Fixed deposit is one of the tools of investment where you invest a particular amount of fund for pre-determined tenure. This investment scheme tends to generate higher interest rate, which makes is a popular investment options compared to other types of saving account.
The offered interest rate of fixed deposit depends on the institution of your choice, so it varies between different organizations. Based on your investment portfolio, you may be eligible for short-term or long-term investment.
This specific type of deposit has been a famous choice of investment, mostly because there is little to no risk to it. The service is provided by various banks, non-banking financial institutions, and even post office across the world. Most customers apply for fixed deposit account in the bank where they are already registered as saving accountholder, but it is also possible for the institution to allow you apply for account even if you don’t have saving account under their company.
Being a part of global banking and financial products and services provider for more than 23 million customers, Bank of Nova Scotia offers this service as well. For those of you who live in Malaysia, applying for an account of The Bank of Nova Scotia fixed deposit Malaysia can be an option worth to consider.
The Bank of Nova Scotia Fixed Deposit Malaysia
| Deposit | Deposit Period | Effective Interest Rate |
|---|---|---|
| RM5,000 - RM1,000,000 | 1 month | 1,7% |
| RM1,000 - RM1,000,000 | 2 to 3 months | 1,75% |
| RM1,000 - RM1,000,000 | 4 to 9 months | 1,8% |
| RM1,000 - RM1,000,000 | 10 to 12 months | 1,85% |
| RM1,000 - RM1,000,000 | 12 months | Negotiable |
Available for all kinds of customers, opening fixed deposit account in Scotia Bank Malaysia only require you to place RM5,000 for 1 month tenure and RM1,000 for 2 months tenure and above. Each have different interest rate, starting from 1 month tenure with 1.7% p.a., to 10-12 months tenure with 1.85% p.a., and then negotiable interest rate for more than 12 months tenure.
In order to apply for The Bank of Nova Scotia fixed deposit Malaysia account, you need to visit the bank’s branch office. You don’t need to have existing saving account just to register for fixed deposit account. Here’s the initial step to do whether you’re already listed as accountholder in this bank or not
How to apply for a fixed deposit in The Bank of Nova Scotia
- If you already have Scotia Bank Malaysia account: Fill in and submit fixed deposit application form to nearest branch office.
- If you are not an accountholder in Scotia Bank Malaysia: Do the step above and bring required documents to prove your identity and address.
Scotia Bank Malaysia doesn’t allow you to perform pre-mature fund withdrawal after you have committed to fixed deposit account. If you choose to do so, then you won’t receive any interest at all.
