What do I need to know about Alliance Bank Fixed Deposit?
Alliance FD is open to everyone aged 18 years or over. To be very clear, it's also open to corporations, partnerships, trustee, government bodies, sole proprietors, associations, clubs, and societies.
It's not expensive to get started, the smallest deposit commitment is RM500 for a maximum of five years. If you prefer a one-month tenure, the required minimum deposit will jump to RM5,000.
How does the bank pay out my interest?
Interest can be credited into an account with Alliance Bank or collected in the form of cash or cheque over the counter at a Branch. If your fixed deposit term is less than one year interest is paid at maturity (when it ends). For terms over one year interest can be paid out every six months.
Can I withdraw the money before the end of the deposit term?
Generally, when you open a Fixed Deposit account you're making a commitment to invest your money for a set amount of time. If withdrawals are made before the first three months are up you won't get any interest at all.
Once your account is three months old you'll get half of the interest earned if you close it before the end of the committed term.
Is there an option for partial withdrawal of money?
No, not with this Fixed Deposit account.
How do I open this Alliance Fixed Deposit account?
For a private individual, well, you just need your Identification Card. If you’re under eighteen you need a parent or guardian to accompany you to open the account.
For Corporate, Association or Clubs, please bring along the necessary documents such as Form 24 & 49, Company or Board or Club’s resolution, Business Registration Form. Two Authorised Signatories need to attend to sign-up.
Is this Alliance Bank FD secure?
Yes, this deposit is protected by PIDM. Your money is automatically insured for up to RM 250,000.