What is this product about?
This is a fixed deposit account whereby you can save a portion of your hard-earned money for a specific period of time and earn an interest rate, which will be paid at maturity. Fixed deposit is relatively a safer investment option and is usually guaranteed by the authority.
Bangkok Bank Fixed Deposit can help you achieve your savings goal and create wealth at the same time as it pays a higher interest rate, accepts low minimum deposit and offers a flexible placement tenure up to 12 months.
Are there benefits I can get from this fixed deposit?
First off, you get to open an account with one of the largest banks by total assets in the region, which means you get access to a wide variety of its financial services. In particulars, this fixed deposit account offers an above average interest rate in the market.
You can gain even higher interest rate up to 3.50% p.a. when you place a minimum deposit of RM5,000 in fresh funds (money that is not originated from any accounts within Bangkok Bank).
Once the deposit is ready, you can select the tenure of your choice, whether 3, 6, 9 or 12 months, and leave it there until maturity to enjoy full interest payment on your deposit.
Can I withdraw my deposit prematurely?
Before you decide to simply take out your savings in Bangkok Bank Fixed Deposit, you should know that your interest rate is contracted to the tenure of your choice. So, when the deposit is withdrawn prematurely, you cannot cannot claim the interest payment for when:
- Any deposit is taken out before the completion of 3 months for placement of less than 3 months;
- Any deposit is taken out before the completion of 3 months for placement of more than 3 months.
On the other hand, if you have completed the 3-month placement and wish to withdraw deposit, you are only entitled for half of the contracted interest rate.
What happens if I don't claim my deposit after maturity?
You don't have worry as the principal amount and interest charged from the previous tenure will be automatically renewed for the same tenure. The deposit will still continue receiving interest rate at Bangkok Bank's prevailing board rate.
Is it safe to invest my money in this fixed deposit?
You bet as this fixed deposit has a low-risk investment exposure. Also, it is guaranteed for up to RM250,000 under Perbadanan Insurans Deposit Malaysia.