Fixed deposit, or also known as term deposit for plenty of people, is a financial instrument served by bank institution. This scheme lets you save funds for a fixed tenure and generate relatively higher interest rate. In typical arrangement of fixed deposit, as the customer you need to place certain amount of money to the bank.
In return, you will receive deposit certification that contains information about the amount of deposited money, the interest rate, and the date of maturity. After the maturity date is coming by, you need to return the deposit certification to the said institution in order to withdraw your fund and gain the interest.
As fixed deposit provides customers with higher interest rate, it is generally a popular type of investment. In case you own some spare fund that you won’t need to access for considerable period of time, then it can be a great choice to boost your income by investing the fund. Before you choose to do it however, try to check the offered interest rates between different banks to determine which one would be the most beneficial option to go with.
United Overseas Bank (UOB) Malaysia provides its customers with fixed deposit account service as well. It is one of the many offered banking and financial products and services beside mortgage loans, business loans, treasury, general insurance, credit cards and many more.
UOB Bank Fixed Deposit Malaysia
UOB Bank Fixed Deposit
|Deposit||Deposit Period||Effective Interest Rate|
|min. RM5,000||1 month||1,45%|
|min. RM500||2 months||1,5%|
|min. RM500||3 months||1,55%|
|min. RM500||4 to 6 months||1,65%|
|min. RM500||7 to 12 months||1,75%|
Fixed Deposit Rates
Fixed Deposit-i Profit Rates
If you choose to use UOB Bank fixed deposit Malaysia service, then there is a minimum of initial deposit you have to fulfill for certain tenure. For one month tenure, the minimal amount of initial deposit required is RM 5,000. Meanwhile, for two months tenure and longer, the minimal amount of initial deposit required is RM500. The interest rates that provided by this bank range from 1.45% p.a. (for 1 month tenure) to 1.75% p.a. (for 12 months tenure). Here’s how you can apply and register for UOB Bank fixed deposit Malaysia account.
How to apply for a fixed deposit in UOB Bank
- Make sure you are eligible to open an account by being 18 years old or older.
- Bring your identity card (for Malaysian) or your passport (for foreigners) and the required documents, such as:
- Utility bill with information about your name and address, for example electricity, telephone, or water bills.
- Employment letter or pass/permit for students if you are a foreigner who work or study in the country.
- Visit the nearest UOB Malaysia branch office to perform application.
To obtain more information about this specific service, you may visit the nearest UOB Malaysia branch office.