Alliance Bank Fixed Deposit

About Alliance Bank

Alliance Bank is also ranked 23rd on Malaysia’s Most Valuable Brands award, an award-winning financial service provider. Putting its claws in Malaysia for the last 5 decades, Alliance offers different kinds of banking and financial services such as stockbroking, SME banking, and Islamic banking.

What is a fixed deposit?

Fixed deposit (FD) is a type of short-term investment where you can put your money and agree not to take it out for a set length. When the terms are over, investors will get higher interest rates than they would on regular savings accounts! The government insures it, so there is not much risk involved in this choice.

What should I know before applying for fixed deposits?

  • Interest rates

    You should know the interest rates upon maturity to ensure you gain a great amount of return. Interest rates differ from bank to bank and tenure to tenure.

  • Tenure

    Different banks offer different tenures, ranging from 1 month to a few years. Choose the one that suits your needs and financial goals.

  • Hidden fees

    It is crucial to identify all costs incurred to avoid spending more than expected.

  • Penalty

    You should be informed of the penalty amount to know what to expect if you need to withdraw the money before maturity.

  • Banks

    Being aware of the customer service and the reputation of the bank you are planning to apply your fixed deposit account is an important step! Do thorough research before deciding on a bank.

What are the types of fixed deposits offered by Alliance Bank?

Alliance Bank offers 1 type of fixed deposit, which is Fixed Deposit. Alliance Bank also provides an online version for existing AllianceOnline clients.

Who can apply for Fixed Deposit?

You are eligible to apply for Fixed Deposit if you are:

  • At least 18 years old, or
  • Below 18 years old (accompanied by parents/ legal guardian)

Corporations, partnerships, trustees, government bodies, sole proprietors, associations, clubs, and societies are also welcome to apply.

Why should I choose Fixed Deposit?

Among other reasons, you should choose Fixed Deposit because:

  • Low minimum deposit (from RM500)
  • Flexible tenure (1 to 60 months)
  • Protection by PIDM (up to RM250,000)
  • AllianceOnline banking services

What are the documents required to apply for Fixed Deposit?

The documents needed to apply for Fixed Deposit are as follows:

  • Identification card
  • Form 24 and Form 49 with two authorised signatures (for corporations, partnerships, trustees, government bodies, sole proprietors, associations, clubs, and societies)

What is the tenure of Fixed Deposit?

1 to 60 months.

What is the minimum amount to deposit into Fixed Deposit?

  • 1 month: RM5,000
  • 2 months and above: RM500

What are the fees for Fixed Deposit?

  • Interest rates: It depends on your tenure (*1.50% – 1.85% p.a.)
  • Loss of fixed deposit certificate: RM5

To learn more about the interest rates, click here.

*As of 25 March 2022

What happens if I withdraw my money before maturity?

  • Withdrawal within 3 months of account opening: No interest will be paid to you
  • Withdrawal after 3 months of account opening: 50% interest of the completed months will be paid to you

How do I contact Alliance Bank for further information about Fixed Deposit?

You can contact Alliance Bank through these channels:

  • Phone: 03-5516 9988 / 1-300-80-3388
  • Online form: Visit here
  • Branch visit: Click here to locate the nearest branch

What are the common terms of fixed deposit?

  • “p.a.”

    It stands for per annum or each year.

  • “Interest rate”

    The amount of return earned by depositors.

  • “Tenure”

    The amount of time the money is locked in a fixed deposit account.

  • “Deposit”

    The amount of money locked in a fixed deposit account to earn interest.

  • “Penalty”

    The additional charge from the bank for withdrawals before maturity (or premature withdrawal).

  • “Maturity”

    The end of a set time when an investment becomes due, and the principal and interest are repaid.

  • “Premature withdrawal”

    The money withdrawal in a fixed deposit account before maturity.

  • “Partial withdrawal”

    The withdrawal of part of the amount in a fixed deposit account before maturity.