• Maybank Fixed Deposit

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    Maybank Fixed Deposit Rates

    Maybank Fixed or Time Deposit offers flexible tenures at competitive interest rates with access to overdraft facilities, mobile banking and the option of opening an account with foreign currencies. Maybank also provides promotional offers quite frequently with its Time Deposit account.

    Types of Maybank Fixed Deposit Schemes

    Maybank offers 6 different types of time deposit schemes. They are listed below.

    Singapore Dollar Time Deposit

    This fixed deposit scheme will help you earn a higher interest and offer you a wide range of facilities to help you save more and increase your earnings.

    Features and Benefits

    • The minimum deposit is S$1000 for a minimum term of 60 days.
    • Flexible placement time periods can range from 1 month to 3 years.
    • Monitor your time deposit using your phone or net banking account.
    • You shall receive no interest for premature withdrawing in less than 90 days.

    Minimum initial deposit

    • SGD 1,000 for terms from 2 months to 3 years
    • SGD 10,000 for a 30-day term
    • SGD 1,000,000 for a 7-day tenure (valid only for business accounts)

    Eligibility

    Permanent Residents of Singapore, Singapore citizens and foreigners are eligible for this time deposit scheme.

    Documents Required

    • NRIC (for residents and citizens of Singapore)
    • Passport, Employment Pass, a copy of bank statement, address proof in the form of utility bills, telephone bills etc. (for foreigners)

    Fees and Charges

    Services and fees might be applicable. Please contact the bank bank to know more.

    Check For MAYBANK Fixed Deposit Promotions

    Singapore Dollar Privilege Plus Time Deposit

    This Maybank Time Deposit scheme will help you grow your principal amount with interest and help you save a lot in the process.

    Features and Benefits

    • Monitor your time deposit easily via phone or net banking account.
    • Retain your time deposit for at least a year and get one of these perks:
      1. Interest earned per month can be directly credited to your chosen Maybank Current or Savings Account.
      2. Extra cash along with interest as the deposit matures.
    • The deposit can be renewed automatically upon maturity.

    Minimum initial deposit

    It requires a minimum deposit of SGD 50,000 for a minimum tenure of 180 days or SGD 25,000 for at least a year.

    Eligibility

    Permanent Residents of Singapore, Singapore citizens and foreigners aged 55 and above are eligible for this time deposit scheme.

    Documents Required

    • NRIC (for residents and citizens of Singapore)
    • Passport, Employment Pass, a copy of bank statement, address proof in the form of a utility bill, telephone bill etc. (for foreigners)

    Fees and Charges

    Fees and charges are applicable for premature withdrawals. No interest is paid if the deposit amount is withdrawn within 3 months of opening the account.

    Singapore Dollar Choice Date Time Deposit

    This scheme from Maybank offers greater control of your finances through highly flexible placement periods.

    Features and Benefits

    • Offers flexible maturity periods.
    • Offers secured overdraft facility against the amount you deposit.
    • The deposit can be renewed automatically upon reaching maturity.
    • Offers among the highest interest rates for fixed deposits.

    Minimum initial deposit

    It requires a minimum deposit of S$10,000. Placement tenures range from 1 month to 999 days

    Eligibility

    Permanent Residents of Singapore, Singapore citizens and foreigners aged 16 and above are eligible for this time deposit scheme.

    It is available as a joint/personal account and also as a corporate account.

    Documents Required

    • Passport, Employment Pass, copy of bank statement, address proof in the form of utility bill, telephone bill etc. (for foreigners)
    • NRIC (for residents and citizens of Singapore)

    Fees and Charges

    Fees and charges might be applicable. Please contact the bank for more information.

    Foreign Currency Time Deposit

    Diversify your investment portfolio by investing in foreign currencies such as USD, AUD, GBP and NZD using Maybank Foreign Currency Time Deposit.

    Features and Benefits

    • Deposit multiple foreign currencies.
    • Offers competitive interest rates.
    • Offers overdraft facilities.
    • Easily monitor your accounts through phone and online banking.

    Minimum initial deposit

    • 10,000 units for all overseas currencies (except Japanese Yen)
    • 2.5 million units for Japanese Yen
    • Deposit periods: 30, 60, 90 and 180 days for all foreign currencies. One year term is applicable only for Australian Dollar, New Zealand Dollar, US Dollar and, GBP.
    • Get Foreign Currency Time Deposit rates as high as 2.15% per year.

    Eligibility

    Permanent Residents of Singapore, Singapore citizens and foreigners aged 18 and above are eligible for this time deposit scheme.

    Documents Required

    • Passport, Employment Pass, copy of bank statement, address proof in the form of utility bill, telephone bill etc. (for foreigners)
    • NRIC (for residents and citizens of Singapore)

    Fees and Charges

    Various fees and charges are applicable. Please contact the bank for more information.

    Click here for Maybank Foreign Currency Fixed Deposit Interest Rates.

    iSAVvy Time Deposit

    This is the first and unique online time deposit scheme in Singapore that offers one of the highest interest rates with transparent terms and conditions.

    Features and Benefits

    • Receive the interest payment upfront, just a day after the placement of your deposit amount.
    • It is denominated in Singapore Dollar (SGD) with a placement no less than S$5,000 with a range of terms such as 3, 6, 12, 24 and 36 months.
    • The deposit can be renewed automatically upon reaching maturity.

    Minimum initial deposit

    It requires a minimum deposit of SGD 5,000 for tenures of 3, 6 months and SGD 25,000 for tenures of 12, 24 and 36 months.

    Eligibility

    Permanent Residents of Singapore, Singapore citizens and foreigners aged 16 and above, who have a Savings or Current Account with Maybank are eligible for this deposit scheme.

    Fees and Charges

    There are no fees for opening or maintaining an account, but fees and charges are applicable for over-the-counter transactions. Please contact the bank for more information.

    iSAVvy Foreign Currency Time Deposit

    With this time deposit scheme from Maybank, you can diversify your portfolio with the option of making deposits in five foreign currencies namely AUD, EURO, NZD, USD and GBP with placement terms varying from 30 to 180 days. One year tenure is available for US Dollar deposits.

    Features and Benefits

    • Offers competitive interest and foreign exchange rates.
    • Get overdraft facilities against the amount you deposit.
    • Make the deposit in any of the 5 different currencies available.

    Minimum initial deposit

    It requires a minimum deposit of 10,000 in any of the 5 foreign currencies.

    Eligibility

    Permanent Residents of Singapore, Singapore citizens and foreigners aged 18 and above, who have a Savings or Current Account with Maybank are eligible for this deposit scheme.

    Fees and Charges

    There are no fees for opening or maintaining an account, but fees and charges are applicable for over-the-counter transactions. Please contact the bank for more information.

    Maybank Islamic Deposit

    Maybank provides the option of opening fixed deposits that are based on the Shariah principle of Murabaha, known as Islamic Deposits which involve commodity sale at marked-up price between the customer and the bank. They are essentially open to all and help in growing your assets. There are two types of Maybank Islamic Deposit accounts - Maybank Singapore Dollar Term Deposit-i and Maybank Foreign Currency Term Deposit-i.

    With Singapore Dollar Term Deposit-I, the profits are determined upfront and you can opt for a deposit period starting from 1 month to 36 months. You also get the profits upfront instead of having to wait until maturity. The minimum deposit amount is considerably low with competitive profit rates.

    The Foreign Currency Term Deposit-i, on the other hand, allow customers to expand their currency portfolio while offering them competitive profit and exchange rates on their investment. Maybank’s Islamic Banking combines all popular currencies. Based on the amount invested, it has three different tiers of investment.

    Maybank Fixed Deposit Interest Rate 2018 (Singapore Dollar)

    Maybank term deposit interest rates for Singapore Dollar accounts are listed in the table below:

    1. iSAVvy Time Deposit:
    2. Amount

      Tenure – Interest Rate (p.a.)

      3 months

      6 months

      1 year

      2 years

      3 years

      S$5,000 to less than S$25,000

      0.45%

      0.55%

      NA

      NA

      NA

      S$25,000 to S$50,000

      0.45%

      0.55%

      0.85%

      1.2%

      1.40%

      More than S$50,000 to less than S$250,000

      0.45%

      0.55%

      1.3%

      1.2%

      1.4%

      S$250,000 to S$1 million

      0.45%

      0.55%

      1.4%

      1.2%

      1.40%

    3. Singapore Dollar Time Deposit:
    4. Amount

      Tenure – Interest Rate (p.a.)

      1 month

      2 months

      3 months

      6 months

      9 months

      1 year

      18 months

      2 years

      3 years

      S$1,000 to less than S$50,000

      0.2%

      0.3%

      0.35%

      0.4%

      0.55%

      0.7%

      0.9%

      1%

      1.4%

      S$50,000 to less than S$100,000

      0.2%

      0.3%

      0.35%

      0.4%

      0.55%

      0.7%

      0.9%

      1%

      1.4%

      S$100,000 to less than S$250,000

      0.2%

      0.3%

      0.35%

      0.45%

      0.6%

      0.7%

      0.9%

      1%

      1.4%

      S$250,000 to S$1 million

      0.2%

      0.3%

      0.35%

      0.5%

      0.6%

      0.75%

      0.95%

      1.1%

      1.4%

    5. Singapore Dollar Choice Date Time Deposit:
    6. Tenure (in days)

      Interest rate

      30 to 59

      1-month Board Rate (BR)

