ICBC Fixed Deposit Rate Singapore 2026: Complete Guide
Rates Effective 12 October 2026 | Up to 1.85% p.a. via E-Banking
ICBC (Industrial and Commercial Bank of China) Singapore offers fixed deposit rates of up to 1.85% p.a. for 12-month placements of S$200,000 or more via e-banking, and 1.80% p.a. at branches, as at 12 October 2026. Smaller deposits from S$500 earn up to 1.30% p.a. ICBC is one of Singapore’s few Chinese state-owned banks with competitive fresh-funds promotional rates updated regularly.
Not financial advice. All figures are for educational reference only. Rates are effective 12 October 2026 and subject to change without notice. Verify with ICBC before placing any deposit.
Data verified as at 23 October 2026 against SingPromos (12 Oct 2026 update) and GrowBeanSprout rate tracker (21 Oct 2026). ICBC official website was unavailable for direct verification at time of publication; rates sourced from the official SingPromos promotional announcement.
Table of Contents
What is ICBC Singapore?
The Industrial and Commercial Bank of China (ICBC) is the world’s largest bank by total assets, and its Singapore branch has operated since 1993. Unlike MariBank or GXS Bank — Singapore’s newer digital-native banks — ICBC is a traditional full-service bank regulated by the Monetary Authority of Singapore (MAS). It serves both retail and corporate customers, and its fixed deposit products are popular among Singapore residents looking for competitive short-to-medium-term rates from a state-backed institution.
ICBC Singapore is a branch of a foreign bank, which means deposits are not covered by the Singapore Deposit Insurance Corporation (SDIC) scheme (which only covers locally incorporated banks). This is an important distinction to understand before committing large sums.
ICBC Singapore Quick Facts
| Detail | Information |
|---|---|
| Full Name | Industrial and Commercial Bank of China, Singapore Branch |
| Parent Bank | ICBC (China) — world’s largest bank by assets |
| Established in Singapore | 1993 |
| Regulator | Monetary Authority of Singapore (MAS) |
| SDIC Coverage | Not covered (foreign branch, not locally incorporated) |
| Min. FD Deposit (E-banking) | S$500 |
| Min. FD Deposit (Branch/OTC) | S$20,000 |
ICBC Fixed Deposit Rates — October 2026
ICBC Singapore updates its promotional fixed deposit rates regularly. The rates below are effective from 12 October 2026 and represent an increase of 0.10 percentage points across most tiers compared to the 29 September 2026 schedule. All rates are for SGD placements with fresh funds only.
ICBC E-Banking Fixed Deposit Rates (Effective 12 Oct 2026)
| Tenor | S$500 – S$19,999 | S$20,000 – S$199,999 | S$200,000+ |
|---|---|---|---|
| 1 Month | 1.05% p.a. | 1.10% p.a. | 1.10% p.a. |
| 3 Months | 1.25% p.a. | 1.30% p.a. | 1.30% p.a. |
| 6 Months | 1.30% p.a. | 1.80% p.a. | 1.85% p.a. |
| 9 Months | 1.10% p.a. | 1.80% p.a. | 1.85% p.a. |
| 12 Months | 1.15% p.a. | 1.80% p.a. | 1.85% p.a. |
Source: SingPromos / ICBC Singapore official promotion, 12 October 2026. Promotional rates; subject to change without notice.
ICBC Over-the-Counter (Branch) Fixed Deposit Rates
| Tenor | S$20,000 – S$199,999 | S$200,000+ |
|---|---|---|
| 1 Month | 1.05% p.a. | 1.05% p.a. |
| 3 Months | 1.25% p.a. | 1.25% p.a. |
| 6 Months | 1.75% p.a. | 1.80% p.a. |
| 9 Months | 1.75% p.a. | 1.80% p.a. |
| 12 Months | 1.75% p.a. | 1.80% p.a. |
Source: SingPromos / ICBC Singapore official promotion, 12 October 2026. OTC minimum is S$20,000; no S$500 tier at branches.
E-Banking vs OTC Rates — What’s the Difference?
ICBC Singapore offers two ways to place a fixed deposit: through their internet banking platform (e-banking) or over the counter at a branch. There are meaningful differences that affect both the interest rate you earn and the minimum sum required.
E-Banking is generally better for most depositors because:
- The minimum is just S$500 (versus S$20,000 at branches)
- For deposits of S$20,000 and above, e-banking earns 0.05% p.a. more than the OTC rate
- You can place and manage your FD anytime without visiting a branch
The main exception is for very short tenors (1 and 3 months) where OTC and e-banking rates at the S$20K+ tier are the same. For 6-, 9-, and 12-month tenors with S$20K or more, e-banking wins by a slight margin.
Important for new customers: If you do not already have an ICBC Singapore account, you must visit a branch in person to open one. Once your account is set up, subsequent FD placements can be made through e-banking.
