Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$ 75,000 in aggregate per depositor per Scheme member by law. For example, any transfer of funds between ICBC account(s) would not be considered as fresh funds. “Fresh Funds” refers to funds that do not originate from any existing accounts you have with us. No penalty for pre-matured withdrawal of fixed deposit, you will get paid based on prevailing current account interest rate. RMB Fixed Deposit promotional interest rate: Amount(RMB)ġ% cash in lieu of exchange fee waived on RMB cash transaction The minimum deposit amount over counter is RMB20,000,the minimum deposit amount via E-banking is RMB500, we offer tenors of 1 month, 3 months, 6 months , 9 months and 12 months. HOME > Commercial Bank > Personal Banking > Deposits > Fixed Deposit Integrated Wealth Preservation and Succession Management

ICBC Global Travel Mastercard® Credit Card OCBC has clarified that the $5,000 minimum requirement stated in its website applies to renewal of fixed deposits at board rates, which are lower.ICBC UnionPay Kylin Dual Currency Debit Card The earlier version also stated that the promotional rate for a minimum placement of $5,000 is 2 per cent for a 12-month tenor. OCBC has clarified that they are removing the 24-month fixed deposit as of Sept 1. Mr Wong advised bank customers with multiple deposits to monitor the maturity dates so that they can withdraw the money or find another option before their fixed deposits are renewed at lower rates.Ĭorrection note: An earlier version of the story stated that OCBC had fixed deposits with tenors of 12 and 24 months. He added that when fixed deposits on a promotional rate mature, they will automatically be renewed at a lower rate. Thus, an individual with a larger amount than $75,000 could spread his funds across a few banks, said Mr Wong. The Singapore Deposit Insurance Corporation will pay out up to $75,000 per depositor per institution if the bank or finance company goes under.

Mr Victor Wong, director of wealth management at Financial Alliance, said fixed deposits are not liquid and early termination usually means the depositor will get back only the principal without some of the interest.Ĭustomers should also ensure the financial institution is in the Deposit Insurance Scheme. Mr Tan Chin Yu, senior client adviser at Providend, said an individual should look at the tenor he is comfortable with. With so many fixed deposits on offer and at so many tenors, how is a depositor to choose?

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