Fixed deposits offer you an easy way of saving huge amounts of money, all the while giving you excellent returns in the form of interest rates. Rather than accumulating lump sums in a regular savings account, open up a fixed deposit account and save more than you actually invest. As one of the best fixed deposit schemes in Singapore, an ICICI HiSAVE Fixed Deposit gives you the highest interest rates for different deposit tenures.
ICICI Singapore Overview
ICICI has a well-networked banking system set up across 17 countries and offers a diverse array of products and services to retail and corporate banking customers. The bank specializes in providing services in asset management, insurance, venture capital and investment banking to its huge clientele, worldwide. ICICI opened its first overseas branch in Singapore, which now functions as a licensed Full Bank providing a bouquet of investment and deposit products. The bank also provides various other banking solutions like remittance to India and loans for Asia- Pacific companies. As part of its international banking operations, ICICI will also be supportive to establish excellent trade relations between Singapore and India, along with building treasury operations in Singapore.
Why should you open an ICICI Fixed Deposit Account?
Watch your money grow with an ICICI fixed deposit account. The HiSAVE Fixed Deposit scheme is a high yielding investment scheme with flexible tenures and placement amounts. Open a fixed deposit account online using the ICICI Singapore web portal with minimum documentation and absolutely no hassles. Customers also have the option of opening a regular fixed deposit account at the ICICI Singapore branch and invest in a deposit account with any of the following currency units - Singapore Dollars, British Pounds, US Dollars, Canadian Dollars, Euro, and Australian Dollars.
Features and Benefits of ICICI HiSAVE Fixed Deposit
The HiSAVE Fixed Deposit scheme from ICICI is a one-of-a-kind online investment option available to Singaporeans with a load of benefits. The entire application process can be completed on the ICICI portal in a matter of just 5 steps. Since this an online deposit account, customers will not be able to access their HiSAVE accounts through the ICICI Singapore branch.
- As part of the Green Banking program, ICICI offers a completely online deposit opening process with no paperwork required.
- Earn high interest rates for the entire tenure with a minimum deposit amount of S$1000.
- Choose a fixed tenure of your choice with deposit terms ranging from 1 month to 36 months.
- A HiSAVE fixed deposit account can be opened only in Singapore Dollars.
- Customers can choose to have interest payouts on a monthly, half-yearly, quarterly or annual basis. Payouts can also be done at the time of maturity of the fixed deposit account.
- If a HiSAVE deposit account is prematurely closed within 30 days of deposit opening, the bank does not charge any interest.
For HiSAVE deposits that have been held for periods longer than 30 days, the bank levies a penalty based on the two scenarios given below -
a. If a deposit is withdrawn within a period equivalent to the tenures offered by ICICI, then the interest rate will be calculated as applicable to that tenure or a premature withdrawal fee of 1% on the existing principal and interest can also be levied.
b. If the withdrawal period falls between two tenures, then the interest would be calculated based on the shorter deposit tenure.
ICICI HiSAVE Fixed Deposit Eligibility
- Applicants should be residents of Singapore and should be aged 21 years or above to open a HiSAVE fixed deposit account.
- All applicants should hold a current or savings account with any Qualified Full Bank or local bank in Singapore. If applications are made for joint accounts, then the linked account should also be held by the same individuals applying for an ICICI HiSAVE fixed deposit account.
ICICI HiSAVE Fixed Deposit - Documentation required
- Filled-in Account Opening Form (AOF)
- Citizens and Permanent residents of Singapore - Self attested copy of NRIC (both sides)
- Foreigners - Self attested copies of EP / DP / WP / SP (both sides) and Passport with a valid Visa.
Address Proof - (Originals are required)
- Bank Account Statements / Utility Bills/ Phone Bills / Credit card statement for the last three months.
Steps to open an ICICI HiSAVE Fixed Deposit account.
- Existing ICICI customers who are holding a current account with ICICI have to open a HiSAVE Savings Account before opening a HiSAVE Fixed Deposit online. Customers who already have a deposit account with ICICI have to open a current account before they apply for a HiSAVE Account.
- New customers can easily apply for a HiSAVE Account online by accepting the terms and conditions of the HiSAVE Account and filling in the required Account Opening Form (AOF).
