Affin bank forex rate

Affin Bank Fixed Deposit.

Saving money for a rainy day is always a good practice but what you have been saving today will eventually be worth lesser in the long run when one takes into account inflation and the ever increasing costs of living. Investments are a good idea to grow the savings and help build up a corpus for retirement age. If used correctly investments can secure a steady stream of income long after retirement. But not all investments will guarantee returns. There is a risk involved when it comes to certain investments such as stock markets or even mutual funds. But Fixed Deposits are virtually void of risks. These deposits work much like a savings account except that the depositor cannot access their funds till the deposit reaches maturity and that the interest provided on the deposit is much higher than ordinary savings accounts. There is not much for an investor to do here. They simply deposit the money and watch it grow over time. There is no learning curve involved. When it comes to fixed deposits with competitive interest rates Affin Bank offers some of the highest interest rates on their FDs. Their competitive rates start of at 3.25% p. a. for tenures of 1 month and go as high as 4.00% p. a. for tenures that range between 13 months and 5 years. These deposits are guaranteed under PIDM giving further peace of mind to the depositors. Kindly read on to know more about Fixed Deposits from Affin Bank.

Features of Affin Bank Fixed Deposit.

Flexible tenures: Choose between tenures ranging for 1-12 months for fixed deposit account. Partial withdrawal: Partial withdrawal is allowed after deduction of fees as per the account terms and conditions. Payment frequencies: For FD accounts with maturity up to 12 months, the interest payment will be made at maturity. Longer FDs will have the option for half yearly and maturity payments. Auto renewal: Auto renewal is allowed for the FD schemes.

Affin Bank Fixed Deposit Schemes.

Fixed deposit account: This is a basic fixed deposit scheme with tenures ranging from 1-12 months. The plan is available for a minimum deposit amount of just RM5,000 (1 month tenure) or RM500 (2 months and above). Customers are offered higher than average interest rates.

Affin FDPlus: This scheme is the 1st KLIBOR pegged FD product offering high rate of returns. The plan can be started with a minimum deposit of RM10,000 and in tenures of 1, 3, 6, 9 and 12 months.

Affin FDPlus2: This scheme offers foreign currency conversion benefit with high interest rate to the tune of 3.80% p. a. The scheme can be opted by converting your MYR FD into one among a pre-selected list of 6 different currencies including USD, EUR, GBP, SGD, AUD and NZD. The scheme is available for a fixed tenure of 3 months.

Affin Bank Foreign Currency Account.

Affin FDPLUS2 is a fixed deposit account which offers foreign currency conversion benefit with interest rates that go up to 3.8% per annum.

Eligibility.

Affin FDPLUS2 is ideal for expatriates.

Features and benefits.

The following are the features and benefits of Affin Bank Foreign Currency Account:

To enjoy the interest, you have to convert MYR FD to any of the 6 selected International currencies at the prevailing rates within 90 days. The 6 selected International currencies are AUD, EUR, GBP, NZD, SGD and USD. The initial deposit accepted is RM5,000. Minimum deposit tenure allowed is 3 months. Can invest as foreign currency. The FC can be remitted abroad for education. The interest returns are high. The FD offered is flexible and convenient.

Interest rates.

Interest rates offered up to 3.80% per annum for Affin FDPLUS2.

Affin Bank Interest rates.

The interest rates for FD schemes are:

How to open a Affin Bank Fixed Deposit Account?

You can open a fixed deposit account in Affin Bank through online and offline means. You can log into the AffinOnline portal for managing your FD account. For offline application, you can submit the filled in application form at any of the branches of Affin Bank along with supporting documents for speedy processing and approval.

Affin Bank Fixed Deposit FAQs.

What is the maximum tenure for a basic fixed deposit account?

Currently, Affin Bank is offering fixed deposit account at 1-12 months’ maturity. Customers can opt for auto renewal for longer durations.

What are the interest rate on deposits?

Interest rates range from 3,25% for the lowest maturity of 1 months to 3.80% for the highest maturity.

What is the minimum deposit amount?

The minimum deposit amount varies according to the chosen scheme. Minimum deposit of RM500 is applicable on maturities over 2 months in basic fixed deposit account while the foreign currency fixed deposit account can be opened with a minimum deposit of RM5,000. You are advised to visit the scheme-specific section for more details.

What is the premature withdrawal policy?

