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ICBC Singapore implements revised fixed deposit interest rates effective 24 Jul 2025
In a move that underscores the bank’s response to changing financial conditions, the Industrial and Commercial Bank of China (ICBC) Singapore has announced a downward revision of its fixed deposit (FD) promotional interest rates. Effective from 24 July 2025, the highest advertised rate now stands at 1.6% per annum (p.a.). This revision follows the earlier adjustment on 15 July 2025, when rates previously peaked at 1.65% p.a.
This latest move aligns ICBC’s deposit offerings with prevailing market recalibrations while continuing to appeal to both high-value clients and the growing pool of digital-first savers. According to the bank, the revised interest rates apply only to Fresh Funds – defined as funds not transferred from existing ICBC accounts. Inter-account transfers do not qualify.
Fixed Deposit Rates Effective 24 Jul 2025
Over-the-Counter (OTC) Promotional Rates
For in-branch customers, ICBC Singapore is offering tiered interest rates, rewarding larger deposits. Customers placing a minimum of S$200,000 benefit from elevated returns, while those below the threshold still receive competitive rates.
| SGD | Counter Promotion Rates | |
|---|---|---|
| Tenor | Below SGD200K (exclusive) | SGD200K (inclusive) & Above |
| 1 month | 1.35% | 1.45% |
| 3 months | 1.45% | 1.55% |
| 6 months | 1.45% | 1.55% |
| 9 months | 1.40% | 1.50% |
| 1 year | 1.40% | 1.50% |
E-Banking Promotional Rates
Digital users benefit from even more attractive rates, beginning with a minimum deposit of S$500. These rates favour customers who prefer managing their finances online, further incentivising digital adoption:
| SGD | E-Banking Promotion Rates | |
|---|---|---|
| Tenor | Below SGD200K (exclusive) | SGD200K (inclusive) & Above |
| 1 month | 1.45% | 1.50% |
| 3 months | 1.55% | 1.60% |
| 6 months | 1.55% | 1.60% |
| 9 months | 1.50% | 1.55% |
| 1 year | 1.50% | 1.55% |
These two-tiered offerings reflect ICBC’s continued emphasis on personalised service at its branches while embracing the growing digital banking landscape for wider accessibility and convenience.
Minimum Deposit Criteria and Channels
The bank retains distinct entry thresholds for each channel. Over-the-counter deposits require a minimum of S$20,000, making them more suited to larger deposits. In contrast, e-banking channels offer entry points as low as S$500, ideal for younger savers or individuals with modest capital who still wish to benefit from time deposit instruments.
Policy on Early Withdrawals
In keeping with its client-centric policies, ICBC maintains its commitment to penalty-free early withdrawals. Should a customer decide to redeem the FD early, interest will not be forfeited but will instead be calculated at the prevailing current account interest rate – providing an important layer of financial flexibility and assurance.
How to Apply
Prospective depositors have two options: they may apply online or visit any ICBC Singapore branch for assistance. A comparison of fixed deposit rates across Singapore banks is also available here.
These promotions are subject to change at the bank’s discretion and availability may vary.
ICBC Singapore’s latest rate adjustments reflect a pragmatic shift in response to broader market trends while still delivering competitive offerings. With a flexible range of tenors and access channels, both digital-savvy users and conventional depositors are well catered for. The bank continues to position itself as a reliable financial partner by balancing attractive yields with customer-centric policies such as low e-banking entry points and penalty-free redemptions. Customers are encouraged to evaluate their savings goals early and consult the bank for the latest terms.
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