HSBC Fixed Deposit

About HSBC

Serving 40 million customers in 64 countries, HSBC is among the most extensive banking organisations globally. HSBC has been in Malaysia since 1884, and it has over 50 branches nationwide. It is also the first locally established foreign bank to be granted an Islamic banking subsidiary license in Malaysia. This played a role in establishing HSBC Amanah Malaysia Berhad.

What is a fixed deposit?

Fixed deposit (FD) can be an excellent choice for new investors as it offers higher interest rates than regular savings accounts. The duration and return on these investments are also protected by the government, ensuring that your hard-earned money is safe from creditors!

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 HSBC?

HSBC offers 1 type of fixed deposit, which is HSBC Time Deposit. The Islamic equivalent is also available here.

Who can apply for HSBC Time Deposit?

You are eligible to apply for HSBC Time Deposit if you are:

• At least 18 years old, and
• A Malaysian, and
• An account holder of HSBC Current or Savings Account

Why should I choose HSBC Time Deposit?

Among other reasons, you should choose HSBC Time Deposit because:

• Flexible tenure (1 to 60 months)
• Protection by PIDM (up to RM250,000)
• Flexible maturity updates
• *Option to have your interest credited every 6 months

*On the 13th month and above

What are the documents required to apply for HSBC Time Deposit?

Your identification card is the only document needed to apply for HSBC Time Deposit.

What is the tenure of HSBC Time Deposit?

1 to 60 months.

What is the minimum amount to deposit into HSBC Time Deposit?

• 1 month: RM5,000
• 2 months and above: RM1,000

What are the fees for HSBC Time Deposit?

• Interest rates: It depends on your tenure (**1.40% – 2.70% p.a.)
• Copy of time deposit advice: RM5 per request

To learn more about the interest rates, click here.

**As of 25 March 2022

What happens if I withdraw my money before maturity?

• Within 3 months of account opening: No interest will be paid to you
• After 3 months of account opening: 50% interest of the completed months will be paid to you

How do I contact HSBC for further information about HSBC Time Deposit?

You can contact HSBC through these channels:

• Phone

  1-300-88-1388

• Live chat

  Visit here and click the chat bubble on the right bottom

• Branch visit

  Click here to locate the nearest branch

• HSBC Malaysia Mobile Banking app

  Profile – Chat with us

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.