• CIMB Fixed Deposit

    CIMB Fixed Deposit

    CIMB fixed deposits are highly useful for people, especially because of the fact that they are easy to apply for and have the odd but advantageous feature of depositing for a minimum of one day. You can choose tenures that are flexible to upto 5 years, making this product very convenient for quick or small savings. Why small savings? You can invest a minimum of RM 1000 as fixed deposit, which means that you do not have to burn a hole in your pocket to save. Interest rates are variable between 3.15% to 3.6%, based on the tenure chosen. Also, the other factor that is very crucial for fixed deposit are the liquidity options. CIMB Bank allows partial withdrawal, which makes it quite a sorted product. There are other benefits and features to check out in their options of fixed deposit including foreign currency accounts. Read on to know more about CIMB fixed deposit.

    Highlights of CIMB Fixed Deposit

    Features and benefits of fixed deposits with CIMB can be outlined in the following points –

    1. Different variants of fixed deposits offer different benefits
    2. Fixed deposits come with tenures as low as 1 day to as high as 5 years
    3. Deposits can be as low as RM 1000
    4. Partial withdrawals from fixed deposits allow for a healthy liquidity option
    5. Attractive interest rates for a variety of tenures

    Schemes of CIMB Fixed Deposit

    Fixed deposits from CIMB Bank can be of seven different kinds, while four of them fall under Islamic Banking regulations, the remaining three variants operate as per conventional banking. Each variant comes with its own set of features and benefits. The availability of each scheme is at the discretion of the bank. The schemes under CIMB fixed deposits can be mentioned as follows:

    1. Unfixed Deposits – With lock-in tenures ranging from one month to 5 years, these deposits can have a minimum deposit amount of RM 1000 for tenures of 2 months and above. The minimum deposit amount for a 1 month tenure is RM 5000 though. These deposits can be availed by individuals of age 18 years or more. Partial withdrawals are allowed on these deposits in multiples of RM 1000 on the condition that the minimum balance in the deposit is RM 1000 (excepting deposit tenures of 1 month)
    2. Big Plus for 50 Plus Deposits – These accounts are meant for individuals above the age of 50 years at the time of opening the deposit and require a minimum deposit amount of RM 30000 per account. Partial withdrawals can be made in multiples of RM 1000 with the minimum withdrawal as RM 5000 provided that the minimum balance in the deposit is RM 30000. Interest is calculated daily on these deposits and paid monthly into the savings or current account of the customer. This deposit enjoys a 1% per annum bonus interest over and above the standard rates
    3. Foreign Currency Fixed Deposits – A special fixed deposit scheme for foreign currency with tenures ranging from one day to one year. The minimum deposit in any currency should be equivalent to RM 10000 per deposit. This deposit can be opened by any individual who has reached an age of 18 years or more. These deposits allow hedging against foreign currency fluctuation and help in transactions regarding foreign currencies

    Further schemes under CIMB Islamic Banking can be outlined as the following –

    1. Fixed Return Income Account-i (FRIA-i)
    2. Fixed Return Income Account-i (FRIA-i)
    3. Fixed Return Income Account-i (FRIA-i)
    4. Foreign Currency Fixed Return Income Account-i

    CIMB Fixed Deposit Interest Rates

    CIMB offers lucrative interest rates for fixed deposits with the bank. The list of rates applicable for fixed deposits and applicable tenures (as of September 2015) are mentioned below –

    Tenure(in months) Unfixed Deposit Tier 1 Unfixed Deposit Tier 2
    1 3.15% 3.10%
    2 3.15% 3.10%
    3 3.20% 3.15%
    4 3.20% 3.15%
    5 3.20% 3.15%
    6 3.25% 3.20%
    7 3.25% 3.20%
    8 3.25% 3.20%
    9 3.25% 3.20%
    10 3.25% 3.20%
    11 3.25% 3.20%
    12 3.30% 3.20%
    13-14 3.30% 3.20%
    15-23 3.30% 3.20%
    24-35 3.30% 3.20%
    36-47 3.40% 3.30%
    48-59 3.50% 3.40%
    60 3.60% 3.50%

    Rates for Big Plus for 50 Plus are 1% over and above the standard rates as mentioned for the Unfixed Deposits. Rates offered by the bank on fixed deposit are at the sole discretion of the bank and might be subject to change as per the prevailing terms set forth by the bank.

    CIMB Foreign Currency Account

    This is a foreign currency account from CIMB Bank. You can apply for it as an individual or jointly. There are very simply eligibility criteria for this account. No transaction fees are charges for this account. It can be taken in a variety of currencies which include Canadian dollar as well as Japanese Yen. This account is perfect for people looking for an account that is convenient for foreign currencies.

    Eligibility Criteria:

    • Accounts held jointly are also permitted.
    • People who are 18 years and over can apply.
    • Residents as well as non residents can apply.
    • Any enterprise can apply, as long as they are operating in Malaysia.
    • Executors as well as administrators can also apply.
    • The initial deposit for the account should be at least equivalent of RM10,000 when converted to the currency type.

