What do I need to know about HSBC Time Deposit?
This standard fixed deposit product from HSBC offers simple investment starting at RM1000, and terms from two months to sixty months in tenure. A short term one month fixed deposit is available for a minimum investment of RM 5000.
Can I make a withdrawal from this Time Deposit before the term has ended?
No, sadly you can't do that with this HSBC product. You can withdraw the total investment, but not just a portion of the funds. If the time deposit is held for three months or more the bank will pay you half of the contracted interest rate for each completed month.
When do I get to collect my interest?
Payment of interest is comes only at the end of the term . If you deposit for more than thirteen months, interest will be paid half yearly, every six months.
How do I open a Time Deposit account with HSBC?
It's really easy, you can open this account if you are aged 18 or over. All you need is some cash (or a cheque) and your Identification Card. 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 anytime.
Does the bank auto renew when the term ends?
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.