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ICBC Singapore has refreshed its Singapore dollar Fresh Funds fixed deposit promotion 🎉, with headline rates of up to 1.40% p.a. now available across selected tenors and placement amounts.
The highest published rate is for a 1-year e-banking placement of S$200,000 and above 💹.
Look beyond the headline figure before locking funds in. The rates discussed here draw from ICBC’s current SGD fixed deposit materials, which show over-the-counter (OTC) and e-banking options with different minimum sums, different amount tiers and, in several cases, different promotional rates. For anyone comparing safe parking options for spare cash in Singapore, the choice of channel + amount tier + tenor matters just as much as the headline rate.
Compared with the earlier 16 Mar 2026 rates, the latest refresh shows a mixed move rather than a broad uplift. Some tenors are stronger, some are unchanged, and a few remain less attractive for smaller placements. Careful comparison still pays off ✅.
📌 Quick highlights
- Highest advertised rate: 1 year via e-banking, S$200,000 and above at 1.40% p.a. 💹
- Best OTC rate: 1 year, S$200,000 and above at 1.35% p.a.
- Lowest entry point: e-banking from just S$500
- OTC minimum placement: S$20,000 per tenor
- Fresh Funds requirement: funds should be newly introduced and generally must not come from existing ICBC balances
🔎 What to note before placing funds
- Fresh Funds requirement: funds must be newly introduced and must not originate from existing ICBC accounts; transfers between ICBC accounts do not qualify
- Minimum sums differ sharply: OTC suits larger placements from S$20,000, while e-banking opens the door from S$500.
- Bigger placements often get better rates: The S$200,000 (inclusive) & above tier typically receives the strongest promotional rates, especially for 9-month and 12-month e-banking placements.
- Tenor still shapes flexibility: Shorter tenors may suit funds needed sooner, while longer tenors may appeal to those trying to lock in a known return for longer ⏳.
- Hold till maturity where possible: Early withdrawal can significantly reduce returns, as ICBC states that pre-matured fixed deposits are paid based on the prevailing current account interest rate instead of the promotional fixed deposit rate.
Fixed Deposit Promotional Rates from 9 Apr 2026
(1) Over-the-counter SGD Fixed Deposit interest rate
Minimum deposit amount over the counter: S$20,000
| Tenor | Below S$200K (exclusive) | S$200K (inclusive) & above |
|---|---|---|
| 1 month | 1.05% | 1.05% |
| 3 months | 1.25% | 1.25% |
| 6 months | 1.25% | 1.25% |
| 9 months | 1.25% | 1.30% |
| 1 year | 1.30% | 1.35% |
(2) E-banking SGD Fixed Deposit interest rate
Minimum deposit amount via e-banking: S$500
| Tenor | S$500 (inclusive) to below S$20K | S$20K (inclusive) to below S$200K | S$200K (inclusive) & above |
|---|---|---|---|
| 1 month | 1.05% | 1.10% | 1.10% |
| 3 months | 1.25% | 1.30% | 1.30% |
| 6 months | 1.30% | 1.30% | 1.30% |
| 9 months | 1.10% | 1.30% | 1.35% |
| 1 year | 1.15% | 1.35% | 1.40% |
Promotion period: available from 9 Apr 2026 until further notice.
💡 How to read the rates quickly
- For small placements: e-banking is the practical route, since OTC starts only from S$20,000.
- For S$20,000 to below S$200,000: e-banking looks stronger than OTC for the 1-month, 3-month, 9-month and 12-month tenors.
- For S$200,000 and above: e-banking also leads OTC at 1 month, 3 months, 9 months and 12 months, while 6 months is the same across both channels.
- For the strongest return overall: 12-month e-banking at 1.40% p.a. is the standout option in the published table.
How to apply
- Confirm Fresh Funds eligibility: make sure the money is newly introduced and not transferred from an existing ICBC account.
- Choose the placement channel: pick e-banking for convenience and a lower entry sum, or OTC for branch-based service.
- Select the amount tier and tenor: match the deposit size to the published tier, then choose the tenor based on cashflow needs and return expectations.
- Review maturity instructions before confirming: check the displayed rate, rollover instructions and maturity handling carefully.
📝 Maturity and renewal points worth noting
- Maturity instructions matter: unless other instructions are given, principal and interest may be renewed at the bank’s prevailing board rate for the same tenor.
- Early withdrawal can sharply reduce returns: the bank’s page indicates that there is no penalty for premature withdrawal, but interest is paid based on the prevailing current account rate instead of the promotional fixed deposit rate.
- Laddering may still help: splitting funds across different tenors, such as 3 months and 6 months, may help balance liquidity and yield 🔻💹.
Eligible customers may place the fixed deposit online through ICBC Singapore’s e-banking platform once the account is ready and Fresh Funds have been credited. Those preferring in-person service may visit an ICBC Singapore branch instead.
For savers placing Fresh Funds in Singapore, ICBC’s latest refresh is worth a proper side-by-side check rather than a quick glance at the top rate alone. E-banking remains the more flexible entry route thanks to the low S$500 minimum, while larger deposits and longer tenors continue to offer the strongest published returns. Compare the channel, lock-in period and cash needs carefully before confirming the placement 📈.
For a wider market comparison, browse this guide to Singapore’s fixed deposit rates. For the bank’s latest promotional page, click here.
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