The fixed deposit is a perfect way for an investor to just park their money in a bank and watch it grow. Not everyone is willing to risk their hard earned money on stocks, properties or other investment avenues that are prone to risks. With fixed deposits all deposits made are guaranteed to provide returns and moreover are devoid of any risks. They work in a similar fashion to savings accounts. They earn interest for a specific period but that is where their similarities end. Unlike savings accounts, the interest offered in fixed deposits is considerably higher and most importantly, unlike savings accounts the investor does not have access to the funds until the deposit reaches maturity. Making premature withdrawals leads to loss of interest accumulated either wholly or partially. Fixed deposits are particularly useful when they combine flexible tenures with high interest rates and the fixed deposits from UOB offer the perfect mix of both. The longer the tenure chosen, the greater the interest earned. The fixed deposits from UOB are also eligible for protection under PIDM which means to say that even if the bank failed, the money deposited is guaranteed by the government. The fixed deposits from UOB come both in a conventional format as well as an Islamic format. To know more about the fixed deposits from UOB, kindly read on.
Highlights of UOB Fixed Deposit
Features and benefits of fixed deposits with UOB can be outlined in the following points –
- Two easy and comprehensive variants of fixed deposits
- Fixed deposits come with tenures as low as 1 month and can be of longer periods
- Deposits can be as low as RM 500 for normal fixed deposit accounts
- Attractive interest rates for a variety of tenures
UOB Fixed Deposit Schemes
Fixed deposits from UOB Bank are of two kinds, with one exclusive for senior citizens. The availability of each scheme is at the discretion of the bank. The schemes under UOB fixed deposits can be mentioned as follows –
- Fixed Deposits – With lock-in tenures ranging from one month, 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 of age 18 years or more
- Golden Saver – The Golden Saver deposit provides higher interest rates to senior citizens
- These interest rates are higher than the board rate.
- It is a low-risk option since the deposits are covered by PIDM i.e. the Deposit Insurance Corporation of Malaysia.
- By maintaining funds in UOB’s Golden Saver account you can watch your money grow and support yourself as you grow older all the while enjoying peace of mind.
- Golden Saver depositors must be over 50 to open this account.
- A minimum amount of RM100,000 is required as initial investment. Subsequent deposits can be made in multiples of RM 50,000.
- Deposits are protected by the PIDM or Insurance Deposit Corporation of Malaysia thereby assuring capital protection.
UOB Fixed Deposit Interest Rates
UOB offers lucrative interest rates for fixed deposits with the bank. The list of rates applicable for fixed deposits and applicable tenures (as of September 2015) are mentioned below –
|Tenure (in months)||Fixed Deposit Rates|
Rates for Golden Saver are 1% over and above the standard rates as mentioned for Fixed Deposits. Rates offered by the bank on fixed deposit accounts 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 UOB
One can visit any of the branches of UOB in their neighborhood to get assistance on opening a new fixed deposit account. However, it would be advisable to carry a government recognised proof of identity and/or passport, bank statements, letter of employment or student’s permit 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 UOB:
Apart from offering Fixed Deposit,UOB offers other products and services which include: