Maybank is a key banking group in the Southeast Asian region, with several branches and service centers in Singapore. It offers both conventional and Islamic banking solutions to its customers in Singapore. Maybank has products and services in the following banking segments: deposits, credit cards, loans, investment and insurance.
Fixed deposit has the double advantage of investment that offers principal protection along with attracting some interest on the amount. Maybank offers its customers myriad options of starting a fixed deposit account. Here are the details of some of the types of fixed deposit account that it offers:
- Maybank Foreign Currency Time Deposit Promotions
- What the promotion is about:
- Important dates:
Maybank offers an attractive foreign currency deposit promotion. You could begin an account with as low as 10,000 units of any currency among AUD (Australian Dollars), NZD (New Zealand Dollars) and USD (United States Dollars).
You could deposit for 6 months. Amounts below 500,000 will gain an interest from 1.45% to 2.35% depending on the currency. Amount above 500,000 will gain an interest from 1.55% to 2.45%, depending on the currency deposited.
Interest rates are subject to change without prior notice. These rates are applicable only if you apply for a new account. You will not be able to transfer your existing Maybank accounts.
The offer began on 9 January 2017 and will continue till the bank decides to discontinue it.
For foreign currency transfers, there will be a minimum charge of 1% commission in lieu of exchange or a minimum charge in the respective currency, whichever is higher.
These promotional rates are on a per year basis and can change without notification. Please note, interest shall mean profit, wherever applicable. Therefore, it is important to check the rates before the final decision.
- What the promotion is about:
- Important dates:
Placing an iSAVvy term deposit for a tenure of 12 months will earn you up to 1.30% p.a.
An interest of 1.30% p.a. will be gained, if you place an amount of S$250,000 and above. When you place between S$50,001 to S$250,000, you could earn an interest of 1.20% p.a.
An immediate interest of 0.25% p.a. will be credited to your current or savings account the next day when you transfer the amount online.
You must possess either a Maybank Savings or Current Account in order to be able to transfer the money to the iSAVvy Term Deposit. Alternatively, you could transfer it through Maybank Online Banking.
The promotion began on 1 November 2017 and will continue till the bank decides to discontinue it.
Regular banking charges are applicable.
Maybank offers various fixed deposit promotions from time to time for their customers, and you could choose any according to your need.
Maybank Fixed Deposit Promotions in Singapore
|Product||Promotion||Valid up to||Eligibility||Terms and conditions|
|Singapore Dollar Time Deposit||Get an interest of up to 1.10% on 12-month fixed deposits.||End date not decided by bank||
• Minimum age: 16 years
• Minimum deposit amount for 2 months to 3 years: S$1,000
• Minimum deposit amount for 1 month: S$10,000
• Minimum deposit amount for 1 week for corporate accounts: S$1 million
|You need to deposit at least S$25,000 for a period of 1 year.|
|Singapore Dollar Time Deposit||Get an interest of 1.40% p.a. for 18-month deposit and 1.55% p.a. for 2-year deposit.||End date not decided by bank||Same as above||You have to deposit at least S$50,000 for the specified durations. You also have to make deposits into a Maybank Passbook Savings, Privilege Plus Savings or SaveUp Account at the same time to get the promotional interest rate.|
|Foreign Currency Time Deposit||Get an interest of up to 2.45% p.a. for 6 months in US Dollar, Australian Dollar, and New Zealand Dollar.||End date not decided by bank||
• Minimum age: 18 years
• Minimum deposit amount for all currencies except Japanese Yen: 10,000 units
• Minimum deposit amount for Japanese Yen: JPY2.5 million
|You have to deposit at least 10,000 dollars of the respective currency. AUD deposits will earn you 2.10% interest for deposits below S$500,000 and 2.20% interest for deposits above S$500,000. NZD deposits will earn you 2.35% interest for deposits below S$500,000 and 2.45% interest for deposits above S$500,000. USD deposits will earn you 1.35% interest for deposits below S$500,000 and 1.45% interest for deposits above S$500,000.|
Find Latest FD Promotions by Banks in Singapore
Maybank FD Promo Accounts
The following fixed deposit accounts are offered by Maybank in Singapore:
- Singapore Dollar Time Deposit: This is the regular fixed deposit account with tenures of 1 month to 3 years. The minimum placement amount is S$1,000.
- Singapore Dollar Choice Date Time Deposit: This account allows you to deposit for 30 to 999 days, but has a higher minimum initial deposit amount at S$10,000.
- Singapore Dollar Privilege Plus Time Deposit: This account is for senior citizens aged 55 or more and the interest rate is 0.25% more than that for the regular fixed deposit products. The minimum placement amount is S$25,000.
- Foreign Currency Time Deposit: This account is for deposits made in US Dollar, Australian Dollar, New Zealand Dollar, Canadian Dollar, British Pound, Euro, Swiss Franc and Japanese Yen.
- iSAVvy Time Deposit: This term deposit gives you upfront interest on your deposit as well as compounded interest on that interest.
- iSAVvy Foreign Currency Time Deposit: These foreign currency deposits will give you preferential interest and exchange rates.
Check for Maybank Fixed Deposit rates in Singapore
Why choose Maybank fixed deposits?
Here are some reasons why you should go for time deposits with Maybank in Singapore:
- Higher interest rates
- Flexible tenures
- Six different types of FD accounts to choose from
- Secured overdraft facility against the FD account
- Option to open time deposit in a foreign currency
- Link to savings or current account and online banking
- Option to automatically renew the deposit at maturity
Maybank time deposit products are also protected by Deposit Insurance Scheme, which ensures that up to S$50,000 of your term deposits are insured against loss.