What is the Hong Leong Bank Senior Savers Flexi Fixed Deposit?
Hong Leong Bank Senior Savers Flexi FD is a great fixed deposit designed especially for folks aged over 50 who would like to maximise their retirement savings whilst maintaining full flexibility to access their cash when they need it.
What are the features of this Senior Savers Flexi FD?
Firstly, you must be a Malaysian citizens of at least 50 years of age to open this fixed deposit account. You can open an Individual or Joint Account with your identification card and a minimum deposit of RM10000. Investment terms run up to 60 months.
The Bank will credit the interest earned every month into your Hong Leong Bank Savings or Current Account. Yes, you'll need to have a Hong Leong Bank Account to sign up for this FD, but that's easy to set up.
Can I withdraw some of the my money before maturity?
With this Senior Savers Flexi FD you can make partial investment withdrawals whenever you like and you'll still earn interest on the remaining balance. You can withdraw at any Hong Leong branch (in multiples of RM3000).
If your remaining Senior FD balance is less than RM10000 you'll have to withdraw the balance in full. That's the lower limit to keep the account open.
Is this a secure deposit?
Yes. It's protected by PIDM against losses made on your money due to the bank's nonperformance. Cover is free and you're good for up to RM 250000.