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ICBC Singapore revises fixed deposit promotional rates effective 12 Aug 2025
The Industrial and Commercial Bank of China (ICBC) Singapore has confirmed a downward revision to its fixed deposit (FD) promotional interest rates, reflecting shifts in market conditions and liquidity considerations. From 12 Aug 2025 onwards, the highest rate offered will be 1.5% per annum (p.a.), replacing the earlier cap of 1.6% p.a. that was in place after the 24 July 2025 adjustment.
This latest change signals ICBC’s intention to balance competitiveness with sustainable deposit management, catering to both traditional customers who value in-branch service and digitally savvy clients seeking convenience. Importantly, the revised rates remain exclusive to Fresh Funds – defined as funds not transferred internally from existing ICBC Singapore accounts. Internal transfers remain ineligible.
Fixed Deposit Rates Effective 12 Aug 2025
Over-the-Counter (OTC) Promotional Rates
For customers visiting physical branches, ICBC Singapore continues to reward higher deposits with marginally better rates. Larger amounts such as S$200,000 and above will earn higher returns, while deposits below that figure still benefit from competitive yields.
| SGD | Counter Promotion Rates | |
|---|---|---|
| Tenor | Below SGD200K (exclusive) | SGD200K (inclusive) & Above |
| 1 month | 1.35% | 1.45% |
| 3 months | 1.35% | 1.45% |
| 6 months | 1.35% | 1.45% |
| 9 months | 1.30% | 1.40% |
| 1 year | 1.30% | 1.40% |
E-Banking Promotional Rates
Customers using online banking enjoy slightly higher rates for shorter tenors, with the advantage of a significantly lower entry amount of just S$500. These rates are designed to promote digital adoption and make time deposits more accessible to smaller investors:
| SGD | E-Banking Promotion Rates | |
|---|---|---|
| Tenor | Below SGD200K (exclusive) | SGD200K (inclusive) & Above |
| 1 month | 1.45% | 1.50% |
| 3 months | 1.45% | 1.50% |
| 6 months | 1.45% | 1.50% |
| 9 months | 1.40% | 1.45% |
| 1 year | 1.40% | 1.45% |
Policy on Early Withdrawals
ICBC Singapore maintains a relatively flexible policy for early withdrawals. While promotional FD rates will not be honoured if funds are withdrawn early, the deposit will still earn interest at the prevailing current account rate. This offers depositors a degree of liquidity without entirely losing returns.
Application Process
Prospective depositors can choose to apply online or visit an ICBC Singapore branch for personal assistance. A full comparison of fixed deposit offerings across Singapore banks can be found here.
While ICBC Singapore’s latest rate revision marks a slight dip from July 2025’s peak, its offerings remain competitive in the local banking landscape. The balance between branch and digital rates, combined with accessible entry points and a fair early withdrawal policy, ensures the bank continues to appeal to a diverse range of customers. Savers who strategise their deposits can still extract strong value in this evolving interest rate environment.
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