Foreign Currency Fixed Deposits are deposits that are maintained in Malaysian banks but in foreign currency. Most Malaysian banks offer foreign currency deposits in major currencies of the world like US Dollar, Australian Dollar, Euro, Japanese Yen, and Pound Sterling etc. The account opening for such deposits is subject to guidelines published by the central bank of Malaysia, Bank Negara.
Foreign currency deposits are a smart way to hedge the growing inflation and to make the most of stock market movements and currency fluctuations. Foreign currency deposits are a great financial tool for people who deal with currencies other than their national currency. These deposits are also good for customers who have their businesses around the globe. Listed below are some of the most prominent banks in Malaysia that offer foreign currency deposits to Malaysian customers. Some of these banks offer foreign currency deposits in both conventional and Islamic banking variants.
Public Bank Foreign Currency Fixed Deposit
Public Bank offers Foreign Currency Deposits in all major currencies like US Dollar, Australian Dollar, Euro and so on. The minimum amount that can be fixed is RM10,000 and the deposit period ranges from overnight to 12 months. Calculation of FD interest rate is done based on the actual number of days for which deposit is kept. Interest amount is paid in the same currency in which the deposit is made. Premature withdrawal is allowed only if the deposit is placed for a minimum of 15 days and half the interest applicable per day is paid to the deposit holder.
OCBC Bank Foreign Currency Fixed Deposit
OCBC foreign deposits are meant for applicants who are above 18 years of age and are Malaysians or customers with Malaysian PR. The minimum deposit amount allowed is RM 10,000 and the deposit is made in any of the top currencies of the world. These include Euro, Australian Dollar, Yen, US Dollar etc. The maximum deposit period for foreign deposits is 12 months.
CIMB Malaysia Foreign Currency Fixed Deposit
CIMB foreign currency deposits are available for customers who want to avail deposits in any popular currency other than Malaysian Ringgit. A host of currency options such as US Dollar, Sterling Pound, Yen, Euro etc. are available to customers to choose from. This foreign currency deposit offers you the freedom to make deposits and withdrawals through cheques, demand drafts and foreign telegraphic transfers.
HSBC Malaysia Foreign Currency Fixed Deposit
HSBC foreign currency accounts are available along with PIDM protection. These deposits are an excellent way to save in foreign currency and earn returns on them. These deposits are a good way to hedge against exchange rate fluctuations by holding the deposit until the exchange rate is beneficial for you. It is suitable for customers who have children studying abroad, for those who are employed overseas and for those who continuously deal in foreign currency. HSBC Fixed deposits is offered in almost all foreign currencies like US Dollar, Australian Dollar, Yen etc.
UOB Foreign Currency Fixed Deposit
UOB offer foreign currency deposits that can be chosen by customers to grow their money via foreign currency fluctuations. The tenure of the deposit is flexible and can be anywhere between 1 month and 12 months depending upon customer’s choice. All major currencies of the world such as Chinese Yuan, Japanese Yen, Australian Dollar etc. are available under foreign deposits. This deposit scheme can be availed by Malaysian citizens who are above 21 years of age.
Alliance Bank Foreign Currency Fixed Deposit
Alliance Bank offers foreign currency deposits in a host of foreign currencies. These deposits offer competitive rates of interest to customers. The best aspect of these deposits is that they can be redeemed based on the current exchange rate of the currency in the market. Alliance Bank offers these foreign deposits through a huge network of bank branches. Any Malaysian aged 18 years or above is eligible to apply for foreign deposit accounts. These accounts can be availed individually or jointly.
Maybank Foreign Currency Fixed Deposit
Maybank is the most favorite bank of the people of Malaysia. The bank offers a host of deposit schemes to customers; one of these is the foreign currency deposit scheme which is for customers who wish to deposit their money in other currencies on the world in order to hedge inflation. Maybank offers foreign currency deposits both under conventional banking and Islamic banking domains.
Hong Leong Bank Foreign Currency Fixed Deposit
Hong Leong offers foreign currency deposits to customers in over 10 foreign currencies. The bank offers preferential foreign exchange rates which will help you maximize returns on your foreign currency deposits. These deposits are a good way to protect your savings against inflation and to hedge it. The bank offers free monthly account statement for these deposits and charges optimum fees for services related to this deposit product.
Standard Chartered Malaysia Foreign Currency Fixed Deposit
Standard Chartered offers foreign currency deposits to customers. These deposits have the benefit of flexibility to maintain, remit or convert at favorable rates. The bank offer preferential foreign exchange rates to customers who maintain foreign currency deposits. There are around 8 major currencies of the world which customers can choose from. These include US Dollar, Japanese Yen, and Chinese Yuan and so on. All details with respect to the deposit are available to customers via online banking.
Citibank Malaysia Foreign Currency Fixed Deposit
Foreign currency deposits from Citibank FD rates of interest and the flexibility is easy to choose from over 10 different currencies. The minimum deposit allowed is USD 3000 or an equivalent amount and the tenure ranges from 1 month to 12 months. These deposits are also eligible for PDIM protection as per guidelines set by the bank. The deposit is offered along with convenient services like online chat, anytime calls etc.
Ambank Foreign Currency Fixed Deposit
Ambank offer foreign currency deposits to customers both in the form of deposit product or as current account. These deposits are a good way to save your money from currency fluctuations and to make the most of your money by capitalizing on positive market movements. Foreign currency deposits from Ambank are eligible for PIDM protection too as per guidelines set by the bank. Ambank offers foreign currency deposits in almost all major currencies of the world and offers remittance facility to over 18 countries of the world.
Useful Fixed Deposit Articles
- What are Fixed Deposits?
- 5 Year Fixed Deposits
- Advantages and Disadvantages of Fixed Deposits
- Calculation of Fixed Deposits
- Fixed Deposit Vs Term Deposit
- Fixed Deposit Rates for One Year
- Fixed Deposit Accounts for Senior Citizens in Malaysia
- Fixed Deposit Promotions
- Overdraft facility against Fixed Deposit