Fixed deposit, which is also typically referred as term deposit, is a common investment type where you are able to earn relatively higher interest compared to the typical savings account. It usually depends on what type of institution (finance bank, private sector, or public sector institution).
By opening fixed deposit account, you can accumulate deposit and the interest over the agreed time period. However, in times of emergency, you are allowed to liquidate the funds inside your fixed deposit account.
Most institutions offer term deposit schemes with flexible tenure. As the investor, you may select the tenure according to your convenience. After you have officially put the funds within the deposit account with particular rate of interest, the fund won’t be affected by unexpected changes, such as market fluctuations or interest rate changes. Therefore, you may be rest assured of the deposit returns.
One of the finance banks in Malaysia that provides this scheme is Affin Bank in addition of their other financial products and service. Affin Bank fixed deposit Malaysia account is offered both for personal and business customers.
Affin Bank Fixed Deposit
| Tenure | Deposit | Interest Rate (% p.a.) |
|---|---|---|
| 1m | RM5,000 | 1.55% |
| 2m | RM500 | 1.55% |
| 3m | RM500 | 1.65% |
| 4m | RM500 | 1.75% |
| 5m | RM500 | 1.7% |
| 6m | RM500 | 1.7% |
| 7m | RM500 | 1.85% |
| 8m | RM500 | 1.85% |
| 9m | RM500 | 1.8% |
| 10m | RM500 | 1.8% |
| 11m | RM500 | 1.8% |
| 12m | RM500 | 1.85% |
| 13m - 18m | RM500 | 1.85% |
| 19m - 24m | RM500 | 1.85% |
| >24m | RM500 | Negotiable |
There are options of placement tenure that ranges from a month to 60 months. For 1 month tenure, you have to place minimal deposit of RM5,000. Meanwhile, for 2 months tenure and up, you only have to place minimal deposit of RM500.
The interest rate for each of tenure is fixed upfront. It ranges from 1.55% of interest rate per annum for 1 month of tenure to 1.85% of interest rate per annum for 19 months 24 months of tenure. Above 24 months, the customers are provided with benefit of negotiable interest rate with the bank.
These show that the rates offered are quite good for both short-term and long-term investment. Affin Bank fixed deposit Malaysia service is available for all types of investor, including private limited company, professional business, partnership, and sole proprietor. Here’s a guide one how you can open an account
How to apply for a fixed deposit in Affin Bank
- Check for your eligibility at affinbank.com.my.
- Reach for the bank by visiting the nearest branch, dialing the contact center number, or filling the form available in the official website for Affin Bank.
- Visit the nearest Affin Bank branch by bringing the required documents, such as Identification Card and the printed-out version of your online form.
Prior to opening the account, regardless of your chosen institution bank, you have to pay attention to the fees, maturity conditions, and penalties.
