Alliance Bank Fixed Deposit
Alliance Bank Fixed Deposits cater to a wide range of individuals and corporate customers by offering them competitive and attractive interest rates as well as the added benefit of flexibility with regards to the duration of the deposit. Alliance Bank Fixed Deposit schemes cater to the needs and requirements of individuals and entities from all walks of life and is one of the few banks in Malaysia that offers two dedicated fixed deposit schemes for this exact purpose.
Features and Benefits of Alliance Bank Fixed Deposits
Alliance Bank Fixed Deposits showcase a number of attractive features and benefits, which makes them some of the most sought after and preferred banking products in Malaysia. Some of the major features and benefits offered by these fixed deposits are:
- Attractive Interest Rates
Alliance Bank Fixed Deposits come with competitive and affordable interest rates that make them an attractive proposition for customers looking to invest their money.
Alliance Bank Fixed Deposits also offer customers the added advantage of flexibility of tenure, which can range from as low as 1 month to as high as 60 months
Open a fixed deposit with Alliance Bank is an entirely transparent process since there are no hidden charges or fees levied on applicants looking to avail of these schemes.
Types of Alliance Bank Fixed Deposits
Alliance Bank offers its customers two kinds of Fixed Deposit Schemes:
- Alliance Bank Fixed Deposit
- Alliance FD Gold
Alliance Bank Fixed Deposits
The Alliance Bank Fixed Deposit scheme is one of the more popular banking products in Malaysia due to the high interest rates on offer. This provides customers with the opportunity to substantially grow their initial investment over time.
Features of Alliance Bank Fixed Deposit
The main features of the Alliance Bank Fixed Deposit are as follows:
- Competitive and attractive rates of interest
- The minimum tenure of the fixed deposit is 1 month
- The maximum tenure of the fixed deposit is 60 months
- The minimum amount that can be deposited is RM 5000 for a tenure of 1 month
- For deposits over 1 month the minimum amount that can be deposited is RM 500
- Provides customers with high returns over time
Benefits of Alliance Bank Fixed Deposit
Alliance Bank Fixed Deposit offers a number of benefits and advantages to customers, such as:
- High interest rates, which vary according to the deposit tenure chosen by the customer
- The customer has the flexibility to choose the tenure of the deposit ie: from 1 - 60 months
- Customers availing of this fixed deposit scheme will also have access to banking products and services through the Alliance Online portal.
- The deposit is protected by PIDM, which means the customer’s money is safe and secure in the event of a financial or economic collapse
Eligibility Requirements For Alliance Bank Fixed Deposit
Customers looking to avail of this particular fixed deposit scheme are required to fulfill the following eligibility criteria:
- The applicant or individual should be at least 18 years of age
- Any individual below the age of 18 should be present with either a parent or a guardian
- The following entities are also eligible to avail of this fixed deposit:
- Any corporation
- Sole Proprietorships
- Any societies, associations or clubs
- Government bodies
- The minimum deposit amount required is as follows:
- RM 5,000 for a tenure of 1 month
- RM 500 for any tenure exceeding 1 month
Alliance Foreign Currency Account
Alliance Bank offers Alliance Xchange Account or Fixed Deposit to help you manage your foreign funds and not to worry about future appreciation. You can avail fixed interest rate returns and convert the interest to Malaysian Ringgit with the Forex e-rates that are favourable to you.
The Alliance Foreign Currency Account can be opened by:
- Individual customer who have active current and savings account.
- Those who are registered as allianceonline user.
- Individuals above the ages of 18 years excluding general partnership and sole proprietor.
- Residents and non-residents.
Features and benefits
The following are the features and benefits of Alliance Foreign Currency Account:
- There is no annual fee or transaction fee or maintenance fee charged.
- Competitive interest rates are offered depending on the choice of currency.
- One time conversion is enough to remit your funds.
- The deposit will be hedged against currency fluctuations.
- You can make all the transactions online.
- The initial deposit amount is low.
- You get great Forex rates than the normal board rates.
- The account can be used to save for your child who wished to pursue his or her education abroad.
- Non-residents can use it to retain funds.
- Residents can make use of this account if they are receiving funds from abroad.
- You can gain higher returns if you are investing in foreign currency denominated products.
- No backward conversion for foreign currency telegraphic transfers or remittance.
- Special Forex Rates are offered when you convert online.
- You can still perform a transaction at the Alliance Bank Branch.
- No fee charged for account opening and maintenance.
- Deposits and withdrawals can be made via Inward Telegraphic Transfer, Fund transfer, demand draft and conversion from MYR Current and Savings account in Alliance Bank.
- 9 foreign currencies offered. They are HKD, NZD, JPY, EUR, CAD, SGD, AUD, GBP and USD.
