If you plan to invest your money, opening a fixed deposit account can be one of your options. Well, to be explained briefly, a fixed deposit account is similar to conventional saving account. However, this type of saving has higher interest rate compared to the conventional one. That’s why people can use this banking product as their investment methods.
You may wonder what differs it from a normal saving account. If you have been saving your account in a certain bank, you must have known that you will earn additional amount which is called as interest. This interest has its annual rate, like 0.5%, 1%, or even 5% depending on your bank’s policy.
This is where the difference emerges: a fixed deposit account offers a higher saving interest rate. As a consequence, you will have to comply with the bank’s tenure. This is the term used to explain a specific time span in which you cannot withdraw the money in deposit. This is the basic rule, and it applies to all banks without any exception, including Bangkok Bank fixed deposit Malaysia.
If you already open an account in this bank, opening your fixed deposit is much easier because you only need to transfer a certain amount to your new deposit account. If you have not an account, don’t worry since the procedure of opening Bangkok Bank fixed deposit Malaysia isn’t that hard to follow either. First of all, you should know the fixed deposit interest rate offered by Bangkok Bank.
Bangkok Bank Fixed Deposit Malaysia
|Deposit||Deposit Period||Effective Profit Rate||Existing Rates||Change|
|min. RM5,000||1 month||1,45%||1,7%||-0,25%|
|min. RM500||2 months||1,45%||1,7%||-0,25%|
|min. RM500||3 months||1,5%||1,75%||-0,25%|
|min. RM500||4 months||1,5%||1,75%||-0,25%|
|min. RM500||5 months||1,5%||1,75%||-0,25%|
|min. RM500||6 months||1,55%||1,8%||-0,25%|
|min. RM500||7 months||1,55%||1,8%||-0,25%|
|min. RM500||8 months||1,55%||1,8%||-0,25%|
|min. RM500||9 months||1,6%||1,85%||-0,25%|
|min. RM500||10 months||1,6%||1,85%||-0,25%|
|min. RM500||11 months||1,6%||1,85%||-0,25%|
|min. RM500||12 months||1,6%||1,85%||-0,25%|
As per 2020, the bank offered various rates depending on the length of your deposit, which ranges from 1.45% p.a. to 1.60% p.a. as there is -0.25% decline from the previous rate. In addition, the tenure options may be a little bit limited in this bank, which is 1 month to 12 months. Keep in mind for one-month deposit; you will have to hand in larger minimum amount of money. To open fixed deposit account, you can do this procedure
How to apply for a fixed deposit in Bangkok Bank
- First, you should bring your identification card/document to the nearest bank branch. If you already have your own Bangkok Bank saving account, then bring along your bank book.
- On the customer service counter, tell the officer that you desire to know more about fixed deposit account as you plan to open yours. The team will then explain it to you including the requirements that you must comply with.
- Follow the instruction given to complete the application process.