Fixed deposits are one of the most popular investment schemes offered by banks or non-banking institutions. Through this financial service, customers can invest a fixed amount of money for a definite period of time at certain interest rate. Think of this investment instrument like you lend money to a bank.
When you use this financial facility, the bank ensures the return of the sum of money you have invested at the end of maturity date. The bank will use your money to lend to other people and charge interest to the borrowers.
If you happen to be a Malaysian citizen or currently residing in Malaysia, there is a wide selection of banks or non-banking companies that offer a fixed deposit. Obviously, the interest rate provided by the Bank of China and other banking companies in Malaysia is different from one another. While it differs, it is typically higher than the rate of interest offered on a standard savings account.
Bank of China Fixed Deposit Malaysia
|Deposit||Deposit Period||Effective Interest Rate|
|min. RM5,000||1 month||1.65%|
|min. RM1,000||2 months||1.65%|
|min. RM1,000||3 to 5 months||1.75%|
|min. RM1,000||6 to 8 months||1.8%|
|min. RM1,000||9 to 11 months||1.85%|
|min. RM1,000||12 months||1.9%|
Customers will have the flexibility to invest with the Bank of China fixed deposit Malaysia for up to 60 months with a minimum amount of MYR 1,000. In addition, it’s important to note once you have put your money into the fixed deposit account, you will not be able to conduct funds withdrawal at your own will. If you close the account before the date of maturity you have set in advance, there is a high possibility you will lose any of interest that you might have earned in that case.
To apply Bank of China fixed deposit Malaysia, there are some requirements you must comply, such as you must be at least 18 years old. You are the Malaysians, permanent residents, and foreigners of any nationality are allowed to apply.
For permanent residents or Malaysian citizens, the documents that must be provided are NRIC and supporting valid documents, such as a driving license. For a foreigner, the documents come from a valid student pass or work permit and passport. To open a fixed deposit account with the Bank of China, here are the steps
How to apply for a fixed deposit in Bank of China
- First, learn about the tenure and interest rate.
- After that, you simply need to visit the nearest branch with some funds to invest and the required documents.
- If you are a Malaysian, make sure to bring your MyKad. Meanwhile, if you are a foreigner working in Malaysia, bring your work permit and passport. If you are a foreign student, make sure to bring your student pass and passport.
Well, the fixed deposits are the safest investment instrument you can ever choose.