In Malaysia, this bank is the leader when it comes to market capitalization and the total number of assets the company owns. But that is not the only reason this bank thrives when it comes to the people, because it is a bank based out of the country, and the maximum trust from people when it comes to their money, in times of depression and uncertainty in the global markets, is when the money is within your own country and being invested within your own country. Fixed deposits at Maybank, not only ensure the safety of your money but they also come with a wide ranges of advantages. From lucratieve interest rates, to the option to make the deposits online through eDeposit service makes Maybank one of the most preferable fixed deposit products available to Malaysian population. Also, the minimum deposit amount is RM 5000, which is reasonably low. However the deposits can be made, monthly, annually or half-yearly, making it quite a flexible product for investors. Also, the tenure for the deposit can be between 1 to 60 months, giving people ample choice to save, for 5 years, at a stretch. Also, the fixed deposits are calculated in both traditional banking laws as well as the option on Islamic banking is also there. Read on to know more about this product.
Features of Maybank Fixed Deposit
- High interest/profit rates: Higher than average interest rates on deposits.
- Flexible tenures: Deposit tenures can be chosen from multiple options between 1-60 months as per the specific scheme.
- Minimum deposit: Minimum deposit amount starting for as low as RM5,000 for some schemes.
- Convenience: Option to make deposits online (eFixed Deposit) and through offline means.
- Banking methods: Both traditional and Islamic banking schemes are available.
- Payment frequencies: Payment frequency can be chosen between monthly, half yearly, yearly or maturity depending on the chosen product.
Maybank Fixed Deposit Schemes
Islamic Fixed Deposit – i (IFD-i): This scheme is based on the Shariah contract of Murabahah wherein a specific Shariah-compliant commodity is used as the base asset for sale and purchase transactions between clients and the bank. The account is available in tenures between 1-60 months, with profit payments done in frequencies of monthly, half yearly or yearly intervals.
Profit Now! Account-i (PNA-i): This is another Islamic banking fixed deposit scheme that offers immediate returns on signing up. The scheme is available in tenure between 1-12 months and offers returns as soon as the deposit kicks in.
Fixed Deposit Account: This is the basic fixed deposit scheme which earns you interest at a pre-decided rate on the basis of the deposited amount. The plan is available for tenures between 1-60 months and offers higher than normal interest rates.
eFixed Deposit: This scheme is available online through the Maybank2u portal. Customers can place and withdraw online through the eFixed Deposit account. Tenures are available from 1-60 months and interests are paid out at higher than average rates.
Special Investment Account-i (SIA-i): This account is based on the Mudharabah contract wherein the customer is understood to be a provider of funds while the bank acts as the entrepreneur. The funds are invested in Shariah compliant avenues and profit is shared between the customers and bank on a pre-decided ratio.
Maybank Fixed Deposit Interest rates
Interest rates for various fixed deposit schemes from Maybank are listed below. Rates are in p.a.
|Tenure||IFD-i||PNA-i||Fixed Deposit Account||eFixed Deposit|
How to open a Maybank Fixed Deposit Account?
Maybank fixed deposit account can be opened either online or offline. The eFixed Deposit scheme is exclusively meant for online registrations and deposits, while the other schemes can be opened by physical form submission at any of the bank’s branches. Opening a fixed deposit account typically requires very few documents and the processing is quick. You simply need to submit the filled-in and signed application form as well as supporting documents as requested by the bank.
FAQs on Maybank Fixed Deposit
What is the minimum deposit amount for opening a Maybank fixed deposit account?
Each scheme has its own minimum deposit amount criteria. Usually minimum investment is RM5,000-RM10,000 depending on the scheme chosen. You are advised to check the particular product listing for specific amounts.
What is the eligibility for opening a Maybank fixed deposit account?
Eligibility varies from scheme to scheme. In general, individuals or group of individuals above the age of 18 years can open a fixed deposit account with Maybank.
What is the interest/profit payment frequency?
Interests or profit payment frequencies are scheme specific. In general, profits are paid out in monthly, half-yearly, yearly intervals or at maturity.
What are the available deposit tenures?
Tenures are available from 1-60 months depending on the chosen scheme.
Other Products offered by Maybank:
Apart from offering Fixed Deposit,Maybank offers other products and services which include:
News About Maybank Fixed Deposit
Maybank Investment Bank Improves its Regional Reach
Maybank Investment Bank Bhd (Maybank IB) as seen an increase in its net profit by having a presence outside the country. Known as Maybank Kim Eng outside Malaysia, 50% of the bank’s total income comes from investment banking and stock-broking activities outside the country.
In 2014, Indonesia had the highest percentage of income, whereas in 2015 it is Philippines. According to statistics, Indonesia and Vietnam markets may prove to be profitable in 2016.
The bank boasts of regional presence in about 10 countries. John Chong, the Chief Executive of Maybank IB said that knowing the local people and companies has helped a lot in boosting the income of the bank.
The workforce of Maybank IB is around 3,000 which includes around 1,000 brokers and remisiers in Thailand. After the acquisition of Kim Eng, Maybank could extend its presence to countries such as Singapore, Thailand, Philippines and Indonesia. The strategy behind this deal was to place a majority of talent pool in countries to earn maximum debt capital market and investment banking deals. The investment banking arm of the Maybank IB has a distribution network in London, Hong Kong, San Francisco and New York.
