Malayan Banking Berhad, or Maybank, is Malaysia’s largest corporation by market capitalisation on the Malaysian Bourse (Bursa Malaysia). It was established in 1960. Maybank offers a variety of goods and services to its customers, including commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, asset management, stockbroking, and online banking. One of Maybank’s goals is to make financing accessible to everyone.
What is a fixed deposit?
Fixed deposit (FD) is a type of short-term investment where an investor deposits a certain amount of money and agrees to refrain from withdrawing their cash for a set length of time. Upon maturity, investors will be paid a great interest rate, which is usually more significant than a conventional savings account. New investors prefer it because it is insured by the government and ensures high returns, depending on the interest rates and the tenure.
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 Maybank?
Maybank offers 5 types of fixed deposits, namely:
Maybank Fixed Deposit
Maybank e-Islamic Fixed Deposit-i
Maybank Islamic Fixed Deposit-i
Maybank Prosperous Now Account-i
Maybank eFixed Deposit
Who can apply for Maybank fixed deposits?
Maybank Fixed Deposit:
For everyone
Joint account
Maybank e-Islamic Fixed Deposit-i:
Individuals with a Maybank account
Joint account
Sole proprietor
Maybank Islamic Fixed Deposit-i:
Individuals aged 18 and above
Joint account holders (maximum 4 persons)
In-trust and minor
Business enterprises
Associations/ clubs/ societies/ organizations
Trustees
Foreigners
Professionals
Government and Corporate Funds
Maybank Prosperous Now Account-i:
Individuals aged 18 and above
Joint account holders (maximum 4 persons)
Business enterprises
Associations/ clubs/ societies/ organizations
Trustees
Foreigners
Professionals
Government and Corporate Funds
Maybank eFixed Deposit:
Individuals with a Maybank account
Joint account
Sole proprietor
Why should I choose Maybank fixed deposits?
Among other reasons, you should choose Maybank fixed deposits because:
Higher interest rates compared to a regular savings account
Protection from interest rate fluctuations
Protected by PIDM up to RM250,000 for each depositor
Flexibility of tenure from 1 to 60 months
What are the documents required to apply for Maybank fixed deposits?
The documents needed to apply for Maybank fixed deposits are as follows:
Valid MyKad for Malaysians
Valid passport for foreigners (the authority requires other documentary evidence according to the purpose of visit/ stay in Malaysia)
What is the tenure of Maybank fixed deposits?
1 to 60 months. 12 months for Prosperous Now Account-i.
What is the minimum amount to deposit into Maybank fixed deposits?
Fixed Deposit Account
1 month: RM5,000
2 months and above: RM1,000
e-Islamic Fixed Deposit-i
1 month: RM5,000
2 months and above: RM1,000
Islamic Fixed Deposit-i
1 month: RM5,000
2 months and above: RM1,000
In-trust and minor for any tenure: RM500
eFixed Deposit
1 month: RM5,000
2 months and above: RM1,000
Prosperous Now Account-i
RM10,000
What are the fees for Maybank fixed deposits?
The interest rates depend on your tenure. To learn more about the interest rates, click here.
What happens if I withdraw my money before maturity?
No interest shall be paid on any immediate fixed deposit premature withdrawal (Without 31 days’ Notice Period) that has not completed its respective full tenure period.
How do I contact Maybank for further information about fixed deposits?
You can contact Maybank Customer service at 1-300-88-6688 or visit the nearest Maybank 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.
