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Lastest S$ Deposit updates - Part 3

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Old 03-08-2018, 10:41 PM   #2026
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don't worry, just go to the branch, they will open the necessary accounts for you and do the e-banking as well on the spot so u can open the online FD to enjoy the 1.85%.

but be prepared to wait like 30 mins to an hour to settle everything on the spot.
So ICBC will make me log in to my Internet banking account for my other bank to do the e-banking transfer to ICBC?
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Old 03-08-2018, 11:34 PM   #2027
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So ICBC will make me log in to my Internet banking account for my other bank to do the e-banking transfer to ICBC?
if u intend to do e-transfer from another bank, you could bring along the bank token (from your bank) so that u can add the payee information for your new ICBC savings account to your bank on the spot once they (ICBC) give u the bank account number.

then u can immediately FAST over to the new ICBC account. then they (ICBC) can help u open the e-FD using their computer terminal for customers to use at their branch. then u just have to transfer over the money you e-transfer into the ICBC savings account into the e-FD account. or the CSO can help you do the e-FD account transfer also lah...
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Old 04-08-2018, 01:29 AM   #2028
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don't worry, just go to the branch, they will open the necessary accounts for you and do the e-banking as well on the spot so u can open the online FD to enjoy the 1.85%.

but be prepared to wait like 30 mins to an hour to settle everything on the spot.
hi, can i bring my cheque to ICBC, will the officer able to open up online FD to enjoy the 1.85%? thanks!
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Old 04-08-2018, 01:30 AM   #2029
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Hi everyone, just wanna check for ICBC fixed deposit vs step up FD, it seems like fixed deposit yields a slightly interest rates based on a $5000 deposit for 12 months.

Eg: Fixed deposit: $92.50

Step up FD:
5,000 x 1.5% x 90/365+ 5,000 x 1.7% x 91/365+ 5,000 x 1.9% x 92/365+ 5,000 x 2.1% x 92/365= $90.10

May I know the advantages for taking up the step up FD instead of the usual FD?

I'm planning to head to ICBC tmr to open up a FD account.

Thanks!
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Old 04-08-2018, 07:26 AM   #2030
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hi, can i bring my cheque to ICBC, will the officer able to open up online FD to enjoy the 1.85%? thanks!
i'm not sure if u can open the online FD straightaway with a cheque. I suspect that you first need to open the savings account (presuming you don't have one yet) with the cheque. only after they have cleared the cheque, confirmed the money in your new ICBC savings account, can you then open the online FD and transfer the deposit from savings account to the online FD.

if u want immediate it might be best to bring cash or do the FAST method?

I may be wrong though... can call them to check before going down.
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Old 04-08-2018, 10:13 AM   #2031
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Hi everyone, just wanna check for ICBC fixed deposit vs step up FD, it seems like fixed deposit yields a slightly interest rates based on a $5000 deposit for 12 months.

Eg: Fixed deposit: $92.50

Step up FD:
5,000 x 1.5% x 90/365+ 5,000 x 1.7% x 91/365+ 5,000 x 1.9% x 92/365+ 5,000 x 2.1% x 92/365= $90.10

May I know the advantages for taking up the step up FD instead of the usual FD?

I'm planning to head to ICBC tmr to open up a FD account.

Thanks!
yes. interest is slightly lower but step up can take out every 3 months...so depends on your own money needs.
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Old 04-08-2018, 10:21 AM   #2032
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yes. interest is slightly lower but step up can take out every 3 months...so depends on your own money needs.
Also, step up FD requires lower minimum amount.
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Old 04-08-2018, 11:03 AM   #2033
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i'm not sure if u can open the online FD straightaway with a cheque. I suspect that you first need to open the savings account (presuming you don't have one yet) with the cheque. only after they have cleared the cheque, confirmed the money in your new ICBC savings account, can you then open the online FD and transfer the deposit from savings account to the online FD.

if u want immediate it might be best to bring cash or do the FAST method?

I may be wrong though... can call them to check before going down.
So to open a fixed deposit account, need to open another savings account first. Then I suppose this savings account would have a minimum balance fee and I would need to maintain a certain amount in this savings account at all time to avoid the monthly fee.
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Old 04-08-2018, 01:24 PM   #2034
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yes. for larger amounts, banks can be quite 'flexible'. got one time i was withdrawing my FD after it matures from one bank. the branch manager kept me there for 30 minutes trying to psycho me to stay with them...she tell me whatever rate other banks can do, we can match also...
Next time you tell them that matching the rate of others is not competitive enough. They must offer even better rates.
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Old 04-08-2018, 01:26 PM   #2035
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The ICBC SGD 12 months (via e-banking) 1.85% promotion, if I am not an existing ICBC customer (no deposit account, no Internet banking account), how to take advantage of this promotion?

I can't find a way to open a new fixed deposit account online.

I read the instructions, it seems to me I must go down to the outlet personally to open an account in person. Then if this is the case, I would be doing this over-the-counter that entitles me only to the 1.8%. How to do the e-banking as a new customer? Anyone knows?
is that the highest now?
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Old 04-08-2018, 01:53 PM   #2036
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is that the highest now?
For FD, yes.
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Old 04-08-2018, 01:57 PM   #2037
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So to open a fixed deposit account, need to open another savings account first. Then I suppose this savings account would have a minimum balance fee and I would need to maintain a certain amount in this savings account at all time to avoid the monthly fee.
If you are placing 12 mth FD over the counter at 1.8%, no need savings account. But if you are placing 12 mth FD online for better rate of 1.85% or the step up FD, need savings account. It is good to open savings account as in future you can place online without going to the bank. Except for step up which still require you to go bank.

No min bal for ICBC savings account. No fall below fee.
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Old 04-08-2018, 02:05 PM   #2038
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Hi everyone, just wanna check for ICBC fixed deposit vs step up FD, it seems like fixed deposit yields a slightly interest rates based on a $5000 deposit for 12 months.

Eg: Fixed deposit: $92.50

Step up FD:
5,000 x 1.5% x 90/365+ 5,000 x 1.7% x 91/365+ 5,000 x 1.9% x 92/365+ 5,000 x 2.1% x 92/365= $90.10

May I know the advantages for taking up the step up FD instead of the usual FD?

I'm planning to head to ICBC tmr to open up a FD account.

Thanks!
Step up min sum 5k. Usual FD 20k. Step up will pay interest to your savings account after each 3 mth cycle is completed. If you withdraw, will not claw back interest. So it gives more flexibility in case you need the money before 12 mth maturity. Also in case interest rate goes up a lot.

In April I placed ICBC normal 12 mth FD at 1.47%. Now went up to 1.8%/1.85%. If only that was a step up....
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Old 04-08-2018, 03:30 PM   #2039
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If you are placing 12 mth FD over the counter at 1.8%, no need savings account. But if you are placing 12 mth FD online for better rate of 1.85% or the step up FD, need savings account. It is good to open savings account as in future you can place online without going to the bank. Except for step up which still require you to go bank.

No min bal for ICBC savings account. No fall below fee.
So for existing customers with ICBC regular savings account, they can open the fixed deposit account online from within their Internet banking web site? No need to go branch queue up?
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Old 04-08-2018, 08:45 PM   #2040
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So for existing customers with ICBC regular savings account, they can open the fixed deposit account online from within their Internet banking web site? No need to go branch queue up?
Yes. For normal FD.
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