Fixed deposits are an ideal starting point for any individual looking to start investing. These investment tools are so popular due to their simplicity and guaranteed returns that often they are a go to choice by even the most seasoned investors. These investments are fairly simple and does not need to the investor to overcome any sort of learning curve. They work like savings accounts and offer interest on the deposited amount. The difference between savings accounts and deposits are that the deposit offers much higher interest rates that are paid on maturity or regular intervals as chosen by the depositor and that the depositor cannot access the funds until maturity. Premature withdrawals would lead to losing all if not most of the interest accumulated on the account. Fixed deposits from Hong Leong offer flexibility and competitive rates in one. The investor doesn’t need to put down high deposit amounts. The minimum deposit amount required for any tenure over 2 months is RM 500. The maximum tenure available is 5 years. If you are scared of not being able to access your funds for a long period of time especially if there was an emergency, Hong Leong Fixed deposits even offer tenures of just one month albeit the initial deposit required is high. To know more about fixed deposits from Hong Leong, kindly read on.
Features of Hong Leong Fixed Deposit
- Flexible tenure: Choose among a host of tenure options as per your particular financial objectives.
- Flexible payment option: Choose between different frequencies of interest payment.
- Individual and group clients: Fixed deposit accounts can be opened by both individuals and non-individuals.
- Partial withdrawal: Partial withdrawal of funds in your fixed deposit account is allowed on satisfying conditions.
- Monthly statements: Receive consolidated monthly statement of your account for better account management.
- Multiple access points: Your Hong Leong fixed deposit account can be accessed through internet banking, phone banking, ATM and bank branches.
- Standing instruction: Option to give standing instructions on your account is available.
Hong Leong fixed deposit schemes
Fixed deposit account: This is the basic fixed deposit scheme. Customers can choose between tenures ranging from 1-60 months. Individual and non-individuals can opt for this account with Malaysians aged 18 and above can apply for this account directly while those below 18 years are required to open an intrust account.
Flexi FD: The Flexi FD scheme can be opened with a minimum deposit of RM10,000. The scheme offers high interest per month and the accrued interest can help customers earn more interests. 3.45% p.a. interest is applicable when transferring funds in excess of RM30,000 from your Flexi One Account to Flexi FD.
Senior Savers Flexi FD: This scheme offers high monthly returns and can be opened with a minimum deposit of RM10,000. The scheme is available in tenures of 12, 24, 36, 48 and 60 months. The monthly interest will be credited to other savings or current accounts in Hong Leong. Partial withdrawal is possible without compromising on interest on the remaining balance.
Junior Fixed Deposit: This scheme is applicable for children below 18 years of age. Account holders can earn high interest through deposits in fixed tenures of 12, 24, 36, 48 and 60 months. Interest is calculated on a daily basis and deposited into the Junior Savings Account.
e-Fixed Deposit: This scheme can be started and withdrawn anytime online through Hong Leong Connect. Tenures are available from 1-12 months and interest payment is available as monthly payouts or maturity payout.
Term Deposit-i: This scheme offers attractive fixed profit rates based on the Commodity Murabahah concept. Profit rate is decided on the basis of the amount of deposit, with higher deposits attracting higher profit rates. Tenures are available from 1-60 months and profit crediting can be opted from monthly or maturity schemes.
Hong Leong Fixed Deposit Interest rates
Interest rates for the various fixed deposit schemes from Hong Leong Bank are as follows (in p.a.):
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How to open Hong Leong fixed deposit account?
Hong Leong fixed deposit accounts can be opened through online or offline routes. Potential customers can use the online platform for applying and initiating their fixed deposit accounts, or they can approach any of the branches of Hong Leong and apply for the same in person. Opening the account requires very few formalities such as submission of application form and supporting documents.
FAQs on Hong Leong Fixed Deposit
Who can apply for Hong Leong fixed deposit accounts?
Malaysians 18 years or above in age can open fixed deposit accounts with Hong Leong Bank. However, age criteria varies from product to product, for instance Junior Fixed Deposit may be opened in the name of a minor while Senior Savers Flexi FD is meant for senior citizens. You are advised to check individual products for more details.
What are the interest rates on fixed deposit schemes?
Interest rates are generally between 2.95% to 3.45% across different FD schemes. Tenures more than 12 months have negotiated interest rates, i.e. the applicable interest rate will be decided between you and the bank.
Is partial withdrawal possible?
Yes, partial withdrawal is allowed for particular fixed deposit schemes. You may be required to pay partial withdrawal charges when opting for the same. Partial withdrawal is generally allowed for a minimum amount of RM3,000.
What are the available tenures?
Each plan has its own tenure. In general, tenures tend to vary between 1-60 months, with schemes such as Senior Savers Flexi FD and Junior FD having tenures starting from 12 months up to 60 months. You are advised to check individual product listings for the same.
Other Products offered by Hong Leong:
Apart from offering Fixed Deposit,Hong Leong offers other products and services which include: