Fixed deposit, a term that’s used interchangeably with term deposit, is a type of deposit where a financial-related institution allows the customers to place deposit money for a certain period of time. In return, the customers are provided with higher interest rate.
The term of maturity varies, by ranging from a day, a month, or several years the available options depend on your chosen bank. Generally, investing through fixed deposit account in short-term will generate lower rate of interest compared to if you choose to invest for longer terms.
When you place fund in your fixed deposit account, you have to understand in advance that the fund can be withdrawn only by the end of agreed term. If you choose to perform pre-mature withdrawal, then the bank institution will most likely apply penalty fee upon it.
There are also cases where the account holders are required to provide prior withdrawal notice, in which the term used is notice deposit. When the maturity date is coming, then you may withdraw the money or choose to redeposit it for another term.
There are two common forms of fixed deposit: redeemable and non-redeemable. Redeemable deposit means the money can be withdrawn before the end of the term, while in non-redeemable type of deposit, it is locked away for fixed time period. Your choice upon the deposit type will affect whether you receive the interest in periodic interval of by the end of the term.
Hong Leong Bank Fixed Deposit Malaysia
| Tenure | Interest Rate (p.a.) |
|---|---|
| 1 month | 1,5% |
| 2 months | 1,5% |
| 3 months | 1,55% |
| 4 months | 1,55% |
| 5 months | 1,55% |
| 6 months | 1,6% |
| 7 months | 1,6% |
| 8 months | 1,6% |
| 9 months | 1,6% |
| 10 months | 1,6% |
| 11 months | 1,6% |
| 12 months | 1,6% |
| 13 – 60 months | 1,6% |
If you are looking for a bank institution that provides fixed deposit service, then you may want to see at Hong Leong Bank. To apply for Hong Leong Bank fixed deposit Malaysia, you need to place minimum RM5,000 deposit for 1 month of tenure and minimum RM500 for 2 or more months of tenure. The maximum deposit amount you can place in this bank is RM2,000,000. The interest rates vary from 1.5% to 1.6%. You may apply for an account of fixed deposit in HLB Bank Malaysia via internet by following the steps below
How to apply for a fixed deposit in Hong Leong Bank
- Login to your HLB Connect account at hongleongconnect.my.
- Select Apply > Fixed Deposit > New Placement.
- Select the funding account and enter the details or placement as required.
- Wait until you’re being redirected to the login page of your funding’s internet banking account.
- Perform login and then transfer the deposit money through FPX.
Hong Leong Bank fixed deposit Malaysia is a great choice if you are a beginner in money investment through the scheme. It is available for both individual and corporate customers, with the options of placement terms that range from one month to 60 months.
