Maybank offers its customers in Singapore a wide array of choice when it comes to savings accounts. You can select from a comprehensive range of deposit accounts for your day-to-day banking requirements. Maybank fixed deposits are one of the popular deposit accounts that will not only keep your deposit amount safe, but you will also earn handsomely through high interest rates. One of these fixed deposits is the Maybank Singapore Dollar Time Deposit.
Features and Benefits
- With this fixed deposit, you will have better control over your funds with flexible placement periods.
- The interest rate is calculated right up to the date of maturity of your time deposit.
- You will have to deposit a minimum of S$10,000 when you open a Maybank Singapore Dollar Time Deposit. The period of placement will vary from 30 to 999 days.
- Maybank fixed deposits have among the best time deposit interest rates in Singapore.
- You can easily monitor your deposits through Maybank website or through Phone Banking.
- There is an auto-renewal feature under which your deposit gets renewed upon maturity without your interference.
- You can take advantage of secured overdraft available against your deposit amount.
- All deposits of non-bank depositors in Singapore dollars are insured through the Deposit Insurance Scheme with a coverage of up to S$50,000 in aggregate by the Singapore Deposit Insurance Corporation.
- All Singapore dollar funds that come under CPF Retirement Sum Scheme and CPF Investment Scheme are combined and insured separately with a coverage of up to S$50,000 for each account holder per scheme member.
Maybank Singapore Dollar Choice Date Time Deposit interest rate
If you withdraw your time deposit prematurely (three months or less), you will not be paid any interest amount. On the other hand, if you have withdrawn your time deposit prematurely, but have kept it for more than three months, the interest amount will be calculated on a pro-rated basis depending on how many days the deposit was placed for.
The rate of interest will be calculated on the contracted rate or the lowest stage of the current Savings Account interest rate when the deposit is withdrawn, whichever is less. Maybank Singapore Dollar Time Deposit interest rate corresponding to the period is as follows:
|Date Period||Rate of interest|
|720 to 999 days||24 months board rate|
|540 to 719 days||18 months board rate|
|360 to 539 days||12 months board rate|
|270 to 359 days||9 months board rate|
|180 to 269 days||6 months board rate|
|90 to 179 days||3 months board rate|
|60 to 89 days||2 months board rate|
|30 to 59 days||1 month board rate|
To open a Maybank Singapore Dollar Time Deposit, you need to meet the following parameters:
- You should be at least 16 years old.
- It is open for Singapore Citizens, Singapore Permanent Residents, and foreign nationals.
- It is available as corporate, joint and personal account.
- If you are a citizen or a permanent resident, you will have to bring your NRIC.
- If you are a foreign national, you will have to bring your Employment Pass and passport.
- In addition, you will have to get a copy of a document that indicates your residential address such as bank statement, telecommunication bill.
Maybank Singapore Dollar Time Deposit FAQs
Q. Can the top-up of an existing fixed deposit be done before the date of maturity?
A. No, the top-up of an existing account cannot be done before the date of maturity. It can be done only on the day of maturity.
Q. How is the interest payable and how is it computed with respect to Singapore Dollar Time Deposit?
A. The interest amount is calculated on a daily basis based on a 365 day-year and is payable only on the day of maturity at the contracted rate of interest, regardless of any fluctuation in the rate since the deposit day.
Q. Will the bank close the Singapore Dollar Time Deposit account without your knowledge?
A. The bank has every right to close your account under certain circumstances, but they are also obligated to give you a reasonable period of notice.
Q. Are fixed deposit transactions done on holidays?
A. Time Deposit transactions will be accepted only on a business day.
Q. What are you expected to do if there are any changes?
A. You must notify the bank of any change of your particulars that include change in mailing address, contact numbers or email address.
If you have a Maybank account with online access, you can place your fixed deposit request by logging in to the Maybank website. Otherwise, you can visit any of Maybank’s 21 branches in Singapore.