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
