India International Bank (Malaysia), IIBM, offers a number of deposit and loan products. In addition, the bank also provides remittance services that include fast and secure end-to-end transactions. The bank provides Fixed Deposit Account that accepts funds in Malaysian Ringgits as well as foreign currencies.
India International Bank Fixed Deposit Interest Rates 2019
Fixed Deposit Account:
|Deposit Tenure (in Months)||Interest Rate (% p.a.)|
Types of India International Bank Fixed Deposits
- Fixed Deposit Account: Make a deposit in a Fixed Deposit Account for a tenure of your choice to earn interest on your money. A minimum deposit of RM1,000 must be made for a tenure of 2 months and above. You can also deposit money for a month’s tenure. In that case, a minimum of RM5,000 must be invested.
- Foreign Currency Account: You can open a Foreign Currency Account with the India International Bank (Malaysia). The deposit can be made using the major currencies, such as US Dollar (USD), Sterling Pound (GBP), Euro (EUR), and Singapore Dollar (SGD). A minimum deposit of 10,000 in each of these currencies must be made.
Features and Benefits
- With a Fixed Deposit Account you can deposit money for a tenure from 1 month up to 60 months.
- Both individuals and non-individuals can utilise the Fixed Deposit Account.
- A sum of RM1,000 is required to make the deposit.
- An interest rate of up to 3.45% p.a. can be got with the Fixed Deposit Account.
You can be an individual or a non-individual customer to make a deposit in IIBM. Non-individual customers include firms, societies, sole proprietorships, associations, financial institutions, businesses, and government institutions.
Fees and Charges
Visit the head/branch office to know the applicable fees and charges.
How to Open India International Bank Fixed Deposit Account
|Contact Number||+603-2026 1769|
|Head Office Contact Number||+603-2026 1767|
|Email Address||[email protected]|
Visit the bank’s office to get all your queries resolved. You can choose a long-term deposit tenure to save a fortune for your future expenses. It is good to check the interest rates offered by other banks before you deposit your money with any bank.
Q. What interest rates are available for Foreign Currency Fixed Deposit Accounts?
A. IIBM determines the interest rate based on the currency you choose to deposit in a Foreign Currency Fixed Deposit Account. You can find out the exact rates when you visit a branch of the bank.
Q. What is the interest rate I can expect for a tenure of 30 months?
A. The interest rate for a tenure between 25 months and 60 months is negotiable. To be particular, you can expect a minimum rate of 3.45% p.a. with a long deposit tenure.
Q. Does the bank provide an assured refund of the money deposited?
A. Yes. The money you deposit in any of these accounts is eligible for protection by Perbadanan Insurans Deposit Malaysia (PIDM).
Q. What should I do if I am unsure of when I will withdraw the funds from my foreign currency account?
A. When you are unsure of when you will need your foreign currency funds, Foreign Currency Fixed Deposit Account may not be the right choice. A Foreign Currency Current Account comes handy in such situations. You can deposit money in currencies, such as US Dollar (USD), Sterling Pound (GBP), Euro (EUR), and Singapore Dollar (SGD).
Q. What other deposit accounts are offered by IIBM?
A. IIBM offers Current Account and Savings Account for individuals, business entities, and non-profit organisations. When it comes to Savings Account, the minimum deposit you have to make is as low as RM250. On the other hand, with a Current Account you must make a minimum deposit of RM1,000.