Are you planning to deposit some of your money? It is a good move! Aside from keeping your money from getting spent for useless expenses, you can expect a higher interest rate for the amount you deposit.
The time deposit interest rate is way higher than the interest rate of a normal saving account. You may have decided to go with Maybank in terms of depositing, so the next step you should go with is digging deeper what terms are applicable in Maybank fixed deposit Singapore.
What is Fixed Deposit?
A fixed deposit, which is also known for being called as time deposit, is one of the common features offered by banks. This feature will enable people to keep their money in a deposit account (away from their normal saving account), but with higher interest rates as they cannot withdraw any of all the money without facing its consequences.
The consequences mentioned refer to the interest retraction. So, in order to make the deposit saving stays long until maturity (the tenure comes to an end), it is best to start the deposit with your safe money. Meaning that without using that money, your allowances and business will not be affected at all.
There is a term called tenure in fixed deposit. Tenure is a period where the depositor cannot withdraw any or all their deposited money. This can vary from weeks, months, and years. The longer you keep the money, the better the interest typically is.
Maybank Singapore Fixed Deposit
Just like other bank, Maybank also offers Maybank fixed deposit Singapore which offers Singaporeans to save their money with higher interest rates if compared to normal Maybank saving account.
According to the bank’s official website, people who plan to deposit their money should:
- Be 16 years old and older
- Put away minimum initial deposit of S$1,000 for tenures 2-36 months; S$10,000 for tenure 1 month; and S$1,000,000 for just a week tenure which is only applicable for large corporation accounts.
- Bring their NRIC (Singaporeans); or passport, employment pass, and proof of correspondence address in Singapore (foreigners residing in Singapore).
- Willing to take full responsibility for the fees charged.
To make your iSAVvy the product name for Maybank fixed/time deposit you may just go to the nearest bank branch. For this feature, Maybank has not enabled online account making.
Maybank fixed deposit board rates.
| Deposit Range (% p.a) | S$1,000 to S$50,000 | S$50,001 to S$99,999 | S$100,000 to S$249,999 | S$250,000 to S$999,999 |
|---|---|---|---|---|
| 1 mth | 0.1 | 0.1 | 0.1 | 0.1 |
| 2 mths | 0.1 | 0.1 | 0.1 | 0.1 |
| 3 mths | 0.2 | 0.2 | 0.2 | 0.2 |
| 6 mths | 0.25 | 0.25 | 0.25 | 0.25 |
| 9 mths | 0.35 | 0.35 | 0.35 | 0.35 |
| 12 mths | 0.35 | 0.35 | 0.35 | 0.35 |
| 18 mths | 0.4 | 0.4 | 0.4 | 0.4 |
| 24 mths | 0.5 | 0.5 | 0.5 | 0.5 |
| 36 mths | 0.6 | 0.6 | 0.6 | 0.6 |
You may also like: HSBC Fixed Deposit Singapore
Maybank iSAVvy Time Deposit Interest Rate
It is interesting to know the interest rate from a bank, right? Well, for iSAVvy time deposit from Maybank, their interest rate is as mentioned below.
- 1% p.a. – the tenure for this interest rate is 1-2 month(s) with starting deposit of S$1,000.
- 2% p.a. – applicable for all amount of money starting from S$1,000. The tenure for this interest rate is 3 months.
- 25% p.a. – applicable for all amount of money starting from S$1,000. The tenure for this interest rate is 6 months.
- 35% p.a. – applicable for all amount of money starting from S$1,000. This is for 9- and 12-month tenure.
- 4% p.a. – applicable for all amount of money starting from S1,000. Specific for 18-month tenure.
- 5% p.a. – specific to only 24-month tenure and is applicable for all amount of money starting from S$1,000.
- Lastly, 0.6% p.a. only applicable for 36-month tenure. The same minimum amount of money provision is applicable.
So, that’s some information of Maybank’s iSAVvy. After knowing the interest rate of Maybank fixed deposit Singapore, are you interested in having your bucks deposited?
