Malaysia Ringgit Time Deposit

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Malaysia Ringgit Time Deposit

Postby kitty2 » Fri Aug 03, 2012 10:33 am

Are Singaporeans allow to have time deposit in Malaysia?Heard that the interest is 7% at Maybank.

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Re: Malaysia Ringgit Time Deposit

Postby sharon1234 » Sun Aug 05, 2012 6:12 pm

yes, you could open a bank account at JB. but the interest rate is around 3% at the moment, not 7%...

http://www.maybank2u.com.my/mbb_info/m2 ... b/Personal

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Re: Malaysia Ringgit Time Deposit

Postby h530251 » Sun Aug 05, 2012 7:30 pm

sharon1234 wrote:yes, you could open a bank account at JB. but the interest rate is around 3% at the moment, not 7%...

http://www.maybank2u.com.my/mbb_info/m2 ... b/Personal


Really ? As far as I know, foreigners are not allowed to open bank account in Malaysia unless they have special reasons. e.g. buying house etc

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Re: Malaysia Ringgit Time Deposit

Postby sharon1234 » Mon Aug 06, 2012 9:11 am

I have opened one in Maybank JB. The staff was very friendly and helpful. I was given the impression that such deposits are welcome there.

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Re: Malaysia Ringgit Time Deposit

Postby h530251 » Mon Aug 06, 2012 10:12 am

sharon1234 wrote:I have opened one in Maybank JB. The staff was very friendly and helpful. I was given the impression that such deposits are welcome there.


Really ?? Can check how did you open , which branch you go to ? Can also check when did you open the account ? Did they ask you why you want to open a account ?

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Re: Malaysia Ringgit Time Deposit

Postby sharon1234 » Tue Aug 07, 2012 9:38 am

I opened it about 7 years ago and I just let it roll every 5 months as FD.
Beginning of this year, I made a trip to the branch at City square and the staff there advised me to open an account which comes with internet banking facility.

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Re: Malaysia Ringgit Time Deposit

Postby h530251 » Tue Aug 07, 2012 11:42 am

sharon1234 wrote:I opened it about 7 years ago and I just let it roll every 5 months as FD.
Beginning of this year, I made a trip to the branch at City square and the staff there advised me to open an account which comes with internet banking facility.


Oh I see... 7 years ago.. maybe now different rules... hmm.. btw what is the interest rates for 5 mth FD now in maybank ah ?

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Re: Malaysia Ringgit Time Deposit

Postby kooky83 » Fri Aug 31, 2012 11:03 am

what I am more interested in, is if there's any kinda safety guarantee for foreigners putting money in m'sia banks. In the event of a financial crisis etc, will my funds be 'insured' by the govt? The interest rate is mighty attractive but if its not gonna be secured, i rather just go for local time deposits like those from DBS, OCBC, UOB.

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Re: Malaysia Ringgit Time Deposit

Postby kooky83 » Fri Aug 31, 2012 11:03 am

what I am more interested in, is if there's any kinda safety guarantee for foreigners putting money in m'sia banks. In the event of a financial crisis etc, will my funds be 'insured' by the govt? The interest rate is mighty attractive but if its not gonna be secured, i rather just go for local time deposits like those from DBS, OCBC, UOB.

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Re: Malaysia Ringgit Time Deposit

Postby hquek » Fri Aug 31, 2012 2:44 pm

I only know that non-Malaysian resident cannot open bank account but can open fixed deposit accounts. Those that have bank accounts may have worked there or opened the account many many years ago.

For FD, please do go there every few years to update passbook. My concern (could be unfounded) is that they may take it as dormant account and 'cheong kong' if I don't at least update once in a while. So far I just let the money roll, but seriously with the depreciating exchange rate, i think end of day I can only take out the money and spend there (not worth to change back to SGD).

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