26th October 2015
Maybank give a discount of 9.5% of the dividend reinvestment plan
The 11th dividend dividend reinvestment plan by Maybank is a discount of 9.5% in comparison to the 5.3% over the last 5 years. This is the 3rd largest DRP (dividend reinvestment plan) since Maybank started this programme.
The earlier average price was RM 8.29 and with the 9.5% discount has now come to RM7.50. If the reinvestment rate is of 85% then it estimates a 2.1% earnings per share dilution, if you take a full year of dilution of 4% which is on the level of the historical average. Maybank share price also went down 3 sen at RM 8.38 in the trade of Monday morning.
30th September 2015
Market sentiments to get positive spin with government impetus
The Malayan government’s encouragement to have Malayan companies repatriate funds for domestic investment will have a positive effect on the Malaysian stock markets, according to Maybank Investment Bank. This will be further helped on reactivation of ValueCap.
ValueCap can help counter equity sales in the stock market and also add value to those stocks that have been undervalued. ValueCap’s asset allocation of RM20 billion is around 1.2% of the total market cap of stocks on Mayalsia’s Busra Malaysia. Asset allocation to Value Cap would arise from its shareholders.
Further, stronger impetus will come from Budget 2016 if it addresses pressing macroeconomic conditions.
18th September 2015
Maybank leads KLCI higher with fund buying
Buying of the funds of Maybank and Public Bank have caused the KLCI to climb and start to get out of the recent losses it was seeing. Even though KLCI was climbing, investors have remained worried about the continued weakening of the ringgit compared to the US dollar. Even though at the time of closing the KLCI was up by 4.27 points, according to the year-to-date it was still down by 9.8%.
The ringgits value against the US dollar closed at 4.3393 as compared to the earlier position of 4.3300. The ringgit has also weakened in comparison to GBP where it closed at 6.6712 as compared to the earlier 6.6078. The ringgit had been hitting a 17 year low as compared to the US dollar when it closed at 4.3405.
10th September 2015
Maybank Forecasts Slow Loan Growth As the Economy Faces Uncertainties
Maybank, one of Southeast Asia's largest lender by assets, predicts the economy in Malaysia to slow, leading the bank to consider lowering loan growth and spending, according to group president and chief executive Abdul Farid Alias.
Alias added that the consumption will weaken driven by the implementation of the new goods and services tax due in April. He also added, “The bank also expects slower loan growth and expenditure in view of the slowing Malaysian economy.”
He also expects the equity capital market continue its low momentum driven by a weak market sentiment.
However, Maybank reported their highest quarterly net interest income at RM2.68 billion in the last 5 years despite the fact that the future growth seems bleaker considering the macroeconomic environment that is going through uncertainties at the moment.
The bank has expanded aggressively in Southeast Asia over the past decade and counts Singapore, Indonesia as its major markets outside of Malaysia.
Megat Zaharuddin Megat Mohd Nor, Chairperson, Maybank said, "We have to pay more attention to organic growth in view of the current turbulence. We continue to scout the field for opportunities," following the posting of second-quarter earnings.
7th September 2015
Maybank shares slide to RM8.48
With the current financial industry facing a slump in Malaysia, the shares for financial giant, Maybank have also slid by 3.64% and have reached RM8.48. Not only Maybank but stocks for other competitor banks like CIMB, Public Bank and RHB Capital have also fallen substantially. Market analysts are of the view that non-performing loans may rise since customers may feel burdened with high household debt. Financial analysts at Asia Analytica still favor Maybank with respect to any other bank in Malaysia considering the resilient nature of the bank and its good asset quality and market position. Maybank’s slashed share price however, has not come due to some difficulty specific to the bank but due to the over-all trend of financial market in Malaysia.
Maybank recently bagged several accolades and awards for excellent performance in the banking industry and industry experts have been vouching for the bank as one to look forward to. Experts also feel that the slump is more of a macro situation which is specific to the industry and not to any bank in general. Almost all major banks have been hit by this industry movement and are trying to revive their stock value.
12th August 2015
Euromoney names Maybank the best investment bank in Malaysia
Maybank has been named as the best investment bank in Malaysia at the latest Euromoney Awards for Excellence 2015. According to the top financial magazine’s panel, Maybank was bestowed this award for its unbeatable performance in the investment banking domain. The bank was able to register growth and boost its revenue even when other banks fell back. Maybank has especially shown strong improvements in equity capital markets and debt capital markets.
Asiamoney too has commended Maybank on its improvement in market share of primary equity in Malaysia. Maybank spokesperson said that the bank was extremely honored to receive such recognition and to see its growth strategy working well. Euromoney awards are based on quantitative data as well as subjective judgment of the jury members. On the other hand, Asiamoney awards are based on a mix of recommendation by industry experts as well as internal research of the company.
29th July 2015
Maybank customers, welcome the new biometric authentication!
Maybank customers can now relax peacefully with regards to mobile banking. The bank has introduced biometric authentication on mobile banking platform with the release of its Quick Touch service on the Maybank2u app. The banking app of Maybank will now let customers transfer funds and view bank statements using fingertips for authentication. This is first of its kind service in Malaysia and is part of Maybank’s strategy to innovate in the digital space so as to offer enhanced convenience and transaction speed to customers.
The biometric authentication process speeds transactions by about 70 times which is a huge leap in terms of turn-around time. The bank has been committed to use of innovation and technology in order to enhance customer experience. The Quick Touch technology is currently available on iOS devices like iPhones, iPads and the Apple watch. The functionality on the Apple watch provides not only transaction related help but also alerts customers about their credit card outstanding balance through use of colors.
14th July 2015