India International Bank fixed deposit Malaysia is a way to save money in the most secure possible way. Besides they are safe, they also offer decent returns, which comparatively better than the returns one will obtain from a regular savings account. So, what is a fixed deposit?
For your information, a fixed deposit or term deposit is an investment instrument where investors will put a specific amount of money in a bank or non-banking financial company for a fixed period (tenure) at an agreed interest rate. Investors will receive the interest at the end of the maturity date.
When you open a fixed deposit account, the rates of interest on the account are fixed. The rate entirely depends on the tenure you have selected.
India International Bank Fixed Deposit Malaysia
|Tenure||Rate (% p.a.)|
|1 - 2 Months||1,45%|
|3 - 5 Months||1,4%|
|6 - 11 Months||1,3%|
|Above 12 Months||Negotiable|
As briefly mentioned above, the returns one will earn from India International Bank fixed deposit Malaysia is higher than standard savings account because the account holder is the one that can decide the term and the sum of investment. In other words, the longer the period you select for the investment, the more money you will earn from the interest.
In addition, it is also important to note that the fixed deposit means fixed. The moment you open your account, you will not have the liberty to withdraw your money until the tenure reaches the date of maturity. If you are planning to open a term deposit account, here is how to do it
How to apply for a fixed deposit in India International Bank
- You should be at least 18 years old to apply for an investment service at the India International Bank.
- If you are applying as an individual and happen to be residing in Malaysia, prepare your valid identification card, driving license, and/or passport.
- If you are a foreigner, prepare your passport, work permit, or study pass. Also, if you have a permanent address, make sure to provide the valid address you are currently residing in.
- Bring all the required documents and the sum for the initial deposit to the branch of India International Bank. If you opt for one month term, you should at least put RM 5,000 for the initial deposit. If you select tenure of two months and above, the minimum deposit is RM 1,000.
Well, the term deposit service of India International Bank is not only eligible for individuals of any nationality, but also for the associations, sole proprietorships, financial institutions, business enterprises, and government institutions.