In fact, having a savings account is important, but it is more vitally important to invest some of your money in a wise manner. Investing your funds allows you to grow, create, and financially protect your saved cash. Using a standard savings account only to save all your money may not be a wise option.
You can invest your surplus income in a fixed deposit account for it is the safest investment instrument banks or non-banking financial institutions have to offer.
In Malaysia, there are a lot of fixed deposit providers you can select from. Each of them offers different rate of interest. Even so, the interest remains higher than those of conventional savings account. If you are a customer of Bank Simpanan Nasional (BSN), you can enjoy the benefits of having a fixed deposit account by simply registering for the service.
BSN fixed deposit Malaysia is one of the country’s investment schemes that operates under Islamic law. The minimum age to apply for BSN Term Deposit-i is seven years old, which relatively younger than some banking companies in the country which offers the same service. It is the best provider, especially for parents who want to save for child’s college.
BSN Fixed Deposit Malaysia
|Deposit||Deposit Period||Effective Profit Rate|
|min. RM1,000||1 month||1.75%|
|min. RM500||3 months||1.8%|
|min. RM500||6 months||1.85%|
|min. RM500||9 months||1.9%|
|min. RM500||12 months||2.2%|
|min. RM500||15 to 60 months||2.1%|
In addition, the initial deposit is relatively lower, which is only RM 500 for a period of 3 months and above. The fixed deposit of the Bank Simpanan Nasional opens to every individual, both Malaysians and non-Malaysian, with a valid permanent address in the country. This fixed-term deposit is also applicable for organizations, government departments, private sectors, associations, and statutory bodies. To apply for BSN fixed deposit Malaysia, here is the procedure
How to apply for a fixed deposit in BSN Bank
- First of all, prepare your valid identification card (for Malaysian citizens) or a driving license along with the money for the initial deposit.
- For a foreign student, bring your passport and student pass along with the initial deposit.
- For a foreigner who has a permanent address, bring your passport and work permit along with the amount of money you want to deposit.
- To apply for a fixed deposit in BSN, you will need to take the required documents with your funds directly to the nearest branch since currently there is no online registration application service available in this institution. You only need to make sure you bring all the required documents, and the customer service will help you apply for this fixed deposit.