Fixed deposit (FD) is one of the secure investment instruments in which people are able to obtain higher interest than what they can earn from a conventional savings account. The interest is collected on the sum deposited over a certain period of time. The interest rate also depends on the lender. The good thing about this investment instrument is the tenures are flexible. Investors have the liberty to select the tenure as they want.
If you are a Bank Rakyat customer, you can also apply for a fixed deposit account which the bank labeled as Bank Rakyat Deposit-i. In comparison to the majority of Malaysian FD providers, Bank Rakyat fixed deposit Malaysia compliant with the Islamic principles that pay investors a high rate of return.
Bank Rakyat Fixed Deposit Malaysia
| Deposit | Deposit Period | Effective Profit Rate |
|---|---|---|
| min. RM5,000 | 1 month | 1.85% |
| min. RM500 | 2 months | 1.9% |
| min. RM500 | 3 to 5 months | 2% |
| min. RM500 | 6 to 8 months | 2.15% |
| min. RM500 | 9 to 11 months | 2.2% |
| min. RM500 | 12 to 18 months | 2.4% |
| min. RM500 | 24 months | 2.5% |
| min. RM500 | 36 months | 2.6% |
| min. RM500 | 48 months | 2.65% |
| min. RM500 | 60 months | 2.7% |
The fixed-term deposit account in Bank Rakyat is open to anyone at the age of 18 or older, both Malaysian citizens and non-Malaysians. This financial service can also be used to invest funds by cooperative depositors and non-individual.
You can apply for Bank Rakyat fixed deposit Malaysia through the bank online portal or at the nearby branch. Obviously, there are a number of documents you must prepare for this investment service. These include the initial deposit, valid identity card, and supporting documents.
How to apply for a fixed deposit in Bank Rakyat
- Go to the official website of Bank Rakyat at www.bankrakyat.com.my.
- Click on Personal Banking and select the Savings option on the drop-down menu.
- Click on Savings-i and Deposit-i and select the Term Deposit-i Account.
- Make sure to thoroughly read all the provided information regarding the fixed deposit before going to the next step.
- Once you finished, click on the Apply Now blue button located on the right side of the page.
- On the Product Selection & Customer Details, select the correct salutation. Enter your name, valid phone number, and email address.
- If you are a Bank Rakyat customer, click Yes and click No if you are not.
- On the list of Products That Interest You, select Savings-i and Deposits-i.
- Check the I have read and agree with the Bank Rakyat checkbox and click on Submit.
- If you apply for a fixed deposit online during working hours, the customer service will immediately contact you once you submitted the form. The only thing you need to do is to follow the remaining application procedure.
