 We are now on Telegram. Click to join |
ICBC Singapore has refreshed its Singapore dollar Fresh Funds fixed deposit promotion 🎉, with promotional fixed deposit rates going up to 1.45% p.a. for selected tenors, placement channels and deposit tiers.
The refreshed rates apply from 1 July 2026, giving savers another option to compare when looking for a short-to-medium term place to park spare cash.
Compared with the earlier 28 May 2026 rates, the latest refresh gives selected longer tenors a lift, especially for 6-month, 9-month and 1-year placements. The strongest published SGD rate is now 1.45% p.a. for e-banking placements of S$20,000 and above.
🔎 Key details before placing a fixed deposit
- Fresh Funds are required: the placement amount must be newly brought into ICBC Singapore and must not be transferred from existing ICBC Singapore accounts.
- Minimum placement differs by channel: over-the-counter placements start from S$20,000, while e-banking placements start from S$500.
- E-banking offers a lower entry amount: this may suit smaller placements, especially for savers who prefer not to visit a branch.
- Larger e-banking deposits get stronger rates: the S$20,000 and above e-banking tier offers up to 1.45% p.a. across selected tenors 💹.
- Tenor choice matters: shorter tenors keep funds more flexible, while longer tenors help lock in a known promotional return for a longer period ⏳.
- Early withdrawal may reduce interest: promotional interest may not be payable if the fixed deposit is withdrawn before maturity.
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 | 1.40% |
| 9 months | 1.40% |
| 1 year | 1.40% |
Over-the-counter placements may be suitable for savers who prefer branch-assisted service. ICBC Singapore branch locations include Raffles Place, Chinatown Point, Paya Lebar, Jurong East, Sun Plaza in Sembawang, iMall Marine Parade, Waterway Point in Punggol, Holland Village and AMK Hub.
(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% | 1.45% |
| 9 months | 1.10% | 1.45% |
| 1 year | 1.15% | 1.45% |
💡 Which option may work better?
- For smaller placements: e-banking starts from S$500, making it the more accessible channel for lower deposit amounts.
- For S$20,000 and above: e-banking gives higher rates than the counter channel for the 1-month, 3-month, 6-month, 9-month and 1-year tenors.
- For the highest listed rate: consider the 6-month, 9-month or 1-year e-banking tenors in the S$20,000 and above tier, which show 1.45% p.a..
- For easier cashflow planning: match the tenor with upcoming expenses, bill payments or investment plans before locking funds away.
📝 Maturity and withdrawal reminders
- Review maturity instructions: check whether the fixed deposit will renew automatically, credit back to a selected account, or follow another instruction at maturity.
- Promotional rates may not continue after maturity: renewed placements may follow the bank’s prevailing board rate instead of the promotional rate.
- Partial withdrawals are generally not allowed: plan the placement amount carefully so that emergency cash remains available elsewhere.
- Premature withdrawal can reduce earnings: ICBC’s current fixed deposit promotion page says there is no penalty for pre-matured withdrawal, but interest will be paid at the prevailing current account rate instead of the promotional fixed deposit rate. The Fixed Deposit Promotion T&Cs also include discretion language, so check the latest terms before confirming a placement.
- Public holidays and weekends may affect maturity processing: if the maturity date falls on a Saturday, Sunday or Singapore public holiday, processing may move to the next business day.
- Deposit laddering can help: splitting funds across different tenors, such as 3 months and 6 months, may balance liquidity and yield 📈.
Good to know: this promotion is not valid with other ICBC offers, bundles or promotions unless otherwise allowed. The placement should generally be held until maturity for the promotional interest rate to be payable.
For a wider market comparison, browse this guide to Singapore’s fixed deposit rates. For official details, check the ICBC Singapore latest fixed deposit promotion page, the ICBC Singapore branch contact page, and the Fixed Deposit Promotion Terms and Conditions (PDF).
ICBC Singapore’s refreshed Fresh Funds promotion may be worth comparing for savers with new SGD funds, especially when placing S$20,000 or more through e-banking. The best fit depends on placement amount, preferred channel and how long the funds can remain locked in without affecting day-to-day liquidity.
Leave a Reply