A fixed deposit is one of the financial instruments that is offered by non-banking financial companies and banks, which pays a fixed interest rate up to the date of maturity. In comparison to a standard saving account, a fixed deposit provides those who want to be investors with a relatively higher interest rate.
If you are interested in investment, you will need to open a fixed deposit account first. You can visit the nearest bank or other non-banking financial institutions. Hong Leong Finance fixed deposit is one of many financial services you can select from if you wish to start opening an account specifically for investment.
How to Open Fixed Deposit Account in Hong Leong Finance
You can open a fixed deposit account through your computer. It will save time with other advantages such as fast payment, closure, and renewal. The procedure of opening an FD account may differ from one institution to another.
Online Procedure
- Visit the official website of the non-banking financial company or the bank where you would like to open a fixed deposit account.
- Login with your existing ID or create a new account.
- Locate the open fixed account option and select it.
- Provide the details, such as nominee, tenure, and principal amount.
- Verify the details you have provided and proceed with the payment through internet banking.
- Save the receipt for reference in the near future.
Offline Procedure
Everyone can open Hong Leong Finance fixed deposit account regardless of whether they already have an account or not. The procedure of opening an FD account offline is roughly the same. The very first you need to do is to locate the nearest Hong Leong Finance branch.
- If you already have an account, you simply need to fill in the form of a fixed deposit application and submit it to customer service.
- If you don’t have an account, you will need to provide your identity and address proof as well as some additional documents along with the application form to open an FD account.
Perks of Opening Fixed Deposit Account in Hong Leong Finance
| Deposit Range (% p.a) | <= S$50,000 | S$50,000 and above |
|---|---|---|
| 1 mth | 0.05 | 0.1 |
| 2 mths | 0.05 | 0.1 |
| 3 mths | 0.1 | 0.2 |
| 4 mths | 0.1 | 0.2 |
| 5 mths | 0.1 | 0.2 |
| 6 mths | 0.15 | 0.3 |
| 8 mths | 0.15 | 0.35 |
| 9 mths | 0.15 | 0.4 |
| 10 mths | 0.15 | 0.4 |
| 12 mths | 0.25 | 0.45 |
| 13 mths | 0.25 | 0.45 |
| 15 mths | 0.25 | 0.5 |
| 18 mths | 0.3 | 0.5 |
| 24 mths | 0.3 | 0.55 |
| 36 mths | 0.3 | 0.6 |
You may also like: Citibank Fixed Deposit Singapore
Flexible tenure
You can either make fixed deposits in the long term or short term. The tenure of a fixed deposit in Hong Leong Finance can be around one week to 36 months. The minimum deposits for each of tenure are as follows:
- 3 to 36 months: S$500
- 1 to 2 months: S$10,000
- 1 week: S$10,0000
Assured returns
The fixed deposit interest rate will not be affected by the market situations, and thus, remain constant. Therefore, fixed deposits produce guaranteed maturity returns.
Higher capital gains
Certain fixed deposits measure the accumulated method of interest, in which the interest is calculated semi-annually, quarterly, or monthly. This ensures that investors will attain higher interest gains.
Suppose you have an FD account at Hong Leong Finance, and you happen to be a senior citizen. In that case, you are qualified for a bonus rate for fixed deposits of around 12 months or longer.
