Maybank Foreign Currency Time Deposits

Maybank started operations in Singapore in December 1960 as a fully licensed commercial bank. It successfully established its first local branch in South Bridge. Since its inception the company has continuously grown and expanded, both, in terms of its reach as well as the products and services offered by the bank. In Singapore alone, the bank has 27 service locations that can extensively help their customers meet their financial and banking needs and requirements. To further provide their services with much more convenience to their customers, the bank is spread across 22 Bank Branches and over 35 ATMs in Singapore, located at both, the business districts as well as the suburban estates. The bank strives to provide value added financial services to their customers by offering customizable and innovative banking solutions. To provide their customer base with more convenience, they have harnessed and incorporated the latest technological advances to increase the effectiveness of their networks across the island.

Foreign Currency Fixed/ Time Deposits offered by Maybank

Maybank offers its customers two different types of Foreign Currency Fixed Deposits to choose from. They are as follows –

  • Foreign Currency Time Deposit
  • iSaVvy Foreign Currency Time Deposit

Maybank Foreign Currency Time Deposit

Using the Foreign Currency Time Deposit, you can diversify your portfolio by secured access to overdraft facilities on your deposit amount. An advantage of Maybank Fixed Deposit is that it is offered at a highly competitive interest and exchange rate.

Features and Benefits of Maybank Foreign Currency Time Deposit

  • The bank accepts a minimum initial deposit amount of 10, 000 units for all foreign currencies with an exception of the Japanese Yen.
  • For currency in Japanese Yen, the minimum initial deposit amount is 2.5 million units.
  • You can choose from a flexible placement period of 1, 2, 3 or 6 months for all foreign currencies. A placement period of 12 months is available for the following foreign currencies – GBP, AUD, USD and NZD.
  • Maybank offers competitive interest rates and foreign exchange rates.
  • You can monitor your deposit easily via Phone Banking through Dial-Link and through the Maybank Online Banking Maybank2u.com.sg

Eligibility Criteria for Maybank Foreign Currency Time Deposit

  • Singapore Citizens
  • Singapore Permanent Residents (PRs)
  • Foreigners
  • The applicant must at least be 18 years of age

Documentation Required for Maybank Foreign Currency Time Deposit

  • Singapore Citizens and Singapore Permanent Residents (PRs) must provide their Singapore NRIC
  • Foreigners must provide their Passport and their Employment Pass
  • The applicant must provide their latest bank statement along with their telecommunication or utility bill that indicates the residential address. Both the aforementioned documents must be the original copies.

Fees and Charges

Conversion to Singapore Dollars Charge
Credit to applicants account NIL
MEPS SGD 20
Early Withdrawal Charge Min US $15

Deposit –

Cheque Charge
SGD / US $ Local Clearing NIL
When sent for collection

    •commission - 0.125percent minimum - US$20 maximum - US$100

    •Agent Fee may be applicable

When debited from account NIL
TT (Telegraphic Transfer) in foreign currency NIL - Agent Fee may be applicable

Withdrawal –

Currency Telegraphic Transfer/Demand Draft Remittance Commission Telegraphic Transfer – Cable Charge
USD

    •commission - 0.125 percent minimum - US$10 maximum - US$50

US $15
GBP

    •commission - 0.125 percentminimum - £5 maximum - £25

£ 10
AUD

    •commission - 0.125 percentminimum - AU$1, maximum - AU$50

AU$15
HKD

    •commission - 0.125 percentminimum HK$50 maximum - HK$400

HK$100
JPY

    •commission - 0.125percentminimum - ¥1,000, maximum - ¥5,000

¥1,500
EUR

    •commission - 0.125 percentminimum - €5, maximum - €25

€10
CAD

    •commission - 0.125 percentminimum - C$10, maximum - C$50

C$15
NZD

    •commission - 0.125 percentminimum - NZ$10, maximum - NZ$50

NZ$15

Maybank iSaVvy Foreign Currency Time Deposit

Maybank iSaVvy Foreign Currency Time Deposit is offered at a preferential interest rate as well as exchange rate with an option to choose from myriad foreign currencies. The 5 major foreign currencies accepted are as follows –

  • Euro (EUR)
  • Australian Dollar (AUD)
  • New Zealand Dollar (NZD)
  • US Dollar (GBP)
  • United States Dollar (USD)

Features and Benefits of Maybank iSaVvy Foreign Currency Time Deposit

  • The minimum placement amount for any foreign currency is 10, 000 units.
  • You can choose from a flexible placement period of 1, 2, 3 or 6 months for any of the above listed currencies.
  • For United States Dollar (USD), a placement period of 12 months is available
  • Enjoy competitive foreign exchange rates and interest rate structures
  • Preferential foreign exchange rates and interest rates are offered for 100, 000 units in any foreign currency when you place a minimum deposit of 10, 000 units
  • You can easily monitor your deposit through Online Banking via Maybank2u.com.sg OR Phone Banking through Dial-Link

Eligibility for Maybank iSaVvy Foreign Currency Time Deposit

  • Singapore Citizens
  • Singapore Permanent Residents (PRs)
  • Foreigners
  • The applicant must at least be 18 years old
  • The applicant must have a Maybank Current or Savings account with Online banking access
    1. The principal amount for the Foreign Currency Time Deposit will be debited from this account
    2. The interest and the principal upon deposit maturity will be credited to the same account

