Fixed deposit, as the name implies, is a fund investment with fixed term into deposit account in specific financial institution. That’s why it is also called as term deposit. This arrangement allows you to lock a particular amount of fund for a length of time that’s been agreed before. As the return, you are guaranteed with fixed interest rate, so you know the exact amount of your money investment return.
The term maturities for most bank institutions range from as short as a month to several years. There is usually also a required minimum amount of money deposited. You have to understand that when you apply for a fixed deposit account, you can only get the money back after the term officially ends. There’s a possibility of early termination or early withdrawal, if you provide notice to the bank a few days in prior, but you most likely will receive a penalty for it.
AgroBank Malaysia is one of the banks in the country that offers fixed deposit scheme. Previously known as Bank Pertanian Malaysia, it provides a wide variety of deposits, loans, and other banking products and services. AgroBank Fixed Deposit Malaysia is offered for any individuals and joined individual customers over 18 years old. You will be informed about the account’s profit rate upon the account application or its renewal.
AgroBank Fixed Deposit Malaysia
Fixed Deposit
| Deposit | Deposit Period | Effective Profit Rate |
|---|---|---|
| min. RM5,000 | 1 month | 1.8% |
| min. RM1,000 | 3 months | 1.9% |
| min. RM1,000 | 6 months | 2.05% |
| min. RM1,000 | 9 months | 2.1% |
| min. RM1,000 | 12 months | 2.35% |
| min. RM1,000 | 15 to 60 months | 2.15% |
Fixed Deposit FRIA
| Tenure | Maturity Returns | Upfront Returns |
|---|---|---|
| 1 month | 1,62% | 1,62% |
| 2 months | 1,66% | 1,66% |
| 3 months | 1,71% | 1,71% |
| 4 months | 1,73% | 1,73% |
| 5 months | 1,76% | 1,76% |
| 6 months | 1,79% | 1,79% |
| 7 months | 1,8% | 1,8% |
| 8 months | 1,82% | 1,82% |
| 9 months | 1,83% | 1,83% |
| 10 months | 1,85% | 1,85% |
| 11 months | 1,87% | 1,87% |
| 12 months | 1,89% | 1,89% |
| 15 months | 1,88% | 1,89% |
| 18 months | 1,91% | 1,89% |
| 24 months | 1,95% | 1,89% |
| 36 months | 2% | 1,89% |
| 48 months | 2,04% | 1,89% |
| 60 months | 2,08% | 1,89% |
Fixed Deposit FRIA-i Plus
| Tier 1 | Tier 2 | |
|---|---|---|
| Tenure | Maturity Returns | Upfront Returns |
| 6 months | 1,78% | 1,78% |
| 12 months | 1,9% | 1,9% |
| 24 months | 1,95% | 1,9% |
| 36 months | 1,97% | 1,9% |
Agrobank provides several tenure options of 1, 3, 6, 9, 12, 15, 18, 24, 36, 48 and 60 months. For 1 month tenure, you are required to deposit minimum of RM5,000. For 3 months tenure and above, you are required to deposit minimum of RM1,000. The offered interest rate per annum ranges from 1.62% for 1 month tenure to 2.08% for 60 months tenure.
The bank allows you to open a deposit account in convenient way through online means, even though you will still be required to visit the branch office in person. Below are several simple steps to apply and open an account of AgroBank Fixed Deposit Malaysia
How to apply for a fixed deposit in AgroBank
- Fill the form of online application; make initial deposit, then print the receipt.
- Wait until you receive notification from the bank via SMS within seven business days.
- Bring your initial payment receipt, MyKad, and utility bill to the bank’s branch for completing the process of activation and verification.
If you want to submit inquiries or get further information, you may call the contact center of Agrobank at 1-300-88-2476.
