (%)
3 Months 6 Months 12 Months
10,000 (inclusive) - 5 million 1.90% 2.00% 2.10%
5 million (inclusive) & above 2.00% 2.10% 2.20%

Note: Rates are only indicative and are correct as of 23 January 2019.

USD Fixed Deposit

Tenures available for this account range from a minimum of 1 week to a maximum of 12 months.

The minimum deposit amount required to open an account with fresh or non-fresh funds is USD500.

Interest rates for deposits of fresh funds:

USD Promotion Rates (For Fresh Funds)
Tenure USD500 & Above USD100k & Above
3 months 2.60% 2.70%
6 months 2.75% 2.80%
1 year 2.85% 2.95%
1 year (via e-Banking) 2.90% 3.00%

Note: Rates are only indicative and are correct as on 24 January 2019.

Interest rates for deposits of non-fresh funds:

Deposit Amount (USD) Tenure/Rates (% p.a.)
1 Week 1 Month 3 Months 6 Months 12 Months
500 and above 0.25% 0.50% 0.70% 0.85% 1.00%
100K and above 0.30% 0.60% 0.80% 0.95% 1.00%

Note: Rates are only indicative and are correct as on 24 January 2019.

Features and Benefits of ICBC FD

ICBC fixed deposits come with the following benefits and features:

  • Flexible choice of tenures that range from 1 month to 24 months.
  • Affordable minimum placement amount starting at S$500.
  • Different interest rates for deposits of fresh funds and for deposits of other funds.
  • No penalty for early withdrawal of deposited funds.
  • 12-month and 24-month tenures come with sectional interest rates that vary with each 3-months and 6-months cycle respectively.

ICBC FD Schemes

SGD Fixed Deposit

You can earn up to 2.1% p.a. interest when you choose to grow your funds with this account. It comes with tenures of 1, 3, 6, 9, 12, 13, and 24 months. Different interest rates are afforded based on whether you choose to deposit fresh funds or transfer funds from any existing accounts with ICBC.

SGD Step-Up Fixed Deposit

You can enjoy up to 2.1% p.a. interest on deposits as low as S$500. The interest you can earn when you deposit your funds in this account is calculated based on the number of cycles your funds have completed and the deposit amount. You can opt for either a 12-month or 24-month tenure. 12-month tenures have cycles that are 3 months long, while 24-month tenures have cycles that are 6 months long. Interest will be paid at the end of the 6th, 12th, 18th, and 24th month for the 24-month tenure. Similarly, interest will be paid at the end of the 3rd, 6th, 9th, and 12th month for the 12-month tenure. Should you choose to withdraw your funds prior to maturity, you will be given the full interest that corresponds to the last completed cycle. You will also be paid interest on the number of days completed in the current cycle using the effective rate of the previous cycle.

RMB Fixed Deposit

You can earn up to 3.35% p.a. interest when you open an RMB Fixed Deposit account with ICBC. This account offers varying interest rates that depend on whether you choose to deposit funds from existing accounts with ICBC or fresh funds. Interest rates for fresh funds deposited via e-Banking will be higher than those offered when you deposit fresh funds using any other method. The minimum placement amount is RMB10,000 and tenors offered are 3 months, 6 months, and 12 months. A 1% service charge will be applied for RMB cash withdrawals or deposits, however, there is no penalty for early withdrawals.

USD Fixed Deposit

Deposit foreign currency into this account to secure interest rates as high as 3% p.a. Fresh funds of RMB deposited using e-Banking will be afforded higher interest rates than those offered when you deposit fresh funds via any other method. The minimum deposit placement amount required for this ICBC account is USD500. Tenures available for this account range from 1 week to 12 months. There is no penalty for early withdrawals, however, a 1% service charge will be applied for cash withdrawals or deposits in this foreign currency.

Eligibility?Criteria to Open an ICBC FD Account

Fixed Deposit:

  • Minimum age: 18 for all fixed deposit accounts with ICBC.
  • Minimum tenor: Starts from 1 week.
  • Maximum tenor: Up to 24 months.
  • Minimum placement amount: Starts at 500 units of the chosen currency.

Required Documents:

  • Singaporeans & PR holders: NRIC, passport, or other valid identification documents.
  • Foreigners: Address proof (utility bills, other bank accounts’ statements, etc.)

Other Deposit Accounts Offered by the Bank

Beyond fixed deposit accounts, ICBC also offers savings and chequing accounts that you can use to better manage your finances.

Savings accounts available with ICBC include:

  • Regular Saving Account Deposit

Chequing accounts available with ICBC include:

  • Current Account Deposit
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