HSBC is giving 3% return for 36 months placement.

Not true. I have multiple time deposit accounts (FD) at HSBC. You can start investing from as low as RM5,000, just like any other banks.

Which is why banks have savings account. An account for you to put your money. You can start thinking moving the rest of your money into time deposit when you have at least RM10,000 in your savings account. Why RM10,000 in your savings ? Because you can access your savings account anytime whereas time deposit is locked and can't be access using your ATM card. What if you need the money for emergency right ?

Yes. You are right. It is still the same.

Ya. Just to be safe lah

Not really sure how it works for Maybank Mudharabah FD but for HSBC Islamic FD (termed General Investment Account-i), the interest rate is float. Whenever Bank Negara Malaysia lowers down the interest rate, the interest rate for the Islamic FD will also goes down unlike regular FD.


Actually the 5% tax was permanently abolish sometimes last year. There was a 5% tax imposed by LHDN on interest earned with a total fund in an account more than RM100,000. This was the reason why the bank usually will suggest to their customers who have a total FD placement of more than RM100,000 to open multiple FD accounts so to avoid the 5% tax on the interest earned.

Let say that Mr Lim intends to invest RM500,000 into FD. The customer service agent will help him to open five FD accounts. This way Mr Lim doesn't have to pay the 5% tax on interest earned.

This post has been edited by MilesAndMore: Jul 15 2009, 12:16 AM

Maybank is the first to provide such service. CIMB Bank is the other one.

HSBC also allows you to place FD online but you can't withdraw it prematurely online. This must be done in the branch. So technically there are only two banks with such service namely Maybank and CIMB Bank.

RM5000 for one month, RM1000 for two months and above.