Have you heard about fixed deposit account? If you have, do you understand what that term means? To be simply put, a fixed deposit account is basically the same with your conventional saving account. However, this one got a special feature of higher interest rate if compared to the conventional saving.
In addition, there is a tenure that you can pick before investing your money. Tenure can be defined as the length of time in which you cannot take back the deposited money.
Otherwise, the interest rate promised will be cancelled or just given according to how long you are saving your money there. Some banks may also have this rule of penalty charge due to premature withdrawal of deposit money.
In case you are wondering, Maybank also has its fixed deposit program. This is designed to make you gain more as you deposit your money within the designed tenure.
If you choose to pick Maybank fixed deposit Malaysia as your fixed deposit handler, you should know beforehand how much you will gain from depositing your money.
Maybank Fixed Deposit Malaysia
Fixed Deposit Account
| Tenure | Interest Rates (% p.a.) |
|---|---|
| 1 month | 1,5% |
| 2 months | 1,65% |
| 3 months | 1,7% |
| 4 months | 1,7% |
| 5 months | 1,7% |
| 6 months | 1,8% |
| 7 months | 1,8% |
| 8 months | 1,8% |
| 9 months | 1,8% |
| 10 months | 1,8% |
| 11 months | 1,8% |
| 12 months | 1,85% |
| 13 - 17 months | 1,85% |
| 18 - 24 months | 1,85% |
| 25 - 35 months | 1,85% |
| 36 - 47 months | 1,9% |
| 48 - 59 months | 2% |
| 60 months | 2,1% |
Prosperous Now Account-i
| Tenure | Profit Rates (% p.a) |
|---|---|
| 1 month | 1,4% |
| 2 months | 1,55% |
| 3 months | 1,6% |
| 4 months | 1,6% |
| 5 months | 1,6% |
| 6 months | 1,7% |
| 7 months | 1,7% |
| 8 months | 1,7% |
| 9 months | 1,7% |
| 10 months | 1,7% |
| 11 months | 1,7% |
| 12 months | 1,75% |
Islamic Fixed Deposit-i
| Tenure | Profit Rates (% p.a) |
|---|---|
| 1 month | 1,5% |
| 2 months | 1,65% |
| 3 months | 1,7% |
| 4 months | 1,7% |
| 5 months | 1,7% |
| 6 months | 1,8% |
| 7 months | 1,8% |
| 8 months | 1,8% |
| 9 months | 1,8% |
| 10 months | 1,8% |
| 11 months | 1,8% |
| 12 months | 1,85% |
| 13 - 24 months | 1,85% |
| 25 - 35 months | 1,85% |
| 36 - 47 months | 1,9% |
| 48 - 59 months | 2% |
| 60 months | 2,1% |
The interest rate is set in percentage per annum; meaning the rate is set for an annual basis. According to the bank’s official website, per 2020, the interest rate varies from 1.50% to 2.10%. Indeed, there is this span of interest, and the highest percentage per annum is given to the depositor who saves their money following the longest tenure, which is 60 months. Well, if you want it to be a short-term deposit, you can pick the shorter tenure (the tenure ranges from 1-60 months).
Another thing that you should know before depositing your money in Maybank fixed deposit Malaysia is the minimum money you have to give out in order to open a deposit account. This aspect really depends on the tenure you are choosing.
If you are a corporate customer and plan to take one-month tenure, you must provide RM 5,000 minimum deposit. A minimum deposit of RM 1,000 is allowed for retail/corporate customers who want to deposit their money with tenure longer than that. To open your Maybank fixed deposit Malaysia account, you should follow this step-by-step procedure below.
How to apply for a fixed deposit in Maybank
- Prepare the required documents, which is your national identification card and another secondary supporting documents such as driving license, utility bills, or valid letter of employment.
- Prepare the amount of money required to open the deposit account.
- Go to the nearest branch of Maybank and tell the customer service that you desire to open a fixed deposit account.
- The officer will gladly help you to go through the whole process. Follow and complete the application process afterwards. Never doubt to ask questions if you have any inquiries.
Well, as mentioned earlier, the interest rate is higher, so some people think getting a fixed deposit means to invest your money.
