BSN Term Deposits are fixed deposit accounts offered by Bank Simpanan Nasional (BSN). BSN has been instrumental in helping to develop investments and savings among Malaysians for decades. BSN offers banking products and facilities that are designed to suit the progressive and modern life in Malaysia.
BSN fixed deposit schemes help to build your financial future in a secure way. BSN Term Deposits offer you higher interest rates when compared with other fixed deposits. Read on to find more information on BSN fixed deposits.
Interest Rates of BSN Term Deposits 2018
Check the below tables to know the interest rates for BSN Term Deposit and BSN Term Deposit Senior Citizen respectively.
|BSN Term Deposit Maturity Tenure (In months)||Interest Rate (% p.a.)|
|BSN Term Deposit Senior Citizen Maturity Tenure (In months)||Interest Rate (%p.a.)|
|From RM5,000 up to RM50,000||More than RM50,000|
Types of BSN Term Deposits
- BSN Term Deposit - This fixed deposit scheme is available to any Malaysian citizen or any non-resident who has a permanent address in Malaysia.
- BSN Term Deposit Senior Citizen – This fixed deposit scheme is available to Malaysian citizens who are aged 50 years and above.
Features and Benefits of BSN Term Deposit Accounts:
- You can opt for individual or joint account when you open a fixed deposit account with BSN.
- You will get the returns credited to your BSN Giro account.
- You can get high returns without any risk of losing your investment as these fixed deposits are guaranteed by the Malaysian government.
- You can use the account certificate of Senior Citizens Term Deposit as a collateral to apply for other financial products such as personal loans, credit cards, mortgages and hire purchases.
- You can deposit amount as less as RM500 for a tenure of 3 months and above to open a BSN Term Deposit Individual Account.
- You can invest a minimum of RM5,000 to open a Senior Citizen Term Deposit.
Eligibility Criteria for BSN Term Deposits
BSN Term Deposit
- You should be aged 7 years and above.
- You should be a Malaysian Citizen or a Non-Resident having a permanent address in Malaysia.
BSN Term Deposit Senior Citizen
- You should be aged 50 years and above.
- This scheme is open to all Malaysian citizens and non-citizens.
How to Open A BSN Term Deposit Account?
- You can visit your nearest BSN branch where a bank staff will help you open a term deposit account.
- You can visit the bank website and complete the online feedback form where a bank representative will contact you as soon as possible to help you with your enquiry.
Contact Number for BSN Term Deposit Account
The contact details of the bank are mentioned below:
- Telephone: 1300 88 1900 (Local) or +603-2613 1990 (Overseas)
- Fax: 03-2613 1888 (General)
- Email Address: firstname.lastname@example.org.
FAQs for BSN Term Deposit Accounts
Q. If I open a BSN Term Deposit account, would my returns paid only to my BSN Giro account?
A. No. You can choose to get your returns credited to your BSN Giro account. If not, you can also opt for either cash payment or fund transfers (IBG or Rentas).
Q. What types of accounts can I open for BSN Term Deposit scheme?
A. You can open an individual, joint or trust account for BSN Term Deposit scheme.
Q. What is the minimum amount I need to deposit for a BSN Term Deposit account?
A. If you opt for a tenure of 1 month on individual account, you need to invest a minimum of RM1,000. If you opt for a tenure of 3 months and above on an individual account, you need to invest a minimum of RM500. If you open a corporate account, then you need to invest in a minimum of RM1,000 for any fixed deposit tenure.
Q. Can I withdraw my BSN Term Deposit before its maturity date?
A. Yes, you can withdraw your BSN Term Deposit prematurely. If you withdraw it before it completes one month, you will not get any interest on your fixed deposit account. If you withdraw it after one month or above, you will receive 50% of the accumulated interest calculated on the lowest interest rate offered by the bank.
Q. Do I have to update my BSN Term Deposit account certificate?
A. Yes. You have to update your fixed deposit certificate at the BSN counter at least once within 6 years of the last update/deposit year. If you do not update your fixed deposit certificate, then it would be sent to the Registrar of Unclaimed Monies where you would not get any indemnity against any claim or loss.
Q. If I open a BSN Term Deposit Senior Citizen account, how is my interest calculated and credited?
A. For a BSN Term Deposit Senior Citizen account, interest is calculated on a daily basis. It will be credited into your BSN Giro account every 4 months if you have invested between RM5,000 and RM50,000. If you have invested more than RM50,000, then your interest will be credited on a monthly basis to your BSN Giro account.
Q. Will my BSN Term Deposit Senior Citizen account certificate be renewed automatically?
A. Yes. If you have not provided any specific instructions regarding the same or have not redeemed the certificate, your BSN Term Deposit Senior Citizen account certificate will be renewed automatically by BSN once it matures. BSN would automatically renew the certificate only for a period of 7 years.
The terms and conditions would remain the same for the renewal, but the interest rate applied for the renewed term would be the prevailing interest rate provided by BSN during the time of renewal. You will receive a new replacement certificate after you submit the original matured certificate to the bank.
Q. Can I transfer my BSN Term Deposit Senior Citizen account to someone else’s name?
A. No. You cannot transfer or pledge the BSN Term Deposit Senior Citizen certificate to another party unless you have written approval and confirmation from BSN.
Q. What are the bank products that I can apply for using my BSN Term Deposit Senior Citizen certificate as a collateral?
A. You can apply for financial products such as personal loans, credit cards, mortgages, hire purchases and micro-finances.
Q. Who would get the certificate for BSN Term Deposit if it is under a joint account?
A. You can get a joint certificate for a joint account that can be held by you individually or jointly with the other nominee. You can also appoint one or more nominees to manage the fixed deposit account.
Q. What document should I produce to conduct any transaction at BSN?
A. You have to produce a valid personal identification document while performing any transaction at BSN.
Other Products offered by BSN:
Apart from offering Fixed Deposit,BSN offers other products and services which include: