Banks often roll out promotional offers at periodic intervals to lure more customers. This may be to attract new customers or fresh funds from existing customers. These promotional offers provide the customers with more benefits than just the returns generated from the interest rates. Offers include higher interest rates, shorter or special tenures and many more perks. These offers are usually rolled out on a limited basis and have expiry dates or cut offs after a particular number of customers have been attained. Hence it is beneficial for the customers to keep themselves informed on the latest offers provided by their banks.
CIMB Fixed Deposit Promotion
The promotional offers provided by CIMB bank include a bundled offer and an unfixed deposit. The bundled offer combines the fixed deposit with a participating conventional equity trust fund thus increasing the chance for the customer to increase their returns. In this offer, the funds are split on a 50:50 basis. Any amount invested in the deposit will send half the amount to the equity trust fund. This bundle comes with 2 options. The first option is a tenure of 3 months with a minimum deposit amount of Rm 20,000 offering an interest rate of 7.88% p.a. The second option is a fixed deposit with a tenure of 6 months with the minimum deposit amount being Rm 20,000 offering an interest rate of 5.88% p.a.
The Unfixed deposit promotional offer from CIMB is open to any individual who has attained the age of 18 years and requires a minimum deposit of Rm 1000. The interest offered varies on the amount deposited and tenure chosen and ranges from 3.15% to 4.2%. Tenures range from 1 month to 60 months with a minimum deposit amount for 1 month being Rm 5000
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Maybank Fixed Deposit Promotion
Maybank provides a promotional offer on their fixed deposits which is known as FD Countdown 1. In this offer, depending on the nature of the account the minimum deposit amount is set and the offer provides customers with higher interest rates for shorter tenures. The nature of the accounts can either be individual accounts or accounts held for business or SMEs. If the account is Individual in nature the minimum deposit amount is Rm 25,000 and for business accounts, the minimum amount is Rm 50,000. The amount can only be fresh funds to qualify for the offer and is valid only for conventional fixed deposits. The interest rate offered for tenure of 1 month is 3.60% as compared to the prevailing rate of 3.15%
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Hong Leong Fixed Deposit Promotion
The Hong Leong Promotional offers on fixed deposits are of 2 types. One is where there are special interest rates offered on various tenure options and two is when the fixed deposit is linked to a participating equity trust fund. The tenure options for standard/conventional fixed deposits vary from 1 month to 12 months. The 1 month tenure option provides an effective interest rate of 3.40%, 3 months tenure option offers an effective interest rate of 3.95% whereas the 12 month option provides an effective interest rate of 4.23%
The second offer is also known as the Powerlink offer and this promo links the fixed deposit to an equity fund to generate higher returns. This offer has varying options such as one with a minimum deposit amount being Rm 10,000 for 12 months at an interest rate of 8.88% with the unit trust to FD ratio being 4:1, Rm 50,000 for 6 months at a ratio of 1:2 for 6% p.a., Rm 50,000 for 6 months at a ratio of 1:1.5 for an interest rate of 5% p.a. and Rm 50,000 for a ratio of 4:1 at an interest rate of 10.88%
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Public Bank Fixed Deposit Promotion
The Public Bank promotional offer is known as PB FD XTRA and allows the customers to generate maximum returns from both conventional and Islamic fixed deposits. Depending on the nature of the deposit, individual or non-individual the minimum deposit is Rm 20,000 and Rm 50,000 respectively with the maximum deposit being Rm 10 Million and Rm 20 Million respectively. The offer provides a tenure of 6 months at an interest rate of 4.10% and at the end of this tenure, the deposit automatically rolls over into another tenure of 6 months offering 4.50% interest p.a.
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