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Saving Account & Time Deposit

What is a Saving Account and Time Deposit?
1.Saving Account
A Saving Account can only be used for saving purposes, whereas the interest rate is variable and you can withdraw your funds at any time.

2.Time Deposit
A Time Deposit is a Saving Account where you place your funds for a longer term with a fixed interest rate and for a fixed term. You can choose between a period of 3, 6 and 12 months, 2,3,4 and 5 years.

1.Saving Account
-Callable interest rate and as a result the interest amount can fluctuate.
-Foreign currency exchange cost, foreign currency risk and liquidity risk in case of saving in foreign currency.

2.Time Deposit
-Fixed term and fixed interest rate and interest amount.
-Foreign currency exchange cost, foreign currency risk and liquidity risk in case of saving in foreign currency.

Conditions and product information
On our retail products the Terms and Conditions Retail Customers or our Terms and Conditions Online Saving Package are applicable depending on the package you choose. In these terms and conditions the Saving Account Conditions and Time Deposit Conditions pay special attention to these products.

Besides the product terms and conditions, also our General Banking Conditions including the notes to the General Banking Conditions are applicable.

You can find the Terms and Conditions Retail Customers, General Banking Conditions and notes to the General Banking Conditions on our webpage “Download”.

Please click here for more detailed information on our Saving Account and Time Deposit.

For Retail Customers:
Saving Account
-Who want to save for a short period.
-Who prefer fluctuating interest amounts depending on market circumstances.
-Who always want to have access to their savings.
Euro Time Deposit
-Who want to save for a short or longer period and who can miss the amount for a shorter or longer period.
-Who want to have a guaranteed income for a certain period.

Foreign exchange Time Deposit (USD, RMB)
-Who have available USD and RMB and want to save for the same reasons as EURO Time Deposit.
-Who want to receive higher returns due to higher interest rates and possible increase in foreign exchange and can accept the possible losses based on their financial position and expenses pattern.

Actual rate
Please visit our webpage Saving and Deposit Interest Rates for the actual Interest Rates

Nominal rate
The nominal interest rates are applicable. An explanation of the interest calculation is shown below under the section "comparing nominal and effective interest rates". The published interest rates are subject to change. ICBC Amsterdam will follow the saving market and will respond when necessary. The interest rate of the Payment and Saving Account can be adjusted any time. In case you have opened a Time Deposit the interest rate will remain unchanged until the maturity. We will inform you on future interest rate changes through various channels.

Comparing nominal and effective interest rates
If you want to compare our interest rates with other saving product providers, you may compare the effective interest rates using independent comparative websites like the Dutch websites and

The effective interest rate is a good way to compare saving products. The effective interest rate for both nominal savings and deposit interest rates arises as the interest rate is recalculated according to a standard calculation method. The nominal interest rate is first recalculated on an annual basis. For example in case of our Saving Account you benefit from an interest-on-interest effect due to the fact that the interest is credited on the first day of each following calendar month to your Saving Account instead of annually. As a result the effective interest rate is higher than the nominal interest rate. Also our interest calculation method of 365 days / 360 days is recalculated according to a standard interest calculation method of “actual number of days/365 days ". Your nominal interest rates rise up to the effective interest rates indicated on our webpage Saving and Deposit interest Rates.

Crediting interest to your account
1.Saving Account: The crediting of the accrued interest to your Saving Account takes place on a monthly basis on the first day of the following calendar month.
2.Time Deposit: Yearly or on the maturity date of the Time Deposit if the period is 1 year or shorter.

Minimum requirement
1.Saving Account: no minimum requirements.
2.Time Deposit: minimum of 500 EUR/USD or 5,000RMB/CNY.

1.Saving Account: Any time.
2.Time Deposit: one day after the maturity date of your Time Deposit, the amount will be automatically transferred to your ICBC Amsterdam Saving Account (unless you have indicated otherwise).

Early withdrawal of your Time Deposit
It is possible to early withdraw the total Time Deposit amount before the end of the maturity date, if one of the following unexpected and influential events occurs: death, unemployed, labor disability or personal bankruptcy (in Dutch: schuldsaneringsregeling, volgens de Wet schuldsanering natuurlijke personen). You will receive the total amount including the accrued interest until the early withdrawal date. A written request by the Customer and documentary proof is required.

In all other cases, it is also possible to early withdraw the total Time Deposit, including accrued interest until the early withdrawal date, under the following conditions. A written request of the customer is required. After the management approval, withdrawal costs are applicable.

The withdrawal costs are calculated as follows: for the remaining period (rounded up to whole years), you pay the reference interest, which is the applicable interest rate at the moment you want to do the early withdrawal for the remaining term (rounded up to whole years) minus the interest you receive for the current deposit, times the principal amount with a minimum of 0.2% per year of the principal amount.

You have a Time Deposit of EUR 20.000 for a period of 3 year against 1%. After 1 year, you want to early withdraw your Time Deposit.

Example 1
Example 2
Your period
3 year
3 year
Your principal
EUR 20,000
EUR 20,000
Your interest
Reference interest (at the moment you want do the early withdrawal for the remaining period)
Withdrawal costs
2% - 1% = 1%
1%-1% = 0%
(Minimum 0.2%)
Calculate the total withdrawal costs (year rounded up)
1%*2years = 2%
0.2%*2years = 0.4%
To be paid withdrawal costs by the customer
2%* EUR 20,000 =EUR 400
0.4%*EUR 20,000= EUR 80

Deposit Guarantee Scheme
ICBC Amsterdam is operating in the Netherlands as a branch of ICBC (Europe) S.A. which is incorporated in Luxembourg. For this reason deposited funds are covered by the Deposit Guarantee Scheme of Luxembourg. In general, all retail and corporate depositors are covered by the Luxembourg Deposit Guarantee Scheme up to a maximum amount of EUR 100,000 per accountholder. A document describing the main features of the Luxembourg Deposit Guarantee Scheme and any exclusion from cover can be found in the Depositor Information Template.

How to apply?
1. Online Saving Package: if you are a Dutch resident and online saving is your main purpose, it is possible to apply for the Online Saving Package with fixed counter account through our website. Click here for more detailed information on our Online Saving Package with fixed counter account.

Click here if you want to apply for the Online Saving Package now.

2. Other ICBC Packages: if you want to apply for our Multi Currency Payment and Saving account Account without a fixed counter account, Standing Payment Orders, Internet Banking (including ICBC App), Direct Debit, Debit Card (s) and Credit Card you can choose one of our other Packages. If you want to know more about these packages and related products, please visit our ICBC Packages webpage and related product webpages.

Contact details
For more information on our products, please call our 24/7 call center +31 (0)800 9995588 (Only English or Chinese) or send an email to

We did our best to inform you in a complete and accurate manner, but we do appreciate your feedback if you find some information missing or unclear.