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New fixed deposit promotion adjusts interest rates amid evolving market conditions
Industrial and Commercial Bank of China (ICBC) Singapore branch has introduced a revised fixed deposit (FD) promotion starting 19 May 2025, with interest rates topping at 2.2% per annum (p.a.). This update signals a slight reduction compared to its previous offer in April 2025, reflecting broader economic trends impacting deposit yields.
Rates as of 19 May 2025
Counter Promotion Rates
| Tenor | Below S$200K | S$200K & Above |
|---|---|---|
| 1 month | 1.90% | 2.05% |
| 3 months | 2.05% | 2.20% |
| 6 months | 2.00% | 2.15% |
| 9 months | 2.00% | 2.15% |
| 1 year | 1.95% | 2.10% |
E-Banking Promotion Rates
| Tenor | Below S$200K | S$200K & Above |
|---|---|---|
| 1 month | 2.00% | 2.05% |
| 3 months | 2.15% | 2.20% |
| 6 months | 2.10% | 2.15% |
| 9 months | 2.10% | 2.15% |
| 1 year | 2.05% | 2.10% |
The tiered rates cater well to both conservative investors seeking steady returns and individuals looking for short to medium-term savings solutions. Customers should note that these promotional rates are subject to change without prior notice and are valid while stocks last.
Accessible Deposit Options Cater to Diverse Customers
The refreshed FD promotion offers flexibility for different types of savers. For customers opting to deposit at the bank counter, a minimum of S$20,000 is required. However, recognising the growing preference for digital banking, ICBC Singapore allows deposits from as low as S$500 when placed via its E-banking platform, thereby lowering the entry barrier and encouraging wider participation.
Early Withdrawal Policy Remains Customer-Friendly
Maintaining a customer-centric approach, ICBC Singapore’s fixed deposits continue to provide an early withdrawal facility where customers can access their funds before maturity without penalty, albeit earning interest at the prevailing current account rate. This feature offers peace of mind for depositors who may require liquidity during unforeseen circumstances.
Comparison to Previous Promotion
Although the latest maximum interest rate of 2.2% p.a. marks a reduction from the previous promotion’s rates available on 15 April 2025, ICBC’s rates remain competitive within Singapore’s current banking environment. Savers are advised to consider their personal financial objectives and risk appetite when evaluating these fixed deposit offerings.
How to Apply or Learn More
Interested parties may click here to visit the official ICBC Singapore website to open a fixed deposit or obtain additional information.
For a broader perspective on Singapore’s fixed deposit rates, customers can visit our comprehensive comparison page to evaluate competitive offers across different banks.
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