 We are now on WhatsApp Channel. Click to join |
ICBC Singapore revises fixed deposit interest rates downward effective 15 Jul 2025
Reflecting ongoing shifts in the local and global economic environment, the Singapore branch of the Industrial and Commercial Bank of China (ICBC) has made a revision to its fixed deposit (FD) promotional interest rates. The new rates, which take effect on 15 Jul 2025, cap at 1.65% per annum (p.a.), down from a previous peak of 1.85% p.a. introduced on 13 June 2025.
The adjustment comes amid prevailing market recalibrations, with ICBC aiming to offer competitive yet sustainable savings instruments for both high-value and retail depositors. These rates apply strictly to Fresh Funds, defined as funds not originating from any of the customer’s existing ICBC accounts. Transfers between ICBC accounts are explicitly excluded from this definition.
Fixed Deposit Rates Effective 15 Jul 2025
Over-the-Counter (OTC) Promotional Rates
For customers engaging ICBC in-person, the updated OTC promotional rates offer tiered interest based on deposit amount. Customers depositing S$200,000 or more benefit from more attractive rates:
| SGD | Counter Promotion Rates | |
|---|---|---|
| Tenor | Below SGD200K (exclusive) | SGD200K (inclusive) & Above |
| 1 month | 1.35% | 1.45% |
| 3 months | 1.55% | 1.65% |
| 6 months | 1.50% | 1.60% |
| 9 months | 1.50% | 1.60% |
| 1 year | 1.50% | 1.60% |
E-Banking Promotional Rates
ICBC continues to support digital banking by offering more favourable rates for online applicants, starting from just S$500. These e-banking promotional rates reward tech-savvy savers with slightly higher returns:
| SGD | E-Banking Promotion Rates | |
|---|---|---|
| Tenor | Below SGD200K (exclusive) | SGD200K (inclusive) & Above |
| 1 month | 1.45% | 1.50% |
| 3 months | 1.65% | 1.70% |
| 6 months | 1.60% | 1.65% |
| 9 months | 1.60% | 1.65% |
| 1 year | 1.60% | 1.65% |
These options offer flexibility for both traditional savers and digital-first investors, enabling a wide range of financial planning approaches based on individual liquidity and yield preferences.
Minimum Deposit Requirements and Channels
ICBC upholds a dual-channel approach with differing minimum thresholds. For OTC deposits, a minimum of S$20,000 is required. On the digital front, customers may open FDs with as little as S$500, making it accessible to younger or lower-capital investors looking to park funds securely.
Penalty-Free Early Withdrawal Policy Maintained
Retaining its customer-first stance, ICBC continues to offer penalty-free early withdrawals. In the event of early redemption, the interest will be calculated based on the prevailing current account rate rather than voiding interest completely – providing peace of mind and financial agility.
Application Options
Prospective customers may apply online or visit any ICBC Singapore branch for personalised assistance. For those comparing across banks, a comprehensive guide can be found on the fixed deposit rate comparison page.
All promotions are time-sensitive and subject to changes at the bank’s discretion.
ICBC Singapore’s latest rate revision marks a strategic alignment with broader market adjustments while still offering competitive rates – especially for digital-first users. With options tailored for both high-value clients and entry-level savers, the bank continues to balance accessibility with yield, maintaining its relevance in Singapore’s evolving financial landscape. Customers are encouraged to act early and consult ICBC for the latest terms and availability.
Leave a Reply