For those of you who want to get into investing but don’t know how, the Fixed Deposit is an ideal starting point. Structured very similar to a savings account, fixed deposits offer investors a guaranteed interest on the deposited sum for a specific period of time provided the investor does not make any withdrawals. Unlike savings accounts, fixed deposits do not give access to the cash till the end of the tenure. Making premature withdrawals would risk losing any returns. The interest provided on fixed deposits are also significantly higher and is paid out either on maturity or at regular intervals such as quarterly or half yearly.RHB offers fixed deposits for those who want to see their money grow. They offer tenures ranging from 1 month to 5 years and these fixed deposits can be opened either on an individual basis or through joint applications. Investors can also be assured of the safety and guarantee of the fixed deposits as they have been guaranteed under PIDM which means to say even if the bank was to fail, the deposited money is guaranteed by the government. The investors only need to watch their money grow through the competitive interest rates offered by RHB. These interest rates begin at 3.15% for a one month tenure and go up to 3.60% for tenures of 5 years. To know more about the product, kindly read on.
Features of RHB Fixed Deposit
Features and benefits of fixed deposits with RHB can be outlined in the following points –
- RHB has a widespread accessible network across South East Asia
- Fixed deposits come with tenures as low as 1 month to as high as 5 years
- Deposits can be as low as RM 500
- Partial withdrawals from fixed deposits allow for a healthy liquidity option
- Attractive interest rates for a variety of tenures
RHB Fixed Deposit Schemes
Fixed deposits under RHB Bank can be categorised under three variants. Each variant comes with its own set of features and benefits. The availability of each scheme is at the discretion of the bank. The schemes under RHB fixed deposits can be mentioned as follows –
- Ordinary Fixed Deposits – With lock-in tenures ranging from one month to 5 years, these deposits can have a minimum deposit amount of RM 500 for tenures of 2 months and above. The minimum deposit amount for a 1 month tenure is RM 5000 though. These deposits can be availed by individuals, proprietorships, societies, associations, firms, institutions (both governmental and financial) as well as business enterprises. Partial withdrawals are allowed on these deposits in multiples of RM 1000 on the condition that the minimum balance in the deposit is RM 5000. Overdraft facilities are also available, up to the entire amount of the deposit
- RHB Senior Fixed Deposits – These accounts are meant for individuals above the age of 50 years at the time of opening the deposit and require a minimum deposit amount of RM 10000 per account. The lock in periods of these deposits could be chosen from 1 year to 5 years. Partial withdrawals can be made in multiples of RM 1000 provided that the minimum balance in the deposit is RM 10000. Interest is calculated daily on these deposits and Loan through overdraft is possible up to the entire amount of the deposit. In addition to that, the first five cashier’s orders or demand drafts made on a deposit of this kind for buying a public share or issue of right enjoy a full commission waiver
- RHB P.A.Y.S. Fixed Deposits – Some of the key features of RHB’s P.A.Y.S. Fixed Deposit are elucidated below.
These deposits can be held for a tenure of 3 months.
In order to open this account, an amount of RM10,000 will have to be deposited an initial investment.
This account can be held by individuals over the age of 18 years.
Interest accrued in this account is paid out on a monthly basis. The interest so payable is transferred directly to the deposit holder’s account (current or savings).
This FD is guaranteed by PIDM i.e. the Deposit Insurance Corporation of Malaysia.
Interest Rates of RHB Fixed Deposits
RHB offers lucrative interest rates for fixed deposits with the bank. The list of rates applicable for fixed deposits and applicable tenures (as of July 2016) are mentioned in the table below –
|Tenure (in months)||Ordinary Fixed Deposit (<= RM 1 million)||Ordinary Fixed Deposit (> RM 1 million)|
Rates offered by the bank on fixed deposit are at the sole discretion of the bank and might be subject to change as per the prevailing terms set forth by the bank.
How to open a Fixed Deposit with RHB
One can visit any of the branches of RHB in their neighbourhood to get assistance on opening a new fixed deposit account. However, it would be advisable to carry a government recognised proof of identity, bank statements and a couple of passport size photographs if one is considering a visit to the bank for opening a fixed deposit account. It’s also worthwhile to call up the bank and enquire about the latest rates.
Other Products offered RHB:
Apart from offering Fixed Deposit,RHB offers other products and services which include:
- RHB Personal Loan
- RHB Home Loan
- RHB Car Loan
- RHB Renovation Loan
- RHB ASB Loan
- RHB Credit Card
- RHB Car Insurance
- RHB Insurance