ICBC bank fixed deposit Malaysia is a form of bank account promising a fixed rate of interest to the investors. In exchange, the investors should agree to not withdraw the funds they have deposited for a set period of time. In this investment instrument, investors will only be able to collect the profit at the date of maturity.
Since the period of investment and the rate of interest are set, investors can easily calculate the profit they will earn at the end of the tenure. When you open an ICBC fixed deposit account, you will get to decide the term at your convenience. You are automatically deciding to put some of your funds. You cannot withdraw that money for a specific period of time the moment you set the tenure.
ICBC bank fixed deposit Malaysia offers investors a relatively higher interest return compared to those of conventional banking accounts. In addition to this, people have a wide selection of tenure, from only one month to more than 12 months.
ICBC Bank Fixed Deposit Malaysia
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Compared to the majority of time deposit providers in Malaysia, ICBC is one of the foreign financial institutions that offer a fixed deposit with several currencies, such as ringgit, US dollar, and Yuan. ICBC fixed deposit application process can be done through the official platform of ICBC and over-the-counter with several documents. Here is how to open a fixed deposit account in ICBC
How to apply for a fixed deposit in ICBC Bank
- If you have an existing ICBC bank account, you can go to the bank’s personal internet banking platform at myebank.icbc.com.cn.
- Log in to your account by selecting the login mode you prefer. Key in your account number if you choose the Card/account number method and key in your online banking username if you choose the username login mode.
- Enter your password and the provided verification code. Click on Login.
- Locate the option of fixed deposit or time deposit. Enter the required details.
- If you plan to choose six months tenure, you can either use the fresh or existing fund for the initial deposit. The minimum deposit amount is MYR 1,000.
- If you plan to choose tenure of more than six months, you can only use the new fund. Besides, the application process can only be done over the counter, meaning you will need to visit the nearest branch.
As a note, those who are eligible for this investment facility are only Malaysian citizens and permanent residents. They must be 18 years old or above.