You can open a Public Bank eFixed Deposit Account online. You get competitive interest rates on your deposits. Physical FD receipt will not be issued. You will get a placement or renewal slip upon successful placement. This is a conventional fixed deposit product.
Features and Benefits of Public Bank eFixed Deposit Account
Following are the various features and benefits of Public Bank eFixed Deposit Account:
- You can open the fixed deposit account at your convenience.
- Opening an eFixed deposit Account is hassle-free.
- The placements are approved in real time.
- The minimum placements start at RM1,000. There is no limit for maximum placement amount.
- The account is automatically renewed.
- The monthly interest will be credited to your savings or current account.
- You do not get any statements on paper.
- You cannot open a joint eFD account.
- You can open more than 1 eFD account if you have more than one savings or current account.
- There are two tenures available:
- 1 – 12 months.
- 13 – 24 months, 36 months, 48 months, and 60 months.
- The interest for 1 – 12 months fixed deposit will be credited to the designated savings or current account on a monthly basis, on maturity, or will be added to the principal upon maturity.
- The interest for 13-24, 36, 48, and 60 months fixed deposit will be credited to the dedicated savings or current account on a monthly basis.
- The placements and withdrawals can be done between 6 a.m. and 12 a.m.
- You can cancel the placement and receive money on the same day.
- You cannot change the interest payment mode prior to the maturity.
To open a Public Bank eFixed deposit Account, you must meet the following requirements:
- You must be an individual or a sole proprietor.
- The minimum age required to open a fixed deposit account is 18 years.
- You must have an existing personal saving or current account.
- Partial withdrawal is not allowed, but premature withdrawals are allowed.
- The deposits made under this fixed deposit cannot be pledged as a collateral.
How to open a Public Bank eFixed deposit Account?
The Public Bank eFixed deposit Account can be opened via Public Bank website. You must select a conventional saving or current account when you are opening the account. The savings or current account will be then tagged to your PB eFD account for the withdrawal, placement, and to credit interest. The over-the-counter transaction will not be allowed to open and run the account.
You can withdraw the eFD before its maturity, the terms are as follows:
- If you are withdrawing within 3 months:
- Interest will not be paid on placements.
- Those who have opted for monthly interest crediting, the monthly interest that was earlier credited will be deducted from the principal amount.
- If you are withdrawing after 3 months:
- Interest will not be paid before completion of 3 months.
- After you complete 3 months, half the interest will be calculated.
- Those who have opted for monthly interest crediting will get the principal amount minus the difference between the premature withdrawal rate and the original rate.
Public Bank eFixed Deposit Account Rates
|Tenure||Rate of interest|
|1 – 2 months||2.95% p.a.|
|3 – 5 months||3% p.a.|
|6 – 11 months||3.05% p.a.|
|12 – 24 months||3.10% p.a.|
|36 months||3.10% p.a.|
|48 months||3.10% p.a.|
|60 months||3.10% p.a.|