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ICBC Singapore fine-tunes fixed deposit rates in June update, reflecting market dynamics
The Industrial and Commercial Bank of China (ICBC), Singapore branch, has announced revised fixed deposit (FD) rates effective 9 June 2025. The highest rate available now stands at 2.05% per annum (p.a.), marking a modest decrease from the previous high of 2.20% offered in May 2025.
This update reflects evolving interest rate environments and broader economic conditions that continue to influence the banking sector’s deposit yield structures.
Rates as of 9 June 2025
Counter Promotion Rates
ICBC’s counter rates vary based on deposit size, with more attractive terms for sums of SGD200,000 and above. The full structure is outlined below:
| SGD | Counter Promotion Rates | |
|---|---|---|
| Tenure | Below SGD200K (exclusive) | SGD200K (inclusive) & Above |
| 1 month | 1.75% | 1.90% |
| 3 months | 1.90% | 2.05% |
| 6 months | 1.85% | 2.00% |
| 9 months | 1.85% | 2.00% |
| 1 year | 1.80% | 1.95% |
E-Banking Promotion Rates
For those preferring to bank digitally, ICBC’s E-banking platform offers competitive rates even for smaller amounts, starting from just S$500:
| SGD | E-Banking Promotion Rates | |
|---|---|---|
| Tenure | Below SGD200K (exclusive) | SGD200K (inclusive) & Above |
| 1 month | 1.85% | 1.90% |
| 3 months | 2.00% | 2.05% |
| 6 months | 1.95% | 2.00% |
| 9 months | 1.95% | 2.00% |
| 1 year | 1.90% | 1.95% |
These tiered offerings are designed to accommodate both traditional investors and those seeking flexible, short-to-mid-term savings instruments.
Broad Accessibility Across Deposit Channels
To widen participation, ICBC Singapore has maintained its dual-channel approach. For over-the-counter deposits, a minimum sum of S$20,000 is required. Meanwhile, the bank’s E-banking platform allows for minimum deposits of S$500, creating a more inclusive entry point for digital-savvy and budget-conscious savers.
Customer-Friendly Early Withdrawal Terms
ICBC Singapore continues to stand out by offering early withdrawal options without penalty. Customers who redeem their fixed deposits early will still receive interest at the prevailing current account rate, a considerate gesture towards those requiring liquidity before maturity.
Application Channels and Further Information
Those interested in taking advantage of the new fixed deposit rates can apply online or visit any ICBC Singapore branch. For a comprehensive view of other fixed deposit offers in the market, refer to our comparison page.
As always, these promotional interest rates are available only for a limited time and may be changed without prior notice.
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