Fees and Charges

Online Account Opening NIL
Account Maintenance NIL
Deposit NIL – The principal placement is performed through online banking. Also, top –up to the principal amount is not permitted

Withdrawal Charges –

By Cash in SGD SGD 15
Transfer to Own Maybank Account NIL
Transfer to Third Party Maybank Account SGD 10
Cashier’s Order – Payable to own name SGD 10
Cashier’s Order – Payable to a Third Party SGD 15
Balance Enquiry SGD 5 for each receipt
Ad Hoc Request for Account Statement SGD 30 for each account

Interest Rate Structure –

Maybank Foreign Currency Time Deposit

Foreign Currency Time Deposit - Tier 1
    Tenure of the Deposit
Currency Minimum 1 Month 2 Months 3 Months 6 Months
US Dollar 10K 1.5500 1.7000 2.000 2.1500
Sterling Pound 10K 0.0000 0.0000 0.1000 0.2500
Australian Dollar 10K 1.2500 1.3500 1.5000 1.6500
New Zealand Dollar 10K 1.3500 1.5000 1.7000 1.8500
Canadian Dollar 10K 0.5500 0.7000 0.9000 1.1000
Swiss Franc 10K 0.0000 0.0000 0.0000 0.0000
Euro 10K 0.0000 0.0000 0.0000 0.0000
Japanese Yen 2.5M 0.0000 0.0000 0.0000 0.0000
Foreign Currency Time Deposit - Tier 2
    Tenure of the Deposit
Currency Minimum 1 Month 2 Months 3 Months 6 Months
US Dollar 50K 1.5500 1.7000 2.0000 2.1500
Sterling Pound 50K 0.0000 0.0500 0.2000 0.3500
Australian Dollar 50K 1.3500 1.4500 1.6000 1.7500
New Zealand Dollar 50K 1.4500 1.6000 1.8000 1.9500
Canadian Dollar 50K 0.6500 0.8000 1.0000 1.2000
Swiss Franc 50K 0.0000 0.0000 0.0000 0.0000
Euro 50K 0.0000 0.0000 0.0000 0.0000
Japanese Yen 10M 0.0000 0.0000 0.0000 0.0000
Foreign Currency Time Deposit - Tier 3
    Tenure of the Deposit
Currency Minimum 1 Month 2 Months 3 Months 6 Months
US Dollar 100K 1.6000 1.7500 2.0500 2.2000
Sterling Pound 100K 0.0000 0.1500 0.3000 0.4500
Australian Dollar 100K 1.4500 1.5500 1.7000 1.8500
New Zealand Dollar 100K 1.5500 1.7000 1.9000 2.0500
Canadian Dollar 100K 0.7500 0.9000 1.1000 1.3000
Swiss Franc 100K 0.0000 0.0000 0.0000 0.0000
Euro 100K 0.0000 0.0000 0.0000 0.0000
Japanese Yen 25M 0.0000 0.0000 0.0000 0.0000
iSAVvy Foreign Currency Time Deposit Rates
    Tenure of the Deposit
Currency Minimum 1 Month 2 Months 3 Months 6 Months
Australian Dollar 10K 1.4500 1.5500 1.7000 1.8500
Euro 10K 0.0000 0.0000 0.0000 0.0000
Sterling Pound 10K 0.0000 0.1500 0.3000 0.4500
New Zealand Dollar 10K 1.5500 1.7000 1.9000 2.0500
US Dollar 10K 1.6000 1.7500 2.0500 2.2000

Frequently Asked Questions

  1. What is the minimum placement amount for the Maybank Foreign Currency Time Deposit and iSaVvy Foreign Currency Time Deposit?
  2. The minimum placement amount for the Maybank Foreign Currency Time Deposit is 10, 000 units for all currencies except the Japanese Yen. The minimum placement amount for the Japanese Yen is 2.5 million units. The minimum placement amount for the Maybank iSaVvy Foreign Currency Time Deposit is 10, 000 units for all currencies.

  3. What are the foreign currencies available for the Maybank iSaVvy Foreign Currency Time Deposit?
  4. The following currencies are available for the Maybank iSaVvy Foreign Currency Time Deposit - Euro (EUR), US Dollar (AUD), New Zealand Dollar (NZD), US Dollar (GBP) and United States Dollar (USD).

  5. How do I monitor my deposit for the Maybank Foreign Currency Time Deposit OR the iSaVvy Foreign Currency Time Deposit?
  6. You can now easily monitor your Fixed Deposit whether you have a Maybank Foreign Currency Time Deposit OR the iSaVvy Foreign Currency Time Deposit by either through Online Banking via Maybank2u.com.sg OR through Phone Banking via Dial –Link.

  7. Are foreigners eligible to apply for the Maybank Foreign Currency Time Deposit OR the iSaVvy Foreign Currency Time Deposit?
  8. Yes. Foreigners who are at least 18 years of age or above are eligible to apply for the Maybank Foreign Currency Time Deposit OR the iSaVvy Foreign Currency Time Deposit.

  9. What account do I need to open to operate my Maybank the iSaVvy Foreign Currency Time Deposit?
  10. You will need to open and maintain any Maybank Current or Savings Account with access to Online Banking via Maybank2u.com.sg. This account is crucial because the principal amount for the Foreign Currency Time Deposit will be debited from this account. Also, the interest as well as the principal upon the deposit maturity period will be credited to this account.

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