What do I need to know about AmBank AmQuantum Investment?
If you want to open one of these AmBank fixed deposit accounts you'll need at least RM5,000 and your IC/MyKad.
It's going to take some serious commitment on your part to earn some interest but you can choose to tuck away your savings for anything between nine months and five years.
Important to note that you'll need an AmBank Savings or Current Account to receive your interest payments.
How do I withdraw the money?
AmBank will credit interest earned directly to your Savings or Current Account every quarter (every three months).
Obviously, you can leave the interest in the FD and withdraw your profit together with the investment once it is matured.
Can the bank automatically renew the term deposit?
If AmBank does not receive any instructions from you within 14 days of the initial fixed term ending, then the money will be reinvested automatically on the same terms.
Can I still earn interest if I withdraw the money before expiration?
This depends on how long you have placed the fixed deposits, if you withdraw the money less than three months after opening your account you'll not get any interest at all!
For deposits over three months old, you'll get 50% of the interest earned if you end the account before it expires.
No partial withdrawal is allowed.
Is the AmQuantum Investment from AmBank protected?
Yes, it sure is. Your deposit is protected by PIDM against loss on your investments in the case of bank failure.
It's completely free and your deposits are covered for up to RM250,000.