What do I need to know about UOB Fixed Deposit?Always wanted to invest but never had the appetite for risks? No need for any leaps of faith here - this is a basic no-frills Fixed Deposit account designed to offer you higher rates of interest as a reward for putting your money away in the bank for a greater period of time.
Can I withdraw before maturity without losing the interest earned?Well, you can withdraw and end your FD account anytime you want, but if you do, you may end up paying a penalty fee and lose all your interest profits. Best to be really certain that you won't need the money for the fixed term before you open one of these accounts with UOB.
How will UOB calculate my interest?Your interest profits will be calculated daily, including the placement date but excluding the date of maturity. You can then choose to reinvest or cash out!
So I can I renew my UOB FD at maturity?Yes, you can. If you don't tell UOB otherwise, or cash out your money once it matures, then the bank will automatically renew your account for you under the same terms and tenure following the newest interest rates at the time of renewal.
Is my money protected by PIDM?Of course, it is! Deposits of up to RM250,000 will be insured by PIDM - don't worry!
Sounds great! How do I sign up for UOB Fixed Deposit?You can open this account at any UOB branch - here's what you need:
- MyKad (NRIC) for Malaysians and Passport for foreigners
- A copy of your latest utility bill such as your telephone, water, or electricity bill that clearly states your name and home address.
- Letter of Employment or Student Permit for foreigners who are working or studying in Malaysia