What do I need to know about HSBC Time Deposit?
HSBC Time Deposit is a fixed deposit account whereby you place a portion of your money into this account for a specific period of time to earn a percentage of return.
This standard fixed deposit product from HSBC offers simple investments starting from RM1,000, with flexible placement tenures of up to 60 months. If you want to place a deposit for a short term of 1 month, the minimum investment amount of RM5,000.
Do I still get profit for making partial/full withdrawals?
It depends. In any situation, if you make a withdrawal within 3 months or less after placement, you will not be paid any interest on your deposit.
However, if you have a fixed deposit placement of 3 months and above, you will only receive half of the profits for the completed months when you perform an early withdrawal.
When do I get to collect my interest payment?
The payment of interest on your deposit comes at maturity. For example, if you invest an amount deposit for a 12-month placement, you will get your principal plus interest at the end of the placement tenure.
On the other hand, you will get paid interest half yearly or every six months if you have a deposit for more than thirteen months.
How to apply for HSBC Time Deposit?
You can apply for the account provided that you have met the requirements below:
- Must be 18 years old and above;
- Holder of NRIC
- Have a minimum of RM1,000
If you are an existing HSBC Savings or Current Account holder with online banking access, you can signup online and manage your money from anywhere, at any time.
Does HSBC auto-renew my fixed deposit upon maturity?
If you do not instruct the bank, or withdraw your investment principal and interest when the term ends, then the bank will automatically renew under the same terms and tenure.
They'll re-invest the interest you earned too.
Is my fixed deposit guaranteed under PIDM?
Absolutely. Your Time Deposit placement with HSBC is eligible for protection by PIDM for up to RM250,000.