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ICBC Singapore has refreshed its Singapore dollar Fresh Funds fixed deposit promotion 🎉, with promotional rates now reaching up to 1.40% p.a. for selected placement channels, tenors and deposit tiers.
The strongest published rate is available for e-banking placements of S$20,000 and above on the 9-month and 1-year tenors 💹. For customers who prefer branch service, over-the-counter placements start from S$20,000, with rates of up to 1.35% p.a..
Compared with the earlier 9 Apr 2026 rates, several comparable rates are now higher, while some remain unchanged. The headline rate also stays at 1.40% p.a., so it is worth checking the full table instead of looking only at the top figure.
🔎 Key things to note before placing funds
- Fresh Funds are required: the money must be newly introduced to ICBC Singapore and must not come from existing ICBC accounts. Transfers between ICBC accounts do not qualify.
- Different minimum placements apply: over-the-counter placements require at least S$20,000, while e-banking placements start from a much lower S$500.
- E-banking may be more attractive for convenience: online placements offer lower entry amounts and higher rates for some tiers, especially for larger deposits.
- Tenor matters: shorter tenors may suit funds needed sooner, while longer tenors help lock in a known return for a longer period ⏳.
- Early withdrawal affects returns: premature withdrawal may reduce the interest earned, as interest is paid at the prevailing current account rate instead of the promotional fixed deposit rate.
Fixed Deposit Promotional Rates
(1) Over-the-counter SGD Fixed Deposit interest rate
Minimum deposit amount over the counter: S$20,000
| SGD | Counter Promotion Rates |
|---|---|
| Tenor | SGD20K(inclusive)& Above |
| 1 month | 1.05% |
| 3 months | 1.25% |
| 6 months | 1.30% |
| 9 months | 1.35% |
| 1 year | 1.35% |
Over-the-counter placements may be done at ICBC Singapore branches, subject to the bank’s latest branch availability. Common branch locations include Raffles Place, Chinatown Point, Paya Lebar, Jurong East, Ang Mo Kio, Sembawang, Waterway Point and Holland Village. Check the latest details on the ICBC Singapore branch operating hours page before heading down.
(2) E-banking SGD Fixed Deposit interest rate
Minimum deposit amount via e-banking: S$500
| SGD | E-Banking Promotion Rates | |
|---|---|---|
| Tenor | SGD500 (inclusive) – 20K | SGD20K (inclusive) & Above |
| 1 month | 1.05% | 1.10% |
| 3 months | 1.25% | 1.30% |
| 6 months | 1.30% | 1.35% |
| 9 months | 1.10% | 1.40% |
| 1 year | 1.15% | 1.40% |
💡 How to choose a placement option
- Check Fresh Funds eligibility: ensure the deposit amount is newly brought into ICBC Singapore and not shifted from an existing ICBC account.
- Pick the channel: choose e-banking for convenience and a lower starting amount, or over-the-counter service for branch-assisted placement.
- Select the amount tier: deposits from S$20,000 and above generally enjoy stronger rates in the e-banking table.
- Choose the tenor carefully: match the lock-in period with cashflow needs, especially if the funds may be needed for bills, investments or upcoming major expenses.
- Review maturity instructions: check whether the deposit will renew, credit back to an account, or follow another instruction at maturity.
📝 Maturity and renewal points worth noting
- Default renewal may apply: unless different instructions are given, principal and interest may be renewed at the bank’s prevailing board rate for the same tenor.
- Promotional rate is not guaranteed after maturity: renewed funds may follow the prevailing board rate instead of this promotional rate.
- Premature withdrawal can reduce earnings: ICBC’s fixed deposit page says promotional interest will not apply and interest will be paid at the prevailing current account rate. The T&Cs also reserve ICBC’s discretion to levy a premature withdrawal fee, so check the latest terms before placing funds.
- Laddering may help: splitting funds across different tenors, such as 3 months and 6 months, can help balance liquidity and yield 📈.
Other T&Cs to note: partial withdrawals from the fixed deposit are not allowed, and the placement must generally be held till maturity for the promotional interest rate to be payable. If the maturity date falls on a Saturday, Sunday or Singapore public holiday, ICBC may carry it forward to the next business day. The promotion is also not valid with other ICBC offers, bundles or promotions unless otherwise stated.
For savers comparing fixed deposit options, the latest ICBC Singapore Fresh Funds promotion is most attractive at the larger e-banking tier, especially for the 9-month and 1-year tenors. The lower S$500 online entry point also makes the promotion accessible for smaller placements, although the top rate requires a higher deposit amount.
Before confirming any placement, compare the interest rate, minimum amount, tenor and withdrawal flexibility. A slightly higher rate may not be ideal if the funds are likely to be needed before maturity 🔻.
For a wider market comparison, browse this guide to Singapore’s fixed deposit rates. For ICBC Singapore’s latest promotional page, click here.
ICBC Singapore’s refreshed Fresh Funds fixed deposit rates offer a practical option for SGD deposits, especially for those comfortable with e-banking and able to place S$20,000 or more. The headline 1.40% p.a. rate is useful, but the best choice still depends on the amount placed, desired lock-in period and need for liquidity.
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