What do I need to know about BSN Term Deposit?
BSN have made available this investment account to all Malaysians and permanent residents over the age of 7 years - it's the perfect vehicle to save for your child's education fees.
You will be given the option to open a Joint or Trust account, allowing you to earn attractive interest returns up to 3.5% p.a. with deposit periods stretching out to a maximum of 60 months.
Can I withdraw my Term Deposit before maturity?
Yes, but you may run into the risk of only receiving 50% of the potential profits you can receive if you wait until maturity.
However, if you decide to withdraw within 1 month from the activation date, you won't be entitled to any profits.
Can I renew once my term deposit reaches maturity?
After completion of the deposit tenure, your BSN Term Deposit placement will be automatically renewed at BSN’s prevailing board rates.
How do I receive my interest earnings?
You can opt for either one of the following methods:
- cash credited straight into your Giro Account
- fund transfer via IBG
Is this Term Deposit account insured by PIDM?
No. Instead, your deposit is 100% guaranteed by the government under the Bank Simpanan Nasional Act.