ICBC Fixed Deposit Rate vs Singapore Competitors (12-Month Comparison)
How does ICBC’s best rate of 1.85% p.a. stack up against other banks in Singapore? The chart below compares the best available 12-month fixed deposit rates across major banks as at October 2026. Note that competitor rates also apply conditions — minimum deposits, fresh funds, relationship requirements — so always read the fine print.
| Bank | Best 12-Month Rate | Minimum Deposit | Key Condition |
|---|---|---|---|
| Maybank | 2.25% (bundle) | S$20,000 | 10% earmarked in savings |
| RHB | 2.20% | S$20,000 | Premier Banking rate |
| CIMB | 2.15% | S$10,000 | Preferred Banking |
| OCBC | 1.85% | S$20,000 | Online placement |
| ICBC ★ | 1.85% | S$500 (e-banking) | S$200K+ for 1.85%; S$500+ for 1.15% |
| GXS Bank | 1.75% | S$100 | Boost Pocket, max S$95,000 |
| UOB | 1.70% | S$10,000 | Fresh funds, internet banking |
| MariBank | 1.48% | S$100 | Max S$100,000 per user |
Source: GrowBeanSprout rate tracker (21 Oct 2026) and SingPromos (Oct 2026). All rates are promotional and subject to change. ★ = subject of this article. Compare rates for your deposit size before committing.
The takeaway: ICBC’s 1.85% p.a. is competitive with OCBC online at the same level, and better than UOB, GXS, and MariBank for 12-month tenors. However, you need S$200,000 placed via e-banking to achieve 1.85%. For deposits under S$20,000, ICBC’s 1.15% p.a. is considerably lower than GXS Boost Pocket at 1.75% or MariBank’s 1.48% p.a. with much lower minimums.
How to Open an ICBC Fixed Deposit Account in Singapore
Opening an ICBC fixed deposit requires a few steps, especially if you’re a new customer. Unlike digital banks such as GXS Bank or Trust Bank where you can open an account entirely on your phone, ICBC requires an in-person branch visit for first-time customers.
Step 1: Open an ICBC Account (New Customers)
New customers must visit an ICBC Singapore branch with their NRIC/passport and bring a minimum initial deposit of S$200 to open a savings account. Once your account is active, you can access the e-banking portal.
Step 2: Register for E-Banking
At the branch (or via ICBC’s website), register for ICBC’s internet banking service. You’ll receive login credentials to access the e-banking platform.
Step 3: Transfer Fresh Funds
Transfer the funds you wish to deposit from a non-ICBC account. Funds must be “fresh” — originating from an external bank. Internal ICBC fund transfers do not qualify for promotional rates.
Step 4: Place Your Fixed Deposit via E-Banking
Log in to ICBC internet banking, navigate to the fixed deposit section, choose your preferred tenor (1, 3, 6, 9, or 12 months), enter the amount (minimum S$500), and confirm. Your promotional rate is locked in at the time of placement.
Step 5: Set Maturity Instructions
At the time of placement, decide whether you want the principal and interest to be:
- Automatically renewed at the prevailing board rate (currently 0.90% p.a. for 12 months — significantly lower than promotional rates)
- Credited to your ICBC savings account upon maturity
Tip: Always set specific maturity instructions. If you let it auto-renew, your next term will earn just 0.90% instead of the promotional 1.85%. Mark your calendar two to three weeks before maturity to shop for the best rates at that time.
Key Conditions and Fine Print
Before placing a fixed deposit with ICBC Singapore, make sure you understand these important conditions:
Fresh Funds Requirement
All promotional rates are for fresh funds only. This means the money must originate from a bank account that is not an ICBC Singapore account. If you transfer from one ICBC account to another ICBC account, you will not qualify for the promotional rate and will instead earn the board rate (0.90% p.a. for 12 months as at October 2026).
Early Withdrawal Penalty
If you withdraw before maturity, ICBC will not pay the promotional fixed deposit rate. Instead, you’ll receive the prevailing current account interest rate for the period held, which is effectively near-zero. Partial withdrawals are also not permitted — you must withdraw the full amount.
Auto-Renewal Risk
Unless you specify otherwise at placement, your FD will auto-renew for the same tenor at the prevailing board rate upon maturity. As at October 2026, ICBC’s 12-month board rate is just 0.90% p.a. — far below the 1.85% promotional rate. Always set a specific maturity instruction.
SDIC Deposit Insurance — Not Applicable
ICBC Singapore is a foreign branch bank, not a locally incorporated bank. Deposits are therefore not protected under Singapore’s Deposit Insurance Scheme (SDIC), which covers up to S$100,000 per depositor at member banks. This is a material risk for large deposits.
Rate Changes Without Notice
ICBC can revise its promotional rates at any time without prior notice. Once your FD is placed and confirmed, your rate is locked for that tenor. However, the rate you see today may not be available tomorrow. Always place your deposit promptly once you have confirmed the rate.
