HSBC Amanah Fixed Deposit
HSBC Amanah offers Shariah-compliant financial products and services specifically designed for Malaysia. HSBC Amanah’s term deposit plans – fixed deposits – are aimed at helping customers save for a better future or a planned expenditure. Those who do not want the hassles of a risk-ridden investment plan can choose these fixed deposit plans, which are among the safest in the country.
Features of HSBC Amanah Fixed Deposit plan
The following are the key features of HSBC Amanah Term Deposit-i scheme:
- Shariah-compliant: The fixed deposit plan by HSBC Amanah is based on the Commodity Murabaha principle of Islamic Banking, and hence is Shariah-compliant.
- Fixed rates: The profit rates are fixed and do not vary, thereby giving you assured returns.
- Flexible tenures: The scheme allows individuals and businesses to deposit their money for periods of up to 60 months.
- Protection: Your fixed deposit amount is protected by the government-run PIDM.
- Multiple currencies: HSBC Amanah allows account holders to deposit their money in different currencies and not just the ringgit.
HSBC Amanah Interest Rate
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HSBC Amanah Fixed Deposit plan for individuals
HSBC Amanah’s Term Deposit-i plan for individuals gives you the following benefits:
- Fixed profit rates: The FD plan for individuals gives up to 3.30% profit per annum.
- Tenure: You can choose to deposit your money for 1 month to 60 months.
- Low minimum deposit: If your term deposit period is 1 month, then the minimum amount required to be deposited is RM 5,000. For longer durations of 2 months and above, the minimum deposit amount is RM 1,000.
- Interim payment: If your deposit period is more than 13 months, you can avail interim payments of profits to your savings account. You can instruct the bank to deposit the profit amount every quarter or half-yearly or annually to your savings account.
- Multiple currencies: You can make your deposits in the following currencies apart from ringgit: US dollar, British pound, Euro, Australian dollar, Singapore dollar and New Zealand dollar.
HSBC Amanah Fixed Deposit plan for businesses
The following points make HSBC Amanah’s Term Deposit-i plan attractive and profitable for businesses:
- Two types of FD schemes for businesses: HSBC Amanah Term Deposit-i plan for businesses comes in two variants: Standard Scheme and Upfront Payment Scheme. Under the Standard Scheme, your deposit earns up to 3.5% profits, while under the Upfront Payment Scheme, you do not have to wait for maturity to earn profits. The profit rate, however, will be slightly lower than that of the standard scheme, up to 2.8% depending on the tenure.
- Flexible deposit periods: Under the Upfront Payment Scheme, you can choose to deposit your money for 1 month, 6 months, 12 months or 24 months, while Standard Scheme customers can deposit their money for 1 to 60 months.
- Interim payments: The standard scheme for business customers also comes with an option to earn interim profit payments. The tenure has to be more than 13 months for this option to be available.
- Multiple currencies: Fixed Deposits by businesses in HSBC Amanah can be made in ringgit, US dollar, British pound, or in Euro.
- Minimum deposit amount: For the Upfront Payment Scheme, the minimum amount to be deposited is RM 5,000 for 1 month and above. Higher amounts should be in multiples of RM 1,000, i.e. deposits should start from RM 5,000 and go on to RM 6,000, RM 7,000, etc. and not in figures such as RM 6,150. Under the Standard Scheme, you need to deposit RM 5,000 for the 1-month period or RM 1,000 for 2 months and above.
Eligibility Criteria for HSBC Amanah Fixed Deposit plan
You can open a term deposit scheme with HSBC Amanah if:
- You are at least 18 years old.
- You already have a savings account with HSBC Amanah.
- You are a citizen of Malaysia or have passport and work permit in Malaysia.
How to Apply for HSBC Amanah Fixed Deposit Account
You can apply for a term deposit plan with HSBC Amanah in 3 ways:
- Online through the bank’s website or bbazaar.my;
- Call the bank on 1300 80 2428 (from Malaysia) or 603 8321 5502 (from other countries);
- Visit your nearest branch
The documents required for an FD account at HSBC Amanah are:
- Filled up application form
- Valid ID proof – copy of your National Registration Identity Card (NRIC), or passport and work permit
- Salary slips for the past 3 months
- Latest EPF statement
- Bank statements of the past 6 months
- Passport-sized photographs
FAQs on HSBC Amanah Fixed Deposit scheme
Will it be easier to get a fixed deposit in HSBC Amanah if you already have a savings account there?
Yes. However, to open a term deposit plan you need to have a savings account with HSBC Amanah, so you’ll end up opening a savings account anyway.
Can I withdraw money from the HSBC Amanah fixed deposit account before maturity?
The bank allows full withdrawal before maturity, but partial withdrawals are not allowed. Customers can withdraw half of the profit earned, provided they hold their deposit for at least 3 months after the initiation of the deposit. But, if the customer decides to make a withdrawal prior to completing the stipulated three months, he or she will not be entitled to any profits.
What does PIDM protection mean?
The fixed term plans offered by HSBC Amanah are protected by the Perbadanan Insurans Deposit Malaysia (PIDM), which is operated by the Malaysian government. Even if the bank defaults on payments or in case of an economic upheaval, protection of fixed deposits is given priority.
Can HSBC Amanah auto-renew term deposits?
The bank provides the advantage of automatic renewal i.e. if funds are not withdrawn by the customer at maturity, the bank automatically renews the fixed term deposit, on the same terms and conditions as the maturing deposit.
Other Products offered by HSBC Amanah:
Apart from offering Fixed Deposit,HSBC Amanah offers other products and services which include: