• Maybank Fixed Deposit

    Maybank Fixed Deposit

    Maybank Fixed Deposit schemes are known as time deposit scheme and are very beneficial to the customers. They offer the customers with a means through which they can save money for a rainy day, plan their retirement or increase their assets. Maybank is one of the most trusted banks in Asia and is active in Singapore, Indonesia and Malaysia. The bank offer fixed deposit schemes to customers in all three of these countries.

    About Maybank Singapore

    Maybank is a premier bank in Singapore that provides you a large variety of individual and commercial banking services such as savings account, credit cards, auto loans, personal loans, housing loans, insurance, investments, and fixed deposits. The customers get the flexibility to choose a time deposit scheme that suits them the most from the available schemes provided by the bank.

    Why Choose Maybank Fixed (Time) Deposit?

    When you opt for a Maybank Time Deposit account you can get higher interest rates, you can avail overdraft features against your time deposit and also get the option of opening a fixed deposit account with foreign currency. Thus, Maybank Time Deposits can offer you with a lot of benefits and help you to save money without any difficulty. You will also get an opportunity to plan your retirement smartly by investing in an efficient manner.

    Types of Maybank Fixed Deposit Schemes

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

    Check For MAYBANK Fixed Deposit Promotions

    Singapore Dollar Time Deposit

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

    Features and Benefits

    • It offers the biggest fixed deposit interest rates in the country
    • The minimum deposit is SGD 1,000 for a term of minimum 60 days.
    • Flexible placement time periods can range from 1 month to 3 years.
    • You can increase your savings with up to 1.60 percent per annum.
    • You can monitor your TD easily via phone or net banking account.
    • You shall receive no interest for premature drawing of less than 90 days.

    The latest promotional rates can fetch you the interest money on the very next day after the deposit is made. Also, with a deposit of at least SGD 150,000 and you can get a Corningware set for free.

    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, copy of bank statement, address proof in the form of utility bill, telephone bill etc. (for foreigners)

    Fees and Charges

    Services and fees might be applicable. Please contact the bank for information about the same.

    Singapore Dollar Privilege Plus Time Deposit

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

    Features and Benefits

    • It offers secured overdraft facility against the amount you deposit.
    • You can monitor your TD easily via phone or net banking account.
    • If you retain your time deposit for at least a year, you can avail one of these perks: Interest earned per month can be directly credited into your chosen Maybank Current or Savings Account; Extra cash along with interest as the TD 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, copy of bank statement, address proof in the form of 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 fixed deposit scheme from Maybank has been designed to offer you with greater control of your finances through placement periods that are highly flexible.

    Features and Benefits

    • It offers flexible maturity periods.
    • It offers secured overdraft facility against the amount you deposit.
    • The deposit can be renewed automatically on reaching maturity.
    • The deposit scheme comes with one of the highest interest rates offered for fixed deposits in the country.

    Minimum initial deposit

    It requires a minimum deposit of SGD 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 for information about the same.

    Interest rates applicable for Choice Date Time Deposit are given below:

    Choice Date Term Applicable Interest rate
    30 days to 59 days 1 month board rate
    60 days to 89 days 2 months board rate
    90 days to 179 days 3 months board rate
    180 days to 269 days 6 months board rate
    270 days to 359 days 9 months board rate
    360 days to 539 days 12 months board rate
    540 days to 719 days 18 months board rate
    720 days to 999 days 24 months board rate

    Foreign Currency Time Deposit

    It will help you in diversifying your investment portfolio as you will be able to invest in foreign currencies such as USD, AUD, GBP and NZD.

    Features and Benefits

    • It allows you to deposit multiple foreign currencies.
    • It comes with very competitive and attractive interest rates.
    • It comes with overdraft facilities.
    • It helps you to easily monitor your accounts through phone and online banking.

    Minimum initial deposit

    • 10,000 units for all overseas currencies (except Japanese Yen)
    • 25 lakh 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.
    • You can avail Foreign Currency Time Deposit rates as high as 4.30 percent 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 information about the same.

    Click here for Maybank Foreign Currency Fixed Deposit Interest Rates.

    iSAVvy Time Deposit

    This is the first and unique online time deposit in Singapore that offers you not only one of the biggest interest rates, but also comes with very transparent terms and conditions.

