What is great about the Citi Priority Time Deposit
Well it’s a fixed deposit account, that comes with a membership to Citi Priority banking, which means, you get to enjoy some amazing banking perks.
If you deposit a minimum of RM100,000 up to RM399,999 then you are entitled to the Citi Priority Banking membership, which then creates a gateway for you in to the world of better, higher and more exclusive interest rates.
So how does this benefit me?
For starters, you get to grow your wealth at an exponential rate. The banking privileges start with a wealth builder package that offers you the option of taking on a Private Retirement Scheme (PRS). It’s a voluntary long-term investment scheme that will work alongside your existing EPF savings. If you are self-employed then this might potentially help to increase your retirement savings.
Other than that, you will also have access to a wide range of quality investment products and 24/7 insurance coverage with various insurance options from Citibank’s insurance partner. All of these projects sound troublesome. However, because of your Citi Priority Relationship, you will have a team of Relationship Managers to ensure that all your financial needs and projects are take care off.
Just leave the heavy lifting to them, while you kick back and just enjoy the returns.
What if I’m not interested in Investments?
Worry not, another great banking privilege that your entitled to is the Home Owner package, where you will receive preferred treatment if and when you decide to buy a new home and need to pick up a Citibank Home Loan.
You are also entitled to a specialized personal loan, that gives you flexibility and easy access to your funds. Whatever the personal loan is for, medical expenses, home renovation or even higher education. You can take out a loan of up to 8x your gross monthly income.
And if you are indeed revamping your home, with the Citi Priority on your side you can pick up a Home Protection Plan to look out for your home in case of emergency or if anything unplanned were to happen.
How does the Time Deposit work though?
Similar to any other deposit, you can only put in so much money and then wait for it to grow. But with the Citi Priority Time Deposit you have complete access to your funds anytime and anywhere.
You can make partial withdrawals in multiples of RM5,000 whenever you want, before the maturity of your tenure. The remaining amount will continue to earn interest on itself. Speaking of tenures, you can choose to deposit your funds for a minimum of one month up to 60 months.
Of course, the interest rates remain the same so you won’t have to worry about making less than what you bargained for. The interest will be deposited into either your savings or current account.
Is this deposit renewable?
Yes it is. If you had not given the bank any indication or prior instruction to withdraw your deposit upon maturity, then within two days of your term ending your fixed deposit will be renewed by the bank according to the same terms.
What about PIDM protection?
This deposit is indeed protected for up to RM250,000 in the event of a bank failure.