Saving money for a rainy day is always a good practice but what you have been saving today will eventually be worth lesser in the long run when one takes into account inflation and the ever increasing costs of living. Investments are a good idea to grow the savings and help build up a corpus for retirement age. If used correctly investments can secure a steady stream of income long after retirement. But not all investments will guarantee returns. There is a risk involved when it comes to certain investments such as stock markets or even mutual funds. But Fixed Deposits are virtually void of risks. These deposits work much like a savings account except that the depositor cannot access their funds till the deposit reaches maturity and that the interest provided on the deposit is much higher than ordinary savings accounts. There is not much for an investor to do here. They simply deposit the money and watch it grow over time. There is no learning curve involved. When it comes to fixed deposits with competitive interest rates Affin Bank offers some of the highest interest rates on their FDs. Their competitive rates start of at 3.25% p.a. for tenures of 1 month and go as high as 4.00% p.a. for tenures that range between 13 months and 5 years. These deposits are guaranteed under PIDM giving further peace of mind to the depositors. Kindly read on to know more about Fixed Deposits from Affin Bank.
Features of Affin Bank Fixed Deposit
- Flexible tenures: Choose between tenures ranging for 1-12 months for fixed deposit account.
- Partial withdrawal: Partial withdrawal is allowed after deduction of fees as per the account terms and conditions.
- Payment frequencies: For FD accounts with maturity up to 12 months, the interest payment will be made at maturity. Longer FDs will have the option for half yearly and maturity payments.
- Auto renewal: Auto renewal is allowed for the FD schemes.
Affin Bank Fixed Deposit Schemes
Fixed deposit account: This is a basic fixed deposit scheme with tenures ranging from 1-12 months. The plan is available for a minimum deposit amount of just RM5,000 (1 month tenure) or RM500 (2 months and above). Customers are offered higher than average interest rates.
Affin FDPlus: This scheme is the 1st KLIBOR pegged FD product offering high rate of returns. The plan can be started with a minimum deposit of RM10,000 and in tenures of 1, 3, 6, 9 and 12 months.
Affin FDPlus2: This scheme offers foreign currency conversion benefit with high interest rate to the tune of 3.80% p.a. The scheme can be opted by converting your MYR FD into one among a pre-selected list of 6 different currencies including USD, EUR, GBP, SGD, AUD and NZD. The scheme is available for a fixed tenure of 3 months.
Affin Bank Foreign Currency Account
Affin FDPLUS2 is a fixed deposit account which offers foreign currency conversion benefit with interest rates that go up to 3.8% per annum.
Affin FDPLUS2 is ideal for expatriates.
Features and benefits
The following are the features and benefits of Affin Bank Foreign Currency Account:
- To enjoy the interest, you have to convert MYR FD to any of the 6 selected International currencies at the prevailing rates within 90 days.
- The 6 selected International currencies are AUD, EUR, GBP, NZD, SGD and USD.
- The initial deposit accepted is RM5,000.
- Minimum deposit tenure allowed is 3 months.
- Can invest as foreign currency.
- The FC can be remitted abroad for education.
- The interest returns are high.
- The FD offered is flexible and convenient.
Interest rates offered up to 3.80% per annum for Affin FDPLUS2.
- Who can take Affin FDPLUS2?
Affin FDPLUS2 is ideal for expatriates.
- What is the interest rate offered for Affin FDPLUS2?
The interest rate offered for Affin FDPLUS2 is up to 3.80% per annum.
- What is the minimum deposit required?
You will have to make a minimum deposit of RM5,000.
- What is the minimum tenure offered?
The minimum tenure offered is 3 months.
- What are the currencies that you can convert to?
Interest can be converted to 6 International currencies, they are, AUD, EUR, GBP, NZD, SGD and USD.
Affin Bank Interest rates
The interest rates for FD schemes are:
|Tenure||Counter(p.a.)||Corporation and Foreigner (p.a.)|
|13 months and above||NA||As per quoted rate|
How to open a Affin Bank Fixed Deposit Account?
You can open a fixed deposit account in Affin Bank through online and offline means. You can log into the AffinOnline portal for managing your FD account. For offline application, you can submit the filled in application form at any of the branches of Affin Bank along with supporting documents for speedy processing and approval.
Affin Bank Fixed Deposit FAQs
What is the maximum tenure for a basic fixed deposit account?
Currently, Affin Bank is offering fixed deposit account at 1-12 months’ maturity. Customers can opt for auto renewal for longer durations.
What are the interest rate on deposits?
Interest rates range from 3,25% for the lowest maturity of 1 months to 3.80% for the highest maturity.
What is the minimum deposit amount?
The minimum deposit amount varies according to the chosen scheme. Minimum deposit of RM500 is applicable on maturities over 2 months in basic fixed deposit account while the foreign currency fixed deposit account can be opened with a minimum deposit of RM5,000. You are advised to visit the scheme-specific section for more details.
What is the premature withdrawal policy?
In case of premature withdrawal of 1, 2 or 3 months’ maturity schemes, no interest will be paid out. For partial withdrawals in all other maturities, interest will be paid out at half the quoted rate.
Other Products offered by Affin Bank:
Apart from offering Fixed Deposit, Affin Bank offers other products and services which include:
News About Affin Bank Fixed Deposit
Affin Hwang Capital might announce job cuts
Affin Hwang Capital has sent an email to its employees informing them of an impending corporate restructuring. The email said that the company will indulge in an ‘rationalisation and consolidation exercise’, which did not spell out job cuts in that many terms but the fear is that this could result in job cuts. The email also informed the employees that the decision was not reached at lightly and that the heads of departments will be heading this exercise.
The announcement has come just as the anniversary of the completion of the company's takeover of the Hwang-DBS (M) Bhd business of banking and futures dealing. Affin Holdings has spent about RM 262 million on buying Hwang Investment Management Bhd and Asian Islamic Investment Management Sdn Bhd of which they bought 70% and 49% respectively. The week previous to this, RHB Capital had announced another scheme called the career transition scheme that aimed at optimizing the manpower in favour of remaining competitive. Even though such schemes have been announced, no specific number of employes that might be let go of has been announced.
10th September 2015