      60 to 89

      2-month BR

      90 to 179

      3-month BR

      180 to 269

      6-month BR

      270 to 359

      9-month BR

      360 to 539

      1-year BR

      540 to 719

      18-month BR

      720 to 999

      2-year BR

    Maybank Fixed Deposit Interest Rate 2018 (foreign currencies)

    Maybank offers time deposits in the following foreign currencies: US Dollar (USD), Australian Dollar (AUD), New Zealand Dollar (NZD), Canadian Dollar (CAD), Great Britain Pound or Sterling Pound (GBP), Euro, Swiss Franc, and Japanese Yen. The best interest rates for foreign currency fixed deposits are detailed below.

    Maybank Fixed Deposit Interest Rate 2018 (USD)

    Amount

    Tenure – Interest Rate (p.a.)

    1 month

    2 months

    3 months

    6 months

    USD10,000 to USD49,999

    1.55%

    1.70%

    2.00%

    2.15%

    USD50,000 to USD99,999

    1.55%

    1.70%

    2.00%

    2.15%

    USD100,000 or more

    1.60%

    1.75%

    2.05%

    2.20%

    Maybank Fixed Deposit Interest Rate 2018 (GBP)

    Sterling Pound deposits currently do not earn any interest rate for any tenure.

    Maybank Fixed Deposit Interest Rate 2018 (AUD)

    Amount Tenure – Interest Rate (p.a.)
      1 month 2 months 3 months 6 months
    AUD10,000 to AUD49,999 1.3% 1.4% 1.5% 1.65%
    AUD50,000 to AUD99,999 1.4% 1.5% 1.6% 1.75%
    AUD100,000 or more 1.5% 1.6% 1.7% 1.85%

    Maybank Fixed Deposit Interest Rate 2018 (Euro)

    Euro deposits currently do not earn any interest rate for any tenure.

    iSAVvy Foreign Currency Time Deposits Interest Rate 2018

    Amount Tenure – Interest Rate (p.a.)
      1 month 2 months 3 months 6 months
    $10,000 or more 1.5% 1.6% 1.7% 1.85%
    GBP10,000 or more 0% 0.15% 0.3% 0.45%
    AUD10,000 or more 1.5% 1.6% 1.7% 1.85%
    Euro 10,000 or more 0% 0% 0% 0%

    Other Products Offered By Maybank in Singapore

    In Singapore, Maybank offers a wide range of banking products and services such as

    FAQs

    1. What is the maximum amount that I can deposit with an iSAVvy Time Deposit account?
    2. You can deposit a maximum amount of S$1 million.

    3. Do I need to maintain a savings account with Maybank to open a deposit account?
    4. You will need to open and maintain a savings/current account with Maybank only when you opt for iSAVvy Time Deposit or iSAVvy Foreign Currency Time Deposit accounts.

    5. Does Maybank offer any online time deposit accounts?
    6. Yes, the iSAVvy Time Deposit or iSAVvy Foreign Currency Time Deposit is an online time deposit account.

    7. I am a foreigner working in Singapore. Can I open a time deposit account with Maybank?
    8. Yes, foreigners are also eligible to open time deposit accounts with Maybank.

    9. What are the documents required to open a Singapore Dollar Choice Date Time Deposit account?
    10. The documents required to open a Singapore Dollar Choice Date Time Deposit account are as follows:

      • Passport, Employment Pass, a copy of bank statement, address proof in the form of utility bills, telephone bill etc. (for foreigners)
      • NRIC (for residents and citizens of Singapore)
    11. Will I get an interest amount if I make premature withdrawals?
    12. It depends on when you withdraw the money. In most Maybank fixed deposit schemes, you won’t earn any interest if you withdraw the money within 3 months after depositing. If you withdraw after 3 months, you will earn interest on a pro-rata basis from the day of deposit to the day of withdrawal.

    13. What happens if I want to make deposits for smaller tenures such as 1 or 2 weeks?
    14. Only corporate clients are allowed to make deposits of less than 1 month. Anyway, you may not earn any interest.

    15. Is the interest rate fixed or flexible?
    16. This depends on which fixed deposit plan you have chosen. Though most plans give fixed interest rates, how you receive it may differ. For example, the iSAVvy deposit offers an upfront interest and an interest-on-interest, Islamic term deposits tell you the profit rate at the outset, and conventional FDs give you interest as per the agreed rate at the beginning of the tenure.

    17. On auto-renewal of fixed deposits, does the principal amount include the interest earned in the previous tenure?
    18. Yes. For example, if your deposit amount was S$8,000, and the interest earned was S$82, then on auto-renewal, the carried forward amount would be S$8,082.