- Initial deposit amount needed to open the account is 2,500 in your choice of currency.
Following are the interest rates offered for different tenures with effect from 15th August, 2015:
|Currency||Tenure in months and the interest rate per annum|
|1 month||3 months||6 months||9 months||12 months|
- Who are eligible to avail Alliance Foreign Currency Account?
Alliance Foreign Currency Account can be availed by residents, non-residents, individuals and those who have registered as alliance online user. Individuals must be above the ages of 18 years.
- What is the minimum deposit required?
You will have to make a minimum deposit is 2,500 in your choice of currency.
- What are the currencies that you can convert to?
Interest can be converted to 9 International currencies, they are HKD, NZD, JPY, EUR, CAD, SGD, AUD, GBP and USD.
- Is there any maintenance charge applicable?
No, there is no maintenance charge applicable.
- How can one make the deposits and withdrawals?
Those having Alliance Foreign Currency Account can make deposits and withdrawals via Inward Telegraphic Transfer, Fund transfer, demand draft and conversion from MYR Current and Savings account in Alliance Bank.
Alliance Bank Fixed Deposit Interest Rates
Interest rates under this fixed deposit scheme vary depending on the deposit tenure chosen by the customer. The table below shows the interest rates on offer as per the duration of the deposit:
|Duration in Months||Counter Rate (% per year)||2nd Tier Rate (% per year for both individuals and non-individuals)|
|1 - 2 Months||3.00||2.80|
|3 - 5 Months||3.05||2.85|
|6 - 11 Months||3.10||2.90|
|Above 12 Months||3.15||2.95|
|Above 24 Months||Negotiable||Negotiable|
Alliance FD Gold
The Alliance FD Gold fixed deposit scheme offers customers the facility of an overdraft based on an equal ratio against the amount placed with the fixed deposit. This particular scheme is considered to be one of the top banking products in Malaysia due to its high propensity for wealth creation and tier-less interest rates.
Features of Alliance FD Gold
The Alliance FD Gold fixed deposit scheme comes with an array of attractive features:
- The minimum tenure of the deposit is 12 months
- The maximum tenure of the deposit is 60 months
- The minimum amount that can be placed under this scheme is RM 30,000
- The scheme is available to all Malaysian citizens over the age of 40
- Tier-less interest rates
Benefits of Alliance FD Gold
The Alliance FD Gold fixed deposit offers customers a number of benefits and advantages:
- Attractive and high rate of interest
- The interest received on the deposit is directly credited to the customer’s savings account on a monthly basis
- This scheme offers customers the facility of overdraft based on a 1:1 ratio against the amount placed with the fixed deposit
- Customers can avail of the Alliance Privilege Banking membership provided they maintain a minimum deposit amount of RM 200,000 at any given time
- No charges or fees with regards to the following:
- Stamp duty
- Traveller’s cheque purchases
- Bank drafts
- New public share issues via cashier’s orders
- The amount deposited under this scheme is protected by the PIDM, which provides safety and security in the event of a financial or economic collapse.
Eligibility Requirements For Alliance FD Gold
Customers who wish to partake of the Alliance FD Gold scheme are required to fulfil the following eligibility criteria:
- The applicant or individual must be at least 40 years of age or more
- The minimum deposit amount that can be placed under this scheme is RM 30,000
Interest Rates Under Alliance FD Gold
The Alliance FD Gold scheme offers customers high interest rates, which can be seen in the table below:
|Duration in Months||Counter Rate (% per year)||2nd Tier Rate (% per year for non-resident individuals only)|
|36||Open to negotiation||Open to negotiation|
|48||Open to negotiation||Open to negotiation|
|60||Open to negotiation||Open to negotiation|
FAQs For Alliance Bank Fixed Deposits
Are partial withdrawals allowed on Alliance Bank Fixed Deposits?
Partial withdrawal is only permissible under the Alliance FD Gold scheme, wherein partial withdrawals can be made in multiples of RM 1,000 under the condition that a minimum balance of RM 30,000 is maintained in the deposit to provide for fund flexibility.
How does one apply for Alliance Bank Fixed Deposits?
Customers can apply for either of the fixed deposit schemes offered by Alliance Bank through the following means:
- Online - Customers can use the bank’s online facility to submit their contact details following which the bank will get in touch with them
- Phone - Customers can call the bank’s customer care centre to place a request
- Branch - Customers can also walk into any Alliance Bank branch and submit an application
***Please note that all fees and charges, and terms mentioned above are subject to change at any time. Please read the bank document before investing in Alliance Bank Fixed Deposits.
Other Products offered by Alliance Bank:
Apart from offering Fixed Deposit,Alliance Bank offers other products and services which include: