How to do E-Fixed Deposit in Malaysia
Okay, it's not you but some people don't know how to open e-fixed deposit. You know... the e-fixed deposit that helps you to earn at least 2.8%/yr on all your free cash without leaving home. That is RM28 a year for every RM1000.
So here's how you find them in your internet banking. Click on the yellow box that is shown and follow the step-by-step. It'll take you less than 1 min [max 5 min if you need to read every single annotation].
Things that you need to select :
- Amount: Type in the amount you wish to save [Above minimum]
- Terms: How long you want to save the money - the longer usually gives you higher interest
- Maturity instruction: Auto-renew or deposit the money into saving account
- Interest payment: Add into principle or deposit into saving account
Remember to lock in any minimum amount, usually RM 5,000 for a month and RM 500 for more than 2 months in your account to earn the more cool interest. Just do early withdrawal anytime you need the money.
Maybank - simple, but sometimes fuss 5-step. Only allows deposit from Maybank account you link to internet banking. Features: profit-now FD - Interest is deposit into your account the moment you deposit.
Hong Leong Bank - very simple 2 steps. Feature: Allows other banks online transfer but interest usually at 0.1% lower
Alliance - Features: Option to open Forex fixed deposit. But remember each e-account you open have min RM 20 balance restriction. Am not sure if you can ever withdraw that amount.
If I innocently help you gain some extra interest today, would you leave a comment? That's my interest. Thank you, you're awesome.