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ICBC Step-Up Fixed Deposit

 

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Min. Deposit
$5,000

Interest Rate
up to 1.62%

Review on ICBC Step-Up Fixed Deposit

Pros
Low minimum deposit

Cons
Foreign Bank with few branches
Quarterly step-up interest rate

 

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Details

Month Interest
1 3 1.45% p.a.
2 6 1.78% p.a.
3 9 1.62% p.a.
4 12 1.62% p.a.
Average   1.6175% p.a.

Effective interest rates of up to 1.6175% 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

 

Month Interest
1 6 0.40% p.a.
2 12 0.80% p.a.
3 18 1.30% p.a.
4 24 2.10% p.a.
Average   1.15% p.a.

Effective interest rates of up to 1.15% interest p.a. for 24 months step-up fixed deposit

Interest rates increase every 6 months giving higher returns

Minimum deposit of SGD500 for 24 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

 

Click here to go to ICBC website for more details

 

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