Pros and Cons of ICBC Singapore Fixed Deposits
| ✅ Pros | ❌ Cons |
|---|---|
| Competitive 1.85% p.a. for 12 months (S$200K+ via e-banking) | Best rates require S$200,000 minimum |
| Low S$500 minimum via e-banking | S$500–S$19,999 tier earns only 1.15% p.a. (12m) |
| Backed by world’s largest bank (ICBC China) | Not covered by SDIC (foreign branch bank) |
| MAS-regulated in Singapore | New customers must visit branch in person |
| Rates updated regularly and often competitive | Fresh funds requirement limits existing ICBC account holders |
| E-banking available 24/7 once account opened | Auto-renewal at board rate (0.90%) if not instructed otherwise |
Who Should Consider ICBC Fixed Deposits?
ICBC Singapore fixed deposits are best suited for depositors with S$20,000 or more in fresh funds who want to earn competitive rates without an existing bank relationship requirement. The 1.80–1.85% p.a. rates for 6–12 months are on par with OCBC and better than UOB at those tiers. For smaller amounts (under S$20,000), digital bank options like GXS Bank’s Boost Pocket at 1.75% or MariBank at 1.48% offer better value given lower minimums and full SDIC protection.
If you’re planning for retirement and want to maximise safe, guaranteed returns, compare fixed deposits alongside Singapore Savings Bonds and T-bills — and consider using a retirement planning calculator to see how different rates affect your long-term goals.
Frequently Asked Questions — ICBC Fixed Deposit Singapore
What is the current ICBC Singapore fixed deposit rate?
As at 12 October 2026, ICBC Singapore offers up to 1.85% p.a. for 12-month fixed deposits placed via e-banking with a minimum of S$200,000. For deposits of S$20,000–S$199,999, the 12-month e-banking rate is 1.80% p.a. For smaller deposits from S$500, the 12-month rate is 1.15% p.a. Branch (OTC) rates are slightly lower at 1.80% and 1.75% respectively, with a S$20,000 minimum. All rates apply to fresh funds only.
What is the minimum deposit for ICBC fixed deposit in Singapore?
The minimum fixed deposit is S$500 when placed via ICBC e-banking. At branches (over the counter), the minimum is S$20,000. Note that the S$500–S$19,999 tier earns significantly lower rates (e.g. 1.15% p.a. for 12 months) compared to the S$20,000+ tiers. New customers must first open an account at a branch (minimum S$200 initial deposit) before they can use e-banking.
Are ICBC deposits safe in Singapore?
ICBC Singapore is regulated by the Monetary Authority of Singapore (MAS), which provides a level of regulatory oversight. However, ICBC Singapore is a branch of a foreign bank and is NOT covered by Singapore’s Deposit Insurance Scheme (SDIC). The SDIC protects up to S$100,000 per depositor, but only at locally incorporated banks (like DBS, OCBC, UOB, MariBank, GXS Bank, and Trust Bank). ICBC is backed by its Chinese state-owned parent, but for Singapore deposit insurance purposes, you have no SDIC coverage.
Can I withdraw early from an ICBC fixed deposit?
Yes, but at a significant cost. If you withdraw your ICBC fixed deposit before maturity, you will not receive the promotional interest rate. Instead, ICBC will pay only the prevailing current account rate for the period held, which is effectively very low. Partial withdrawals are also not allowed — you must break the entire deposit. For this reason, only commit funds you are certain you won’t need until maturity.
What does 'Fresh Funds' mean for ICBC fixed deposits?
“Fresh Funds” means the money deposited must come from a non-ICBC Singapore account. You cannot transfer existing funds between ICBC accounts and earn the promotional rate. The funds must be new money introduced from an external bank (e.g. DBS, OCBC, UOB, or another bank). If you transfer from your ICBC savings account to an ICBC fixed deposit, you will only earn the lower board rate (0.90% p.a. for 12 months as at Oct 2026).
How does ICBC's fixed deposit compare to GXS Bank or MariBank?
For smaller deposits under S$20,000, GXS Bank and MariBank are generally better options. GXS Boost Pocket offers 1.75% p.a. for 12 months with a minimum of just S$100 (max S$95,000), while MariBank offers 1.48% p.a. with a S$100 minimum. Both are SDIC-insured as locally incorporated banks. ICBC’s 1.15% p.a. for the S$500–S$19,999 e-banking tier is uncompetitive for smaller sums. For larger deposits of S$20,000 or more, ICBC’s 1.80–1.85% p.a. rates become more competitive and worth considering alongside OCBC, UOB, and Maybank.
When does ICBC update its fixed deposit rates?
ICBC Singapore updates its promotional fixed deposit rates periodically and without a fixed schedule. In 2026, rates were updated in March, April, July, September, and October. Rates can change at any time without notice — which means the rate you see today may not be available tomorrow. Once you place and confirm your deposit, your rate is locked for the chosen tenor. Monitor SingPromos or ICBC’s website for the latest rate announcements before placing a deposit.
Compare More Singapore Bank Rates
Looking for the best deposit rates across Singapore banks? Explore our guides below.
MariBank Interest Rate Guide |
GXS Bank Complete Guide |
Trust Bank Interest Rate
Not financial advice. All rates are for educational reference only and subject to change. Verify rates with the respective banks before placing any deposit.
This article was researched with the help of AI. While we strive to keep all information accurate and up to date, there may be errors. If you notice any discrepancies, please contact us.
