ICBC Step-Up Fixed Deposit

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Rating: 0.0/5.0 (0 Reviews)
Interest Rate Up to 0.80%
Min. Deposit $5,000
Review on ICBC Step-Up Fixed Deposit
Pros

Low minimum deposit

Cons

Foreign Bank with few branches

Quarterly or semi-annually step-up interest rate

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   Effective interest rates from 7% p.a.
   Tenure of up to 7 years

Deposit Details Deposit Details

  Month  Interest
1 3 0.50% p.a.
2 6 0.70% p.a.
3 9 0.90% p.a.
4 12 1.10% p.a.
Average   0.80% p.a.

 

Effective interest rates of up to 0.80% interest p.a. for 12 months step-up fixed deposit

Interest rates increase every 3 months giving higher returns

Minimum deposit of SGD5,000 for 12 months step-up fixed deposit

No penalty for pre-matured withdrawal of fixed deposit; For withdraw before maturity, you will be paid the full interest for completed cycle plus number of completed days in current cycle using previous cycle rate

 

  Month  Interest
1 6 0.55% p.a.
2 12 0.70% p.a.
3 18 0.90% p.a.
4 24 1.05% p.a.
Average   0.80% p.a.

 

Effective interest rates of up to 0.80% interest p.a. for 24 months step-up fixed deposit

Interest rates increase every 6 months giving higher returns

Minimum deposit of SGD5,000 for 24 months step-up fixed deposit

For withdrawal before maturity, you will be paid full interest for all completed cycles. For incomplete cycle, you will be paid interest rate using the previous cycle multiply by the number of completed days in the current cycle . If early withdrawal happens in the first cycle, you will be paid the prevailing current account interest rate as there is no completed previous cycle.

 

Click here to go to ICBC website for more details

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