How to withdraw ICBC fixed deposit in advance
There are three ways to withdraw ICBC fixed deposits in advance:
Method 1: Withdraw all your fixed deposits.
Take out your fixed deposit in its entirety and re-deposit it with the same amount of demand deposit. In this way, you will not incur a fee for early withdrawal, but you will lose the interest on your fixed deposit.
Method 2: Partial early withdrawal.
If you have a large fixed deposit, you can choose to withdraw it partially. According to the bank's regulations, a partial early withdrawal can only withdraw a part of the fixed deposit, while keeping the remaining part to continue to enjoy the fixed interest rate. Interest will accrue on the early withdrawal rate at the current rate.
Method 3: Pledge the loan.
If you need more liquidity, you can also consider using a pledged loan. You can use your fixed deposit as collateral to apply for a loan from a bank. The loan amount is generally 70%-90% of the collateral, and the interest rate is determined according to the bank's regulations. It is important to note that the pledge loan needs to be repaid with principal and interest when it matures, otherwise the bank will dispose of your collateral.
It is important to note that early withdrawal of fixed deposits will incur a fee, depending on the amount and timing of your deposit. It is recommended that you read the bank's regulations carefully before making early withdrawals to avoid unnecessary losses.
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