Hong Leong Bank Fixed Deposit

About Hong Leong Bank

Hong Leong Bank Berhad is a Malaysia-based bank that became the first Malaysian bank to enter China’s banking sector. It emphasises the development of financial capabilities to serve its clients across five continents and ensure efficiency and convenience. HLB launched a full suite of online banking systems for corporate, commercial, and SME banking, with comprehensive solutions designed to assist clients in managing their businesses smoothly.

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 Hong Leong Bank?

Hong Leong Bank offers 1 type of fixed deposit, which is HLB Fixed Deposit Account.

Who can apply for HLB Fixed Deposit Account?

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

• At least 18 years old, or
• Below 18 years old (as an intrust account), and
• A Malaysian

It is applicable for individual and non-individual accounts.

Why should I choose HLB Fixed Deposit Account?

Among other reasons, you should choose HLB Fixed Deposit Account because:

• Low minimum deposit (from RM500)
• Flexible tenure (1 to 60 months)
• Protection by PIDM (up to RM250,000)
• Partial withdrawal is available

What are the documents required to apply for HLB Fixed Deposit Account?

Your identification card is the only document needed to apply for HLB Fixed Deposit Account.

What is the tenure of HLB Fixed Deposit Account?

1 to 60 months.

What is the minimum amount to deposit into HLB Fixed Deposit Account?

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

What are the fees for HLB Fixed Deposit Account?

• Interest rates

  It depends on your tenure (*1.5% – 1.6% p.a.)

• Service charge

  RM50 (for Priority Banking customers with an average balance below RM100,000 for 3 consecutive months)

• Replacement of lost FD receipt

  RM5 per receipt

• Letter of Indemnity stamp duty

  RM10

• Addition of join accountholder

  RM10 per account

To learn more about the interest rates, click here.

*As of 25 March 2022

What happens if I withdraw my money before maturity?

If you place your deposit or renew after 1 January 2019, no interest will be paid to you. For partial withdrawal, only multiples of RM1,000 are allowed.

How do I contact Hong Leong Bank for further information about HLB Fixed Deposit Account?

You can contact Hong Leong Bank through these channels:

• Phone/ WhatsApp: 03-7626 8899
• Online form: Visit here
• Live chat: Visit here and click “Chat with us”
• Facebook: Visit here
• Twitter: Visit here

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.