    Features and benefits:

    • Rates can be negotiated for exchange rates based on the fluctuations and what is convenient for the customer.
    • Foreign currencies accepted by CIMB Bank include:
      • US Dollar (USD)
      • Australian Dollar (AUD)
      • Canadian Dollar (CAD)
      • Hong Kong Dollar (HKD)
      • Sterling Pound (GBP)
      • Japanese Yen (JPY)
      • Chinese Yuan (CNH)
      • New Zealand Dollar (NZD)
      • Singapore Dollar (SGD)
      • Swiss Franc (CHF)
      • Euro (EUR)
    • This account enables customers to make deposits and withdraw through cheques, foreign telegraphic transfers, demand drafts and even transfers which are to or from a Ringgit Account.
    • Fees and charges

    There are no transaction charges as per the bank, however, it is always if there other costs they may be incurred, by check with the bank. Also there are no charges for opening the account.

    How to open a CIMB Fixed Deposit

    One can visit any of the branches of CIMB in their neighbourhood to get assistance on opening a new fixed deposit account. However, it would be advisable to carry a government recognised proof of identity, bank statements and a couple of passport size photographs if one is considering a visit to the bank for opening a fixed deposit account. It’s also worthwhile to call up the bank and enquire about the latest rates.

    CIMB Fixed Deposit FAQs

    1. What kind of fixed deposit accounts can be opened with CIMB?

      There are seven kinds of fixed deposits that can be opened, while one among them is exclusive for senior citizens. Four fixed deposit types are operated as per Islamic banking rules.

    2. What is the minimum applicable withdrawal for fixed deposits?

      The minimum withdrawal could be RM 1000 or RM 5000 depending upon the fixed deposit account type and will always be in multiples of RM 1000.

    3. Is there a minimum amount to be maintained as a balance in fixed deposit accounts?

      Yes, minimum balance needs to be maintained to the tune of RM 1000 for Unfixed Deposits and RM 30000 for Big Plus for 50 Plus Deposits.

    4. Can withdrawals be made online?

      Withdrawal of funds from the deposits can only be made over the counter.

    5. What is the minimum deposit requirement for opening this account?

      Individual or account holders should deposit an amount, in their choice of currency, that is equivalent to RM 10,000.

    6. What are the foreign currencies accepted by the bank?

      The Foreign currencies accepted by CIMB Bank for this type of account include:

      • US Dollar (USD)
      • Australian Dollar (AUD)
      • Japanese Yen (JPY)
      • Chinese Yuan (CNH)
      • New Zealand Dollar (NZD)
      • Singapore Dollar (SGD)
      • Swiss Franc (CHF)
      • Euro (EUR)
      • Canadian Dollar (CAD)
      • Hong Kong Dollar (HKD)
      • Sterling Pound (GBP)
    7. What are the transaction charges for this account?

      There are no transaction charges for this type of account incurred by CIMB Bank, however it is recommended to check with the bank to check for other charges.

    8. Can we have a joint foreign currency account?

      Yes, CIMB Bank permits it eligible applicants to apply for this account, jointly.

    9. What should be the minimum age of the applicant for this account?

      The minimum age for the applicant of this account should be 18 years or over.

    Other Products offered by CIMB:

    Apart from offering Fixed Deposit,CIMB offers other products and services which include:

    News About CIMB Fixed Deposit

    • CIMB research expects RHB Capital and AMMB merger

      CIMB research is expecting a merger to be announced between RHB Capital and AMMB. The move is supposed to create the third-largest bank in Malaysia with assets worth RM 358.9 billion. Also, ANZ that is a partner with AMMB might quit the partnership. A merger of RHB with AMMB is expected to increase capital exposure of RHB in the auto loan sector but might tighten the bank's liquidity. RHB capital has shown swift growth coupled with expansion in Singapore which has lent great credibility and future promise to the bank.

      Commerce International Merchant Bankers (CIMB) Malaysia, is a widely known and trusted banking entity. CIMB offers a great range of financial products and services to choose from. CIMB group is the biggest investment bank in the Asia-Pacific region and operates under many corporate bodies. The group majorly deals in Corporate Banking, Investment Banking, Personal Banking and Wealth Management. The CIMB group has several partnerships all around the globe to help them spread and propagate their products and services.

      18th August 2015

    • Profit dips by 44% for CIMB Thai

      CIMB Thai has experienced a great dip in its net profit from the previous financial year. CIMB’s profit this mid-year fell by 44.3% to 348.2 million dollars as compared to last year. CIMB attributed its loss to a 138.5% increase in provisions in a weaker economic atmosphere. CIMB is one of the largest banks in Malaysia with a full-fledged Islamic banking subsidiary as well. The bank caters to its customers through a range of products and services which include corporate banking, wealth management, equity trading etc. The gross non-performing loans for the bank stood at 8 billion baht which is a whopping number when compared to other financial markets.

      According to the CEO of CIMB, the bank is continuing to maintain high credit risk underwriting standards as well as risk management policies. The bank hopes that these strategies will be able to turn around the current slump that the bank has been experiencing. Stricter policies on credit lending might drive the bank towards enhanced performance however, competition from other market players hinders this decision for CIMB.

      30th July 2015

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