Investing in Hong Leong Fixed Deposit schemes offers a range of benefits such as flexible tenures and competitive interest rates. Read on to find more about Hong Leong Fixed Deposit Rate.
Hong Leong Fixed Deposit Interest Rates 2018 (Updated on 21 Jul 2018)
The table below details out the Hong Leong Fixed Deposit Interest Rates of 2018.
|Fixed Deposit Name||Tenure (in months)||Interest Rate (% p.a.)|
|Senior Savers Flexi FD||12, 24, 36, 48 and 60||3.25%|
|Junior Fixed Deposit||12, 24, 36, 48 or 60||3.25%|
|Foreign Deposit Account||1 day to 1 year||0.00% to 1.3% (in USD)|
|Fixed Deposit Account||e-Fixed Account|
|Tenure (In Months)||Interest Rate (% P.A)||Tenure (In Months)||Interest Rate (% P.A)|
|1 (Min RM5000)||3.00||1 (Min RM5000)||3.00|
|13 - 60||3.10||-||-|
HL Bank Foreign Currency Fixed Deposit Rate
Apart from investing in Malaysian Ringgit, you can also invest in foreign fixed deposits. The table below shows the interest rates of some of the foreign currencies:
|Tenure||Interest Rates (% p.a.)|
Types of Hong Leong Fixed Deposits
Hong Leong Fixed Deposits are of six types:
- Fixed Deposit Account: The Fixed Deposit Account ensures allows you to start an FD with only a minimum deposit of RM5,000 for a month or RM500 for two months and above.
- Flexi FD: This is a flexible deposit account that comes along with the Flexi One Account so that you can you can use your cheques as well as enjoy your savings at high-interest rates. If you do not have sufficient funds in your Flexi One Account, then the auto-sweeping feature will allow you to sweep from your Flexi FD to Flexi One Account.
- Senior Savers Flexi FD: This flexible deposit account allows you to enjoy high returns with only a minimum deposit of RM10,000.
- Junior Fixed Deposit: You can secure your child’s future with this Junior Fixed Deposit scheme. You can open this account with just RM1,000.
- e-Fixed Deposit: This is an online fixed deposit account that enables you to control your fixed deposits with Hong Leong Connect. You also have the option to auto-renew your account upon maturity.
- Foreign Fixed Deposit Account: This fixed deposit account is mainly for foreigners and it is through this that they can enjoy attractive returns on their investments.
Features and benefits of Hong Leong Fixed Deposits
The Hong Leong fixed deposit provides a host of benefits and features which are as follows:
- The Hong Leong Fixed Deposit allows you to secure high returns with their attractive and competitive deposit rates.
- The fixed deposits from Hong Leong offers flexible tenures. Based on your requirements, you can choose tenures starting from one week going up to 36 months.
- There is a senior citizen fixed deposit scheme which enables people over 50 years of age and above to enjoy higher interest rates on deposits. A minimum of RM10,000 is required to open the Senior Savers Flexi Fixed Deposit account.
- All your investments in fixed deposit accounts with Hong Leong are Perbadanan Insurans Deposit Malaysia (PIDM) protected.
- The bank offers a wide range of currencies for Foreign Deposit Account.
- Parents can open a fixed deposit account for their children who are below 18 years of age.
Eligibility criteria for Hong Leong fixed deposit
The following is the eligibility criteria to open a fixed deposit account with Hong Leong Bank:
- You have to be over 18 years of age and above.
- You have to be a Malaysian citizen or a Permanent Resident.
- You need to put a minimum deposit of RM5,000 for a 1-month tenure and RM500 for a tenure of two months or above.
- The fixed deposit account is available to customers on an individual and non-individual basis.
Documents Required for Hong Leong Fixed Deposit
You need to produce the following documents:
- Copy of NRIC.
- Income documents.
Hong Leong Fixed Deposit for Foreigners
Hong Leong Bank provides fixed deposits to expats residing in Malaysia at attractive interest rates and flexible tenures allowing them to make the most of their investments.
Fees & Charges for Hong Leong Fixed Deposit
|Description||Fees & Charges (including GST)|
|Dishonoured Cheque||RM10.60 per cheque returned|
|Lost Fixed Deposit Receipt||
|Withdrawal by Banker’s Cheque||
|Premature withdrawal of Fixed Deposit||
|Any changes made to the account:
||RM10.60 per account|
You can earn an interest rate of up to 4.20% p.a. when you deposit a minimum amount of RM10,000 in one of the participating fixed deposit accounts. The participating deposit accounts are Conventional FD, Priority Banking Premium FD, Senior Savers Flexi FD, and Junior FD.
The promotion allows you to choose a deposit tenure from the available options—3, 6, and 12 months. You have to open a deposit account by 31 August 2018 to get the benefits of the promotion. The deposit must be made in new funds only.
The table below gives a brief picture of the details of the offer:
|Deposit Tenure||Participating Products||Promotional Rate||Effective Rate|
|3 months||Conventional FD||3.90% p.a.||3.90% p.a.|
|6 months||Conventional FD/Priority Banking Premium FD/Senior Savers Flexi FD/Junior FD||4.00% p.a.||4.00% p.a.|
|12 months||4.20% p.a.||4.20% p.a.|
The promotional rates are offered only when you open the deposit account online via the Hong Leong Connect platform. The funds must be transferred from a bank other than HLB/HLIB via FPX.
How to open a Hong Leong Fixed Deposit Account
You can follow any one of the following if you are willing to open Hong Leong Fixed Deposit Account:
- You can visit the nearest branch and initiate the application.
- You can visit Hong Leong website and complete the online form following which a bank representative will contact to help you take the application request forward.
Contact Number for Hong Leong Fixed Deposit Account
In order to get further information about Hong Leong Fixed Deposit Account, customers can call at 03-76268899.
Q. What are the risks and tax involved in Foreign Currency Account?
A. There are certain risks involved in foreign currency transactions. These include but is not limited to any risks involved due to the fluctuation of exchange rates, taxes, valuation and devaluation of currencies, changes in the policies of the Government and so on.
Hong Leong Bank is authorised to effect any conversion of currencies as deemed necessary by law for any payment or deduction of taxes. The bank is also not liable to you for any loss suffered by you under any circumstances of conversion of currencies.
Q. What is the minimum initial deposit amount required to open a Flexi FD Account?
A: The minimum initial deposit that is required to open a Flexi FD Account is RM10,000. The minimum initial deposit necessary to open the Flexi One Account is RM10.
Q. What is the Contracted Interest Rate?
A. The contracted rate of interest is the interest that your bank agrees to pay you on your fixed deposit. It is calculated from the date of commencement to the date of maturity. It is called contracted since the bank has ‘contracted’ to pay you the specific interest rate.
Q. How is the premature withdrawal of Hong Leong Earn Now Fixed Deposit calculated?
A. The premature withdrawal charge of Hong Leong Earn Now Fixed Deposit is calculated in the following manner:
Interest (I) x Time (T) x Rate (R)
I = Interest paid in advance
T = Number of days from effective date to upliftment date / 365
R = Contracted Interest Rate
Q. What is the minimum age requirement for the senior citizen fixed deposit?
A. Depositors must have attained a minimum age of 50 years to open and maintain a senior citizen fixed deposit.
Other Products offered by Hong Leong:
Apart from offering Fixed Deposit,Hong Leong offers other products and services which include:
- Hong Leong Personal Loan
- Hong Leong Home Loan
- Hong Leong Car Loan
- Hong Leong Credit Card
- Hong Leong Renovation Loan