In Malaysia, senior citizen fixed deposit accounts offer you an opportunity to earn regular returns along with tax saving benefits. These deposit accounts come with attractive interest rates and flexible tenures.
Senior Citizen Fixed Deposit Offered by Malaysian Banks
Here is a list of fixed deposits offered by Malaysian banks for senior citizens:
- BSN Term Deposit Senior Citizen: BSN bank offers this scheme for a minimum investment of RM5,000. The profit rates ranges from 3.55% p.a. (for less than RM50,000) to 3.60% p.a. (for more than RM50,000). The maturity period ranges from 1 year to 5 years. You can use your Senior Citizens Term Deposit Account Certificate as a collateral if you are applying for personal loans, credit card, mortgage, or hire purchase.
- PB Golden 50 PLUS FD Account: Public Bank offers this fixed deposit to both residents and non-residents of Malaysia. The interest rate ranges from 3.05% p.a. to 3.20% p.a. for tenures ranging from 1 month to 60 months.
- Am50Plus Term Deposit-i: AmBank offers this fixed deposit scheme to Malaysian senior citizens. The FD has a hassle-free application process and has an automatic renewal feature which renews the deposit upon maturity. The minimum placement amount required is RM5,000. The profit rate starts from 3.10% p.a. (six months) to 3.50% p.a. (60 months).
- MBSB Fixed Deposit for 49'ners Club: MBSB offers this flexible term deposit scheme to senior citizens. This scheme offers higher rate of profit than usual fixed deposit.
Benefits of Senior Citizen Fixed Deposit Accounts
- With the senior citizen saving schemes, you can earn higher rates of interest as compared to a regular savings account
- All the senior fixed deposit accounts are PIDM protected.
- You get easy access to your account via bank branches, cash deposit machines or ATMs.
- You get 24/7 assistance via phone, online, customer service help desks.
The following is the eligibility criteria to open a senior citizen fixed deposit:
- You need to be 50 years of age and above.
- A minimum balance of RM1,000 has to be maintained.
Fees & Charges
The general fees and charges are as follows:
|Loss of Fixed Deposit Receipt||RM5 plus stamp duty|
|Off-cycle statement request||RM5.00 + GST|