What do I need to know about the Bank of Nova Scotia Fixed Deposit?
This is a no frills fixed depositn ( FD) account that lets you earn a high interest rate for a fixed period of time. Open to everyone you only need to invest RM1,000 for two months to start earning interest. There is a one month option available but you'll need to fork out at least RM5,000 to get in.
Commit to a term longer than twelve months, or make a deposit greater than RM1 million, and you'll wield bargaining power to negotiate with the bank for a higher interest rate.
Can I take money out of my account whenever I want?
No, this is not possible. You can only withdraw the full amount when the term ends.Or, of course, you can cancel your account and lose any interest you might have earned.
Can I close my fixed deposit account before the maturity date?
Terminations may be granted upon request, but the bank may either impose a penalty fee or refuse to pay out interest on your withdrawals. The best way to make money from a FD account is to make a commitment and keep to it.
How will I get my interest?
You can either choose to have interest paid as a lump sum at maturity, or get it paid into your account every month. The monthly payment option is great and well worth considering, not many banks offer that.
What do I need to open an account?
You can open this account with your MyKad and a cheque or some cash.. The bank will issue you a fixed deposit certificate once your application has been approved.
Does PIDM protect this Bank of Nova Scotia Fixed Deposit?
Yes, This fixed deposit is eligible for protection by PIDM for up to RM250,000 per person per bank.