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 RM5000.
For a limited time until the 31 March 2017 you get to enjoy preferential rates of 5% p.a. on your first time deposit of RM5,000 - RM30,000 for 3 months, exclusively for HSBC Advance account holders.
* This promotion is open to New HSBC Advance customers (New-to-bank and Upgrades). Minimum placement of RM5,000 and up to a maximum RM30,000 for each HSBC Advance relationship. Placement must be performed at HSBC Bank branches and consist of fresh funds only. Eligible customer(s) must open an HSBC Advance account, have an existing HSBC Credit Card or apply for one with submission of full documentation and sign-up for Personal Internet Banking (PIB) on the same day. Time Deposit is eligible for protection by PIDM.
HSBC Advance and better interest rates?
To be eligible for HSBC Advance you will need to have a Total Relationship Balance of RM30,000 or more in savings, current accounts, deposits or investments. Another way to qualify is when you have a HSBC Home Loan of RM300,000 or more. HSBC Advance opens you up to a whole new world of privilege and access, it will make keeping track of your wealth easy as pie.
If you are HSBC Advance account holder, and this is your first time using the 3-month Time Deposit placement, then you are eligible for the all new interest rate of 5% p.a. One of the terms for this awesome deal is for you have a HSBC Credit Card, if you do not already have one, you'll be required to apply for one with a full submission of documentation, after which you can sign up for Personal Internet Banking (PIB).
Remember that for this deal to work, your Time Deposit placement must be fresh funds.
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.