Fixed deposit or term deposit is a type of banking account where you commit certain amount of money for specific time. It can be a really good investment choice if certainty of great return is what you are looking for because you will be provided with information about the fixed interest rate beforehand.
By the end of your chosen fixed deposit term, you will receive the original amount of the invested money along with the interest that’s agreed between you as the customer and the bank institution as the service provided at the start of the term.
This means that you’d be able to plan your future financial plan with confidence because the amount of received fund it known way prior to the maturity date. When the fixed deposit term matures, you will be given choice whether to renew the term and reinvest the money, or to withdraw the deposited money.
The interest rate offered in fixed deposit is corresponding with the length of deposit term. You are free to choose the term choices and the amount of money you’re going to put within. Typically, the bank provides a range of options when choosing the deposit term, starter from short-term at one month to long-term at several years.
You only receive the interest by the end of the term, or at the time of maturity date. The bank institution also usually set the minimum money allowed to be invested, and this varies from one to another.
Amongst the many choices of banks that provide this service, CIMB Bank fixed deposit Malaysia is one of them. To open fixed deposit account in CIMB Malaysia, you need to place a single deposit with minimum amount of RM5,000.
CIMB Bank Fixed Deposit Malaysia
| Conventional FD* (Tier 1) | Conventional FD* (Tier 2) | |
|---|---|---|
| Tenure | Board Rate (p.a.) | Board Rate (p.a.) |
| 1 month | 1,5% | 1,25% |
| 2 months | 1,65% | 1,6% |
| 3 months | 1,7% | 1,65% |
| 4 months | 1,7% | 1,65% |
| 5 months | 1,7% | 1,65% |
| 6 months | 1,8% | 1,75% |
| 7 months | 1,8% | 1,75% |
| 8 months | 1,8% | 1,75% |
| 9 months | 1,8% | 1,75% |
| 10 months | 1,8% | 1,75% |
| 11 months | 1,8% | 1,75% |
| 12 months | 1,85% | 1,75% |
| 13-14 months | 1,85% | 1,75% |
| 15-23 months | 1,85% | 1,75% |
| 24-35 months | 1,85% | 1,75% |
| 36-47 months | 1,9% | 1,8% |
| 48-59 months | 0,2% | 1,9% |
| 60 months | 2,1% | 0,2% |
The interest rates offered are divided into Tier-1 and Tier-2 account, with both has shortest term of 1 month and longest term of 60 months. The interest rate provided for Tier-1 account is higher than Tier-2 account with difference between 10% – 25%. To provide maximum convenience to customers, you’re able to open CIMB Bank fixed deposit Malaysia account via online.
How to apply for a fixed deposit in CIMB Bank
- Perform login process into your CIMB Clicks account
- Select the menu ‘Apply For’
- Choose your preferred fixed deposit transaction such as placement, withdrawal, updates, or rates
- Key in the required details to complete transaction and confirm it
CIMB Clicks internet banking allows you to perform deposit placement or withdrawal anytime and anywhere. For further information about the service, you may visit the official website of CIMB Malaysia.
