Fixed deposit is deposit stored for a fixed time frame, which is known as term. It may be performed at a bank, financial institution, credit union, or building society that offers this service. Customers that deposit money understand and agree that the money will be held for a pre-determined period of time.
Generally, it’s true that money within fixed deposit account can be withdrawn only by the end of term, but there’s a possibility that the institution allows it to be accessed earlier, usually followed by applying penalty.
In order to apply and place money in a fixed deposit account, you have to follow pretty much similar process as if you apply for a common saving account. It is even more convenient and practical to open one in a banking institution where you already have saving account in.
After you have decided about the amount of deposited money and the chosen term according to its interest rate, it’s only a matter of completing a form.
It is a great practice to compare interest rate provided by different banks at the same amount of deposit and term, in order to get the best offer. That way, you are able to see the best place to grow the investment.
Citibank is a popular choice in Malaysia to open term deposit account. Fixed deposit is one of the plenty services available to get in this private sector bank. The term options range from as short as a month to as long as 60 months or 5 years.
Citibank Fixed Deposit Malaysia
|Deposit||Deposit Period||Effective Interest Rate|
|min. RM5,000||1 month||1,2% p.a.|
|min. RM1,000||2 months||1,2% p.a.|
|min. RM1,000||3 to 5 months||1,15% p.a.|
|min. RM1,000||6 to 8 months||1,3% p.a.|
|min. RM1,000||9 months||1,35% p.a.|
|min. RM1,000||10 months||1,3% p.a.|
For a month of investment, you are required to place minimum deposit of RM 5,000 while for more than a month of investment, you are only required to place minimum deposit of RM1,000. The interests rates also range from 1.2% p.a. to 1.3% p.a. Below are several ways you can apply for an account of Citibank fixed deposit Malaysia
How to apply for a fixed deposit in Citibank
- Fill a form to provide contact details in the official Citibank Malaysia website and wait until two business days to be reach by the bank.
- Visit the nearest Citibank branch office directly. You may locate the with provided location information in the official website of Citibank Malaysia.
- Call the Citibank through CitiPhone service via the numbers as follow:
- Kuala Lumpur: 03 – 2383 0000
- Johor Bahru: 07 – 340 6000
- Penang: 04 – 296 0000
When you apply for Citibank fixed deposit Malaysia account and your term is approaching to an end, you’ll receive notification via SMS or email. By then, you can decide whether to reinvest the money or withdraw and use it for other purposes.