What is AmBank Am50 Plus?
AmBank Am50 Plus is a fixed deposit account product created exclusively for the over fifties. For as little as RM5,000 you can start earning attractive interest on investment commitments between six months and five years.
How do I open this Am50 plus?
All you need is your MyKad and some money to open the account - it's easy to get started. You will need an AmBank Savings or Current Account if you're not already doing your day-to-day banking with AmBank.
How do I get my hands on the interest I'm earning?
Interest from your FD is credited to your Savings or Current Account every month. Once this time deposit has matured you must let AmBank know whether you're going to renew or cash out. If the AmBank does not receive any instruction from you within 14 days of the fixed deposit term ending the bank will be automatically renewed.
Can I still receive interest if I withdraw the money early?
If you want to withdraw within three months or less AmBank will not pay out any interest. If your withdrawal is made after three months you'll get 50% of the original interest for each completed month. No partial withdrawal of your money is allowed.
Is this fixed deposit protected?
Yes, Perbadanan Insurans Deposit Malaysia ( PIDM) protects your savings against loss in the event of the bank’s failure. Cover is free and but limited to RM 250000.