Who can apply for BSN Term Deposit?
Any individuals aged 7 years old and above, Malaysian citizen or non-resident with a permanent address in Malaysia can apply for BSN Term Deposit. This fixed deposit account also opens to non-individuals with business enterprises operating in Malaysia.
All you need to prepare when applying for this fixed deposit account is a minimum deposit of RM1,000 for 1 month, or RM500 for 3 months and above.
How high is the interest rate?
The interest rate is based on your the amount of your fixed deposit and the period of placement. As you can see from the table above, the interest rate is higher when you invest the longest.
Can I withdraw my money before the tenure completed?
Effective from January 2019, when you withdraw the money in your fixed deposit account before its tenure completed, you are no longer receiving interest payment on the withdrawn amount.
In case the interest rate has been credited into your account prior to cash withdrawal, the bank will deduct some portion in your savings account to recover it.
It is highly encouraged that you keep the savings until it reaches maturity. The same terms and conditions applied when you renew your fixed deposit account.
Does BSN Term Deposit have auto renewal feature?
BSN Term Deposit comes with an auto renewal feature for up to 7 years. Your fixed deposit account will continue to invest in the same tenure and at the current prevailing rate at the time of renewal.
Is my money in this fixed deposit account safe?
Yes, it is. This term deposit account is guaranteed by the Malaysian government and PIDM for up to RM250,000 per person..