    19. Why is interest known as profit in Islamic Banking?
    20. Islam’s Shariah principles don’t allow ‘riba’ or interest because it is exploitative in nature. This is why instead of an interest, a profit is paid to you as the buyer or seller rather than as a depositor or borrower.

    News About Maybank Fixed Deposit

    • Maybank Enhances SaveUp Programme

      Maybank revised their SaveUp Programme which will enable customers to better earn the maximum interest rate of 3% p.a. This has been done by increasing the deposit cap from the earlier S$50,000 to S$60,000.

      This is a bundled savings programme wherein customers will be able to earn an extra 0.3% to 2.75% interest per year on the SaveUp Account, over and above the interest rate of up to 0.3125% p.a. if they bundle this account with other products and services offered by Maybank.

      Customers have a choice of 9 products and services out of which they need to choose 3 for the bundled savings programme. According to Mr Choong Wai Hong, the Head of Community Financial Services at Maybank Singapore, the SaveUp Account deposits rose 66% last year, a quadruple increase. Managers, executives, professionals and technicians make-up 64% of the customer base for the SaveUp Account with a majority aged between 25 and 54 years.

      18th July 2017

       
    • Save Up Programme by Maybank to Offer Higher Interest Rates

      Maybank recently enhanced its Save Up programme to include 9 new options from which customers can choose to help them attain the maximum possible interest rate which is 3% p.a.

      Maybank also raised the bonus cap on their deposit. The cap which was set at S$50,000 in their Save Up account has now been upped to S$60,000.

      Save Up is a bundled savings programme wherein customers can earn a base interest of 0.3125% p.a. on their Save Up account when they bundle the account with other services and can earn an additional interest ranging from 0.3% to 2.75% p.a. on their Save Up account balance.

      Unlike other high interest savings accounts which offer specific interest rates for specific transactions, the Save Up account allows customers to earn a maximum interest of 2.75% p.a. when they take up any 3 of the 9 transactions that qualify for the additional interest.

      30th June 2017

    • Maybank Time Deposit Promotion

      Runtime - This is an ongoing offer.

      Particulars - When people deposit at least 10, 000 units in foreign currencies such as NZD, AUD and USD, they can enjoy higher rates of interest.

        •If they are depositing in NZD, then the interest rate for 3 months will be 2.35 percent per annum and the rate for 6 months will be 2.5 percent per annum

        •If they are depositing in AUD, then the interest rate for 3 months will be 2.1 percent per annum and the rate for 6 months will be 2.2 percent per annum

        •If they are depositing in USD, then the interest rate for 3 months will be 0.7 percent per annum and the rate for 6 months will be 0.9 percent per annum

      Terms and Conditions -

        •The rates can be changed by the bank without any prior notification

        •Partial withdrawal is not allowed

    • Maybank Reported Higher Earnings In The 3rd Quarter

      The Malaysia based Maybank has reported higher earnings in the 3rd quarter as a result of one off gains and due to the fact that the Singapore operations of the bank has been on a steady growth track. The 3rd quarter results of the bank were announced on 26 Nov, 2015. In this quarter, the net profit of the bank increased by 18.1 percent on a year-on-year basis to S$633.59 million (RM1.9 billion) and the net profit of the bank for the initial 9 months increased by 8.3 percent on a year-on-year basis to RM5.18 billion.

      26th November 2015

    • Maybank Is Now Offering Higher Interest Rates for Fixed Deposit

      Maybank has started offering higher interest rates with its fixed deposit schemes in order to make sure that it has a competitive edge after the launch of Singapore Savings Bonds this October. Now, customers can enjoy an interest rate of 1.45 percent per annum, if they deposit an amount of S$25,000 for a period of 12 months. Apart from the upcoming launch of the Singapore Savings Bonds, the difficulty in obtaining cash from the customers in the form of deposits and the implementation of stricter rules regarding the amount of capital banks can held are the other factors that have prompted the bank to offer a better interest rate.

      Singaporean customers will be able to benefit from the savings bonds when their sale is started in October and these bonds will come with a tenure of 10 years. They will help in encouraging people to save money for a long period of time and will offer the customers with 10 times more returns in comparison to the deposit schemes offered by banks in Singapore. Besides, the customers will also get the option of redeeming the bonds whenever they want. There will be no prepayment fee charged to the customers even if they withdraw the deposit amount before the end of the tenure.

      Given that the Singapore Savings Bonds will offer numerous benefits to the customers, it is likely that the banks such as Maybank will find it difficult to attract more customers for their fixed deposit schemes. Hence, they are offering a better interest rate and a range of other benefits with their fixed deposit schemes so that the customers will have an incentive to open a time deposit account with the bank.

      23rd July 2015

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    Fixed Deposit Promotion by Banks
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