Opening ICBC Fixed Deposit Singapore is one of the best ways to invest. Instead of spending your money, you can save them and make a profit out of them using the fixed deposit account. This is the information about the account.
You can find the information about how to open the account as well as the needed information related to the account opening. Make sure you read all of them before opening the account so that you know exactly what to expect.
|Deposit Range (% p.a)||S$500 to S$5,000||S$5,000 to S$200,000||S$200,000 and above|
How to Open ICBC Fixed Deposit Singapore
- Open ICBC Internet Banking. Log in with your PIN and user ID. You can also use fingerprint ID or your face ID.
- After logging in, go to the menu Fixed Deposit. Then, there will be several options and you should choose the Open Fixed Deposit to open an account.
- The next thing to do is selecting the deposit tenor. To do this, click the Deposit option and select the desired tenor.
- Now, you need to select the saving account. This saving account is the source of fund to be used in opening the fixed deposit account.
- After selecting the account, click OK to open an account.
- You need to make a deposit by transferring the fund from the saving account to the newly opened deposit account. Fill in the deposit amount and then eventually select the option Submit to finish the transaction.
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What You Should Know Before Opening Fixed Deposit?
How Many Account per Customer?
One customer is allowed to have one fixed deposit account. However, if you need to open more than one account, you should go to the ICBC branch and then ask the customer service to find a solution for you. They will probably suggest you to open different type of deposit account, which is available.
Tenor and Minimum Deposit
There are a few different tenors for the fixed deposit account; they are including the tenor of 6 and 12 months. There are also tenors for 1-3 weeks.
The minimum amount of money to store in the deposit account is SGD 500. The more money you store, the higher rate of interest to get. Contact the customer service of the bank for the detailed information about the rate.
Partially Withdrawals and Penalty
Premature withdrawal is allowed and there is no penalty for it. However, partially withdrawals are not allowed. You will have to withdraw all the money all together or keep the money inside the account.
If you need to make a withdrawal and it seems a bit complicated, feel free to contact the ICBC customer service or visiting one of the nearest branch.
Even though the account can be opened using phone, it is not possible to close the account the same way. If you wish to close the fixed deposit account, you will have to do it by visiting the branch of ICBC bank. You have to use the help of the customer service to close the ICBC Fixed Deposit Singapore account and probably withdraw the money.