Are you aware of the fixed interest rate? Do you have any idea about their how it can work? If your answer is No, then don’t worry we are here to tell you about all those things. The fixed interest rate is the interest which is applied to your liabilities like the loan to take from any organization/bank or something else. This interest rate is not to be changed according to the market changes. They are fixed for the entire fixed duration of the time which you fixed during your agreement. Every time you make any such kind of deal the one should check the interest rate to the market, then he can confirm the deal after giving you the all details of that interest which they can apply on your liable amount.
The fixed deposit interest rate is varying to the bank to bank or financial organization to organization.
Fixed deposit interest rate variations:
If we are taking any particular bank/organization, then you can see that its interest rate is different from another one.
#Affin: 1.)If you are, the minimum deposit amount of sum RM5, 000 for one month or you are going to deposit RM500 for more than one month of time. Then that person has to pay RM 508 according to 5.08% interest rate annually.
If you want to enjoy higher interest rate up to the range of 5.18 % per annum, this is -15 months tenure. This can be applied only when you deposit minimum amount of RM 10, 000 to your account.
Tenure terms: there is a policy where you can deposit your amount for 1 to 12 months of the period but with a fixed amount of money, like RM 5000 is for one month tenure or RM 500 for more than one month tenure.
There are some condition also if you lost your fixed deposit receipt then, in that case, you have to pay RM 5.30 per request for the replacement or the reprint fee for the lost receipt, and also advise you to keep at least two copies onwards as the better option.
2.) According to this policy, if you lost your fixed deposit receipt, then one should pay RM 5.30per replacement and even you want to reprint your receipt, then you have to pay RM 5.30 also. It is advised that at least keep two copies of your deposit.
To make your fixed deposit in this bank then you have to pay RM 10000 as the initial deposit. In this policy, you have tenures of 1, 3, 6, and so on (in months). Along with all these things, you have to place minimum 1000 RM, in your current or savings account.
#Hong Leong bank: 1.) In this deposit, you get 4.30 % annual interest rate so that you will get RM 430 as the interest amount. For fixed deposit, there are some terms and conditions applied in this bank; these limitations are as follows-
a.) One should be Malaysians citizens
b.) In case of others, only external accounts are offered to them, for non individuals.
c.) Age: 18 years, or above.
Payment mode: It can be paid on a monthly basis for at least minimum six months which can be optional. The tenure time is 1 to 60 months.
Pre-mature upliftment: half of the contracted rate will be paid to you after every each completion of the month, applied only after the completion of three months. Or otherwise, they will not pay any interest to you. In case you lost your fixed deposit receipt, you have to pay RM 5 per receipt, or if you want the letter of indemnity, then you should pay RM 10, accordingly.
2.) In this policy, the account holder must be more than 50 years old, and in this, they have multiple tenures like 12, 24, and so on, with the initial deposit of RM 10,000.
3.) In this policy, you should need a junior savings account and children must be under 18 years. The remark with this policy is that if you can enroll for junior fixed deposit in multiples of RM 5000 starting from RM 1000. The initial deposit must be RM 1000 which also available in 12, 24 and many other tenures in the multiple of 12.
#Maybank: In this fixed deposit policy, they offer you 3.35 % fixed interest rate, and you earn approx. RM 335. The tenure terms in this bank are approx- 1 to 60 months. The initial deposit for this policy is- RM 5000 for the 1-month tenure and RM 1000 amount for more than one month tenure. The age eligibility for this fixed deposit is minimum 18 years, and the necessary documents needed for this is- the passport and other evidence too.
The premature upliftment in this policy is covering half of the contracted rate which will be paid only after the completion of three months.
#CIMB: For this, the initial amount is approx RM 10.60 or RM 31.80 for the reproduction of the policy.
The premature upliftment information is same for all banks. The eligibility for his policy is- one must be involved in the business enterprise which works in Malaysia, and he/she must be of 18 or above 18 years. In it, there are also from one month to sixty months tenure for this kind of fixed deposit. To make yourself eligible for such deposit scheme you should pay RM 1000 for more than one month of tenure and RM 5000 for one month only.
# Mach: Mach is a fixed deposit scheme offered by Hong Leong bank which offers you the interest rate 3.30 % per annum, and you can earn approx.RM 330.
The other important things- the interest which is calculated on your amount is directly paid to your account on a monthly basis. The other important remark is – if you have already existing account you have 1 to 24 months tenure. On your initial amount of RM 5000 which is for one month only and RM 1000 which is above one month.
In the above article, we share the brief information about the different fixed deposit interest rates which is calculated on differently fixed deposits offered by various organizations.