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Want to Open a Fixed Deposit Account in Malaysia? Here Are 5 Tips to Get You Started

One of the safest investments is a fixed deposit. In Malaysia, depositors have access to both standard and Islamic certificate of deposit. Fixed deposits are like savings accounts with higher interest rate earnings. In exchange for an initial investment, banking institutions provide certificate of deposit account holders service on the funds, accrued interest, and negotiated term limits of 1 month to 5 years. When a contract has reached maturation, a depositor can elect to renew the same contract, or reinvest the funds in another asset or product.

Before Signing on a Fixed Deposit Agreement

Review of the terms and conditions to contract before investing in a fixed term deposit offers an investor details about interest rate, term, and rules to penalty assignment for early fund withdrawal. Once a depositor has evaluated their own financial situation, contract length can be determined. At time of maturity, fixed term depositor again has access to the principal, and also the earned interest income accrued over the course of the agreement.

Interest Rate Comparison

Banking institutions vary in scale of interest rate to certificate type. Length of depository contract will affect interest rate earnings. Short-term fixed deposit accounts are accorded lower interest than long-term certificates. If a contract is locked-in for five years, the interest rate percentage ratio may reflect a 0.15% pa. to 0.4% pa. difference (check FD interest rate online at Imoney.my).


Penalties for Early Withdrawal

Fees on early withdrawal are a concern. Rightly so, as early termination of a certificate of deposit may cost more than earned. Most certificate of deposit agreements include a modification clause; whereby depositors may withdrawal cash from a fixed deposit by paying a penalty. Scheduled withdrawal of monies from an account before it has reached maturity may be allowed.


Renewal Rules

If an investor has not sought payout on the fund, automatic renewals re-establishes the fund for the same length of time as the original certificate. If a depositor does not desire to renew a certificate of deposit, contact with the institution holding the certificate is required.


Fixed deposit holders can use internet banking for management of certificate of deposit accounts. Statements contain record of initial deposit and information about interest accrued, placement period, and expiry date. Fixed deposit rates can be obtained from a banking institution. Investors interested in contributing to a certificate of deposit account can find out more about terms and conditions to contract by enquiring with their banking institution.

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