    Features and Benefits

    • It comes with one of the highest possible interest rates for fixed deposits in Singapore.
    • You can receive the interest payment upfront, just one day after the placement of your deposit amount.
    • It is denominated in Singapore Dollar (SGD) with a placement no less than SGD 5000 with a range of terms such as 3, 6, 12, 24 and 36 months.
    • The deposit can be renewed automatically on 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 for information about the same.

    iSAVvy Foreign Currency Time Deposit

    This time deposit scheme from Maybank will help you in diversifying your portfolio as you can make 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

    • It offers competitive interest and foreign exchange rates.
    • You can enjoy preferential exchange and interest rates, which is offered for deposits of 10,000 units, by depositing a minimum amount of 10,000 units in any currency.
    • It will allow you to avail overdraft facilities against the amount you deposit.
    • It allows you to 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 for information about the same.

     

    Maybank Time Deposit Interest Rates

    No matter which Maybank time deposit scheme you opt for, you will be able to earn a high rate of interest on the deposit amount. The interest rate will depend on the amount that you deposit, the tenure of the deposit and the currency of deposit, in case of foreign currency deposits. The interest rates applicable currently for the different types of time deposit schemes offered by Maybank are given below.

    iSAVvy Time Deposit
    Deposit Amount: - S$5,000 - S$24,999
    Tenure Interest Paid Upfront Interest paid on maturity (Interest on interest) Total Interest Paid
    3 0.2500 % p.a. 80.0000% of upfront interest 0.4500 % p.a.
    6 0.2500 % p.a. 120.0000% of upfront interest 0.5500 % p.a.

     

    Deposit Amount: - S$25,000 to S$50,000
    Tenure Interest Paid Upfront Interest paid on maturity (Interest on interest) Total Interest Paid
    3 0.2500 % p.a. 80.0000% of upfront interest 0.4500 % p.a.
    6 0.2500 % p.a. 120.0000% of upfront interest 0.5500 % p.a.
    12 0.2500 % p.a. 240.0000% of upfront interest 0.8500 % p.a.
    24 0.2500 % p.a. 380.0000% of upfront interest 1.2000 % p.a.
    36 0.2500 % p.a. 440.0000% of upfront interest 1.3500 % p.a.

     

    Deposit Amount: - S$50,001 to S$249,999
    Tenure Interest Paid Upfront Interest paid on maturity (Interest on interest) Total Interest Paid
    3 0.2500 % p.a. 80.0000% of upfront interest 0.4500 % p.a.
    6 0.2500 % p.a. 120.0000% of upfront interest 0.5500 % p.a.
    12 0.2500 % p.a. 240.0000% of upfront interest 0.8500 % p.a.
    24 0.2500 % p.a. 380.0000% of upfront interest 1.2000 % p.a.
    36 0.2500 % p.a. 440.0000% of upfront interest 1.3500 % p.a.

     

    Deposit Amount: - S$250,000 to S$1,000,000
    Tenure Interest Paid Upfront Interest paid on maturity (Interest on interest) Total Interest Paid
    3 0.2500 % p.a. 80.0000% of upfront interest 0.4500 % p.a.
    6 0.2500 % p.a. 120.0000% of upfront interest 0.5500 % p.a.
    12 0.2500 % p.a. 240.0000% of upfront interest 0.8500 % p.a.
    24 0.2500 % p.a. 380.0000% of upfront interest 1.2000 % p.a.
    36 0.2500 % p.a. 440.0000% of upfront interest 1.3500 % p.a.
    These rates are effective starting 22 Dec, 2015
    Singapore Dollar Time Deposit Rates
    Tenure S$ 1,000 to S$ 50,000 S$ 50,001 to S$ 99,999 S$ 100,000 to S$ 249,999 S$ 250,000 to S$ 999,999
    1* month 0.2000 0.2000 0.2000 0.20000
    2 months 0.3000 0.3000 0.3000 0.30000
    3 months 0.3500 0.3500 0.3500 0.35000
    6 months 0.4000 0.4000 0.4500 0.50000
    9 months 0.5500 0.5500 0.6000 0.60000
    12 months 0.7000 0.7000 0.7000 0.75000
    18 months 0.9000 0.9000 0.9000 0.95000
    24 months 1.0000 1.0000 1.0000 1.10000
    36 months 1.2000 1.2000 1.2000 1.25000
    * For a tenure of 1 month the minimum deposit amount is S$10,000.
    These rates are effective starting 22 Dec, 2015

    Other Products Offered By Maybank in Singapore

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

    Maybank Fixed Deposit 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 SGD 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 are online time deposit accounts from Maybank.

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

    News About Maybank Fixed Deposit

    • 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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