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ICBC Singapore New Fixed Deposit Rates Offer Attractive Returns
UPDATE 2 Sep: ICBC Singapore Latest Fixed Deposit Rates Offers Up to 3.25% p.a. from 2 September 2024
ICBC Singapore has unveiled a new fixed deposit promotion featuring competitive interest rates of up to 3.25% p.a., effective from 19 Aug 2024. This promotional offer is designed to maximise the savings potential of customers, providing them with an excellent opportunity to grow their wealth securely.
The new rates apply to deposits starting from a minimum of S$20,000 when made over the counter, or as low as S$500 when transacted via E-banking. By lowering the entry threshold, ICBC Singapore ensures that this offer caters to a broad spectrum of investors, from those with modest amounts to larger depositors seeking reliable returns on their investments.
It is noteworthy that this promotion follows a slight reduction in the rates offered in the previous promotion, where rates were marginally higher by 0.05% for selected tenures. Despite this minor adjustment, ICBC Singapore’s rates remain among the most competitive in the market. For those who missed out on the previous offer, this still represents a valuable opportunity to lock in favourable returns.
A significant advantage of ICBC’s fixed deposit accounts is the absence of penalties for premature withdrawals. In cases where customers need to access their funds before the maturity of the fixed deposit, they will continue to earn interest based on the prevailing current account interest rate. This feature provides depositors with a layer of financial security, knowing that they won’t forfeit all potential gains in unforeseen circumstances.
To be eligible for the promotion, depositors must use fresh funds. According to ICBC Singapore, fresh funds are defined as those not transferred from any existing ICBC accounts. This condition ensures that the promotion rewards new capital entering the bank, rather than simply shifting existing funds within accounts.
Rates as of 19 Aug 2024
Below is a detailed table summarising the promotional rates:
| SGD | Promotion Rates | |
|---|---|---|
| Over the Counter | Via E-Banking | |
| Tenor | SGD20,000 & Above | SGD500 & Above |
| 1 month | 2.85% | 2.90% |
| 3 months | 3.20% | 3.25% |
| 6 months | 3.05% | 3.10% |
| 9 months | 2.85% | 2.90% |
| 1 year | 2.75% | 2.80% |
Prospective depositors are encouraged to carefully consider these rates and evaluate how they fit into their overall financial strategy. For more detailed information on ICBC Singapore’s fixed deposit promotion and to begin the application process, interested individuals are invited to click here.
Additionally, those looking to compare these rates with other financial institutions can find relevant information here.
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