• ICBC RMB Fixed Deposit Rates

    ICBC now has a global presence with branches in many countries. ICBC Singapore offers many financial services like ICBC FD and other products to its customers. It offers fixed deposits in Singapore dollars as well as foreign currencies like US dollars and Chinese Renminbi. Let us look at the details of the ICBC RMB Fixed Deposit.

    ICBC RMB Fixed Deposit Features and Benefits

    • You need to place at least RMB10,000 and above to create a fixed deposit account with the bank.
    • The tenors available are 3 months, 6 months, and 12 months.
    • In case you wish to withdraw the amount before the maturity period, you will not be charged for for premature withdrawal.
    • In case of premature withdrawal, the bank will pay you interest according to the prevailing interest rates of the bank’s current account.
    • Deposit insurance scheme is not valid on deposits in foreign currency.

    ICBC RMB Fixed Deposit Interest Rate

    The interest rate that ICBC offers is different for deposits in fresh funds and non-fresh funds. Fresh fund deposits mean that the deposit amount was not transferred from any of the savings account with ICBC, rather it was deposited directly to open this account

    The interest rates for fresh funds deposit is as follows:

    Amount in RMB 3 months 6 months 12 months
    10,000 to 50,000 2.50% p.a. 2.70% p.a. 3.60% p.a.
    50,000 to 5 million 2.80% p.a. 3.20% p.a. 3.70% p.a.
    Above 5 million 2.85% p.a. 3.25% p.a. 4% p.a.

    The interest rates for non-fresh deposits is as follows:

    Amount in RMB 3 months 6 months 12 months
    10,000 to 5 million 2.20% p.a. 2.30% p.a. 2.40% p.a.
    Above 5 million 2.30% p.a. 2.40% p.a. 2.50% p.a.

    ICBC RMB Fixed Deposit Promotions

    • You need to deposit at least RMB10,000 to create an account.
    • The money transferred from any of the existing accounts from ICBC bank is not eligible for the promotional rates.
    • The exchange fee will be waived on RMB cash transaction if you pay 1% cash.
    • Online fixed rate remittance charges are waived to all the Commercial Banks in Mainland China.

    The promotional rates for fresh funds are given below:

    Tenor in months Interest rates (p.a.) for amounts below RMB 5 million Interest rates (p.a.) for amounts above RMB 5 million
    3 2.50% 2.60%
    6 2.70% 2.80%
    12 2.90% 3%

    Promotion is applicable till further notice at all branches in Singapore.

    Eligibility Criteria

    • You must be above 18 years.
    • Singaporeans, Permanent Residents and foreigners need to submit the supporting documents in person.

    FAQs

    Q. Is the interest rate I gain from this fixed deposit taxable?

    A. No, you do not have to pay tax for the interest you gain from this deposit account.

    Q. What exactly is a fresh deposit?

    A. A fresh deposit is when you open this deposit account by placing money into it directly and not transferring it from your existing savings or current account with the bank.

    Q. I am a foreigner. Can I apply for this fixed deposit account?

    A. Yes, even foreigners above 18 years of age are eligible to apply for the RMB Fixed Deposit account.

    Q. What documents do I need to submit to open an RMB Fixed Deposit with ICBC?

    A. You need to submit an identity proof like NRIC or passport, if you are a foreigner, along with your passport, you need to submit address proof like bank statement (from another bank), PUB bill or phone bill.

    Q. Does Deposit Insurance Scheme insure my amount in this account?

    A. No, this scheme does not insure amounts deposited in foreign currencies.

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