Mach Fixed Deposit
The Mach Fixed Deposit is a banking product introduced by the Hong Leong Bank that offers customers attractive and extremely competitive interest rates. It is also the first online fixed deposit that allows customers to make partial withdrawals, making it an extremely viable option for those individuals who require cash should any unexpected or unforeseen expenses arise.
Features and Benefits of Mach Fixed Deposit
The Mach Fixed Deposit showcases a number of features and benefits that make it one of the preferred banking products in Malaysia:
- Customers can make all placements into the fixed deposit through the Hong Leong Connect portal or via any of the Mach branches
- Mach fixed deposit offers customers high rates of interest that can rise up to 3.60% per annum
- Customers can make a minimum deposit of RM 1,000
- Partial withdrawals are allowed for deposits of RM 10,000 and above, provided the tenure of the deposit is at least 6 months
- Easy, paperless and hassle free process
- Customers have the opportunity to grow their money due to the high interest rates on offer
Eligibility and Requirements for Mach Fixed Deposit
Customers looking to open a Mach Fixed Deposit are required to fulfil the following eligibility criteria and requirements:
- The deposit is open to all existing Money Box Deposit account holders
- The individual must be at least 18 years of age or older
- The minimum deposit required is RM 1,000
- In case the customer does not have an account with the bank he or she will be required to visit their nearest branch and open an account with a MyKad copy and place an opening deposit of RM 200
Interest Rates for Mach Fixed Deposit
Interest rates for Mach Fixed Deposit vary based on the tenure of the deposit chosen by the customer. This can be seen in the table below:
|Tenure||Interest Rates Per Annum|
FAQs for Mach Fixed Deposit
Is the money placed in the Mach Fixed Deposit protected in case of a banking collapse?
Yes. The Mach Fixed Deposit is protected by PIDM, which ensures that all money placed in the deposit is safe and secure in the event of a banking or financial collapse
How do customers acquire their Mach Fixed Deposit account number?
Following the opening of the fixed deposit account, customers can use the Hong Leong Connect portal to view their Mach Fixed Deposit account number.
Does the Mach Fixed Deposit have a renewal facility?
Yes. All Mach Fixed Deposits will be renewed automatically on the date of maturity of the deposit.
What are the conditions under which partial withdrawals can be made from a Mach Fixed Deposit?
Both partial and full withdrawals can be made by the customer before the date of maturity. However, partial withdrawals can only be made as per the following regulations:
- Partial withdrawals can only be made on accounts with a minimum balance of RM 10,000 and with a minimum tenure of 6 months
- The minimum amount allowed for a partial withdrawal is RM 3,000
- All partial withdrawals are to be made in multiples of RM 3,000
How and where will the interest earned on the Mach Fixed Deposit be credited?
In order for the customer to receive the interest earned on the fixed deposit, he or she will be required to open a Money Box deposit account. All interest earned on the fixed deposit will then be credited by the bank directly into this account.
Other Products offered by Mach:
Apart from offering Fixed Deposit,Mach offers other products and services which include: