ICBC offers many financial products and services for customers in Singapore. ICBC Singapore offers you the facility of creating a fixed deposit account using Singapore dollars. A fixed deposit is a sure-shot way of gaining your principal amount along with some interest. It is also known as term deposits or time deposits.
Here are the details of the ICBC Singapore Dollar Fixed Deposit and the SGD Step-up Fixed Deposit – the two types of fixed deposit accounts offered by ICBC.
ICBC Singapore Dollar Fixed Deposit Features and Benefits:
- The minimum amount needed to create the account is S$500.
- There are various tenors to choose from, like 1/3/6/9/12/13/24 months.
- The Singapore Deposit Insurance Corporation (SDIC) insures the amount deposited by account holders up to an amount of S$50,000. This cap is an aggregate for each depositor per scheme.
ICBC Singapore Dollar FD Interest Rate
Regular interest rates will apply for the customers who already have an ICBC Singapore Dollar Fixed Deposit account. The interest rate for existing account holders begins from 0.30% p.a. and goes up to 0.80% p.a., depending on the amount and the tenor for which it is locked in. The following table will give you an idea of the interest rates for various tenors:
|Tenor in months||Interest rate (p.a.) for amounts between S$500 to S$5,000||Interest rate (p.a.) for amounts between S$5,000 to S$200,000||Interest rate (p.a.) for amounts above S$200,000|
SGD Step-Up Fixed Deposit
- ICBC has set a duration of 6 months called a cycle. Using this cycle, the bank calculates the interest rates based on the amount you have deposited.
- The interest will be paid at the end of each cycle that makes up your tenor.
- This means you will receive interest after completion of 6 months, 12 months, 18 months or 24 months.
- In case of pre-termination of the amount, you will get the interest for the number of cycles the amount was with the bank, along with the number of days in the present cycle.
- You will need to place at least S$500 to create an account.
- The interest rates for each cycle, for a tenor of 2 years, is given below:
|Tenor cycle||Interest rate (p.a.)|
|1 to 6 months||0.4%|
|7 to 12 months||0.8%|
|13 to 18 months||1.35%|
|19 to 24 months||2.1%|
- You should be older than 18 years to be eligible to apply for a fixed deposit account.
- If you are a Singaporean or a Singapore Permanent Resident, you need to submit a copy of your passport or NRIC.
- If you are a foreigner, you need to submit an address proof like a bank statement or a phone bill.
- You have to visit any branch to apply for the account as online applications are not currently available.
Q. I already have a savings account with ICBC. When I create a fixed deposit account, which interest rate will be applied to my deposit amount?
A. If you transfer an amount from your account with ICBC, your deposit will gain the interest rate for non-fresh accounts. Only when you deposit money directly to create a fixed deposit account will you get the interest rates for a fresh account.
Q. In the case of the SGD Step-Up fixed deposit, how does the interest work out if I withdraw before the date of maturity?
A. Suppose you lock in a certain amount for 1 year, but withdraw the amount after 7 months and 2 days. This means the amount was with the bank for only one cycle, which is 6 months. So the interest rate will be calculated on the one cycle plus 62 days.
Q. Can I submit the PUB bill as proof?
A. Yes, you can submit the PUB bill as proof.
Q. Will my fixed deposit account be insured if it is a joint account?
A. Yes, you will be insured for the accounts but the limit is at S$50,000.
Q. Do I have to pay extra money for the insurance coverage?
A. No, the coverage is free and automatic.