- The filled-in Account Opening Form (AOF) PDF that is generated after this has to be submitted to the ICICI Singapore branch with self-attested copies of other mandatory documents.
- Funds can be placed initially into your ICICI HiSAVE Fixed Deposit account either by making online transfers from other bank accounts or by drawing a cheque, which has to be submitted at the ICICI branch.
- Joint HiSAVE Fixed Deposit accounts can be opened with one additional applicant and the documentation provided must be self-attested by both the applicants.
Features and Benefits of a regular ICICI Fixed Deposit
If you have surplus funds, this is the best investment option for you. Open a fixed deposit account at the ICICI Singapore branch in any currency of your choice. The bank offers personalised services with designated Customer Service Managers or Relationship Managers for applicants visiting the branch to make applications.
- A regular ICICI fixed deposit account can be opened in Singapore Dollars, British Pounds, US Dollars, Canadian Dollars, Euro or Australian Dollars and the minimum deposit requirement is 5000 currency units.
- ICICI offers automatic renewal facility to fixed deposit holders at the time of maturity of the deposit. Customers can give prior instructions to the bank on how to manage the maturity amount, when the deposit matures.
- An ICICI fixed deposit account can be opened as a single account or by joint account holders.
- ICICI term deposits can be opened for a tenure ranging from 1 month up to 3 years.
- Interest payouts happen on maturity of the fixed deposit account or on a quarterly, annual or semi-annual basis, according to the customer’s choice.
ICICI Fixed Deposit Eligibility
Applicants should be aged 18 years or above to open a regular ICICI fixed deposit account.
ICICI Fixed Deposit - Documentation required
ICICI fixed deposit accounts can be opened by visiting the branch and submitting the required documents. Applicants are required to submit the completed Account Opening Form along with the originals of the documents mentioned for verification. To initiate the fixed deposit opening process, customers must provide a cheque or deposit cash at the ICICI branch.
ID Proof -
- Citizens and Permanent residents of Singapore - copy of pink or blue NRIC (both sides)
- Residents of Singapore (Temporary) - Copy of documents issued by Government Agencies or Ministries in Singapore like Employment Pass and Passports
Residential Proof - Latest Utility bills or bank account statement for the last three months.
ICICI Fixed Deposit Interest Rates
With fixed tenures, ICICI offers high interest rates on fixed deposits with different placement amounts. For deposits in other currencies, the corresponding interest rates are applied.
Fixed Deposits in Singapore Dollars
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ICICI Bank Foreign Currency Fixed Deposit
Apart from SGD deposits, ICICI Bank also offers foreign currency deposit schemes in Singapore. These schemes will allow you to make deposits in multiple foreign currencies and will also help you to avail higher interest rates. An advantage of making deposits in certain foreign currencies, such as USD, is that their demand increases with time and so they can yield higher returns for the investors.
|Click here to know about ICICI Bank Foreign Currency Fixed Deposit Interest Rates.|
ICICI Fixed Deposit Insurance Scheme
The Singapore Deposit Insurance Corporation provides complete insurance protection for SGD fixed deposits for up to S$50,000, whereas foreign currency deposits are not insured.
Other products offered by ICICI in Singapore
- Current Accounts
- Savings Accounts
- Forward Plus
FAQs for ICICI Fixed Deposits
- Can a HiSAVE Fixed Deposit account be opened independently?
- If I open a HiSAVE Account, will ICICI charge a monthly or yearly fee?
- Can I open a HiSAVE Fixed deposit account in any currency other than SGD?
- Does ICICI issue a passbook or debit card along with a HiSAVE Account?
- How are interest rates calculated at the time of auto-renewal for regular fixed deposits?
No, a HiSAVE Fixed Deposit has to be opened simultaneously with a HiSAVE Savings Account. On maturity, the funds would be automatically transferred to this HiSAVE Savings Account.
No, customers do not have to pay a monthly or yearly fee to maintain a HiSAVE Account.
No, currently ICICI does not provide that option to customers. HiSAVE Accounts can be opened only in Singapore Dollars.
Since the HiSAVE Account is a completely online account, passbooks or debit cards will not be issued to customers when an account is opened.
At the time of renewal, interest rates are calculated for an ICICI fixed deposit account based on prevailing rates and for the same tenure opted initially by the customer.