Fixed Deposit/Term Deposit

 

1. What are Fixed/Term Deposit?

Fixed/Term Deposit is a service that allows you to make placement & redemption through AmOnline without the need to visit a branch.

2. What is the criteria to open Fixed/Term Deposit account?

You will need to have an AmBank or AmBank Islamic Current or Savings Account and be a registered user of AmOnline.

3. Is the service available 24 hours?

No, the service is only available from 6am to 11.45pm.

4. How do I place new deposit?
  • After login into your AmOnline, select “Fixed/Term Deposit” then “Place New Deposit”.
  • Select your account to deduct the funds from the “From” dropdown.
  • You can choose the product that suits your need from the “Product type” dropdown.
  • Then, choose the range of tenure from the “TENURE” dropdown.
  • You can choose whether to transfer the interest/profit payment instruction upon maturity to your account or to add back to the principal.
  • After that, you need to accept the Term & Condition and click “Next” to proceed.
  • Check the details and then select “Confirm” to execute the transaction.

 

5. How do I redeem my deposit?
  • After login into your AmOnline, select “Fixed/Term Deposit” then “Redeem Deposit”.
  • Select the account to redeem from the “Fixed/Term Deposit account to redeem” dropdown.
  • Choose the account to redeem to and you need to check “I agree to redeem” to proceed.
  • Check the details and then select “Confirm” to execute the redemption.
6. What is the minimum and maximum deposit amount?

Fixed Deposit: The minimum amount is RM5,000 for 1 month and RM500 for 2 months and above. There is no maximum amount.

Term Deposit: The minimum amount is RM1,000 for 1 month and RM500 for 2 months and above. There is no maximum amount.

7. What are the interest rates / profit rates and tenures available under Fixed/Term Deposit?

You can refer to our website www.ambank.com.my/eng/rates-fees-charges.

8. When is the effective date of my Fixed/Term Deposit placement? When will the Fixed/Term Deposit account reflect in AmOnline?

Fixed/Term Deposit placement will take effect and displayed in AmOnline immediately.

9. Do I need to link my Fixed/Term Deposit account to AmOnline?

No. Fixed/Term Deposit account will link to your AmOnline automatically.

10. Will there be a physical Fixed/Term Deposit certificate issued?

No. However, upon confirmation of placement, you can choose to print the Fixed/Term Deposit confirmation receipt for your own reference.

11. Can I use the printed confirmation receipt to redeem in cash?

No. You can redeem it via AmOnline only.

12. Can I convert a Fixed/Term Deposit placed at branch to Fixed/Term Deposit?

No. You will need to redeem the Fixed/Term Deposit first at the branch, and then make an Fixed/Term Deposit placement via AmOnline.

13. Are all Fixed/Term Deposit products Auto Renewable?

Yes.

14. What do I do if I want to change the tenure or principal amount on my Fixed/Term Deposit?

You will have the option to either perform premature redemption or redeem upon maturity date on AmOnline. Thereafter, you may make the new placement on the same day.

15. Can I perform a premature redemption?

Yes, you can. However, effective Tuesday, 1 January 2019 onwards, all Fixed Deposit/Term Deposit placements which are withdrawn before maturity will have NO interest/profit payable.

16. Will I be able to cancel the Fixed/Term Deposit account?

Placement of Fixed/Term Deposit is online and immediate. Hence if you wish to cancel it, you can perform an account redemption immediately.

17. Can I withdraw a certain amount of my Fixed/Term Deposit or make a partial redemption?

No, partial redemption is not available.

18. Who should I contact for further enquiries?

Kindly call our Contact Centre (24 hours) at +603 2178 8888.

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