In case of premature withdrawal of 1, 2 or 3 months’ maturity schemes, no interest will be paid out. For partial withdrawals in all other maturities, interest will be paid out at half the quoted rate.

Other Products offered by Affin Bank:

Apart from offering Fixed Deposit, Affin Bank offers other products and services which include:

Affin Islamic Fixed Deposit Rates.

Affin Islamic Fixed Deposit.

Affin Bank offers customers attractive fixed deposit schemes that are tailor made to meet the needs and requirements of clients from all socio and economic backgrounds. Affin Islamic Fixed Deposits strictly follow the Shariah concept of Wakalah and are designed to cater to those customers who are looking to combine savings with low risk in order to safeguard their future by leading a comfortable life post retirement.

Features and Benefits of Affin Islamic Fixed Deposits.

Affin Islamic Fixed Deposits comes with a number of attractive features and benefits that can offer a great deal to customers looking to avail of these schemes. Some of the main features and benefits of these fixed deposits are:

High Interest Rate.

Affin Islamic Fixed Deposits offer customers some of the highest as well as most attractive interest rates in the market at present. Due to this, customers can ensure that their deposits will garner larger savings in the long run.

Rapid Growth.

Customers putting their money in Affin Islamic Fixed Deposits earn the opportunity to rapidly grow their money due to the high interest rates. This makes it ideal for individuals with a low risk profile who are looking to earn a substantial income from their initial investment.

Minimum Deposit.

Affin Islamic Fixed Deposits can be opened by customers with deposits as low as RM 5,000, making these incredibly enticing for individuals who prefer not to take massive risks with their wealth.

Customers can open up fixed deposits with Affin Bank for tenures that can go all the way up to 60 months or 5 years.

No extra charges, fees or hidden costs will be levied on customers who open fixed deposits with Affin Bank. This makes the procedure of opening a fixed deposit with the bank completely transparent.

At the time of maturity of the fixed deposit, customers can make use of the automatic renewal facility to renew their plan.

Eligibility Requirements For Affin Islamic Fixed Deposits.

Customers are required to fulfill the following eligibility criteria in order to apply for an Affin Islamic Fixed Deposit:

The applicant must be at least 18 years of age The applicant may be any one of the following: An individual A company An association A co-operative society Any club or society.

Types of Affin Islamic Fixed Deposits.

Affin Bank offers customers two types of Fixed Deposits:

Affin Islamic Term Deposit-i (TD-i) Affin Islamic Term Deposit Plus-i (TD Plus i)

Affin Islamic Term Deposit-i (TD-i)

The Affin Islamic Term Deposit-i is a fixed deposit scheme that is specifically designed to meet the needs and requirements of those customers who wish to invest in a long term saving plan. This type of fixed deposit is suitable for individuals who are looking to see their money grow over a substantial period of time.

Features of Affin Islamic Term Deposit-i (TD-i)

The Affin Islamic Term Deposit-i comes with a number of salient features such as:

The customer can make a deposit with a maximum tenure of 60 months or 5 years This fixed deposit scheme offers customers a fixed rate of return on their investment Customers can make deposits of RM 5,000 for a single month or RM 500 for two months or more At the time of maturity, the customer is allowed to draw any profits made on the plan The customer can also opt to make monthly installments of RM 10,000, which will yield him or her profits on a monthly basis In order to avail of this fixed deposit plan, customers are required to have a savings or current account with Affin Bank. However, one can be opened for this particular purpose. In the event of any outstanding installments the customer will not be permitted to make any partial withdrawals of any amount. Should he or she with to make a withdrawal prior to the date of maturity of the deposit, then he or she will be required to submit an agreement to the bank stating their willingness to waive any profits they might be entitled to.

Advantages of Affin Islamic Term Deposit-i (TD-i)

The Affin Islamic Term Deposit-i provides customers with a number of advantages:

It provides a guarantee of protection since it is protected by law as per the Malaysia Deposit Insurance Corporation (PIDM) regulations. In the event of a banking or economic collapse, any deposits made by customers under this scheme will be protected. At the time of maturity of the scheme, the customer can avail of the auto-renewal facility should he or her choose to renew the plan The auto-renewal facility can be availed for no additional fees or charges.

Affin Islamic Term Deposit Plus-i (TD Plus i)

The Affin Islamic Term Deposit Plus-i is a fixed deposit scheme designed for those individuals or customers who are looking at high returns in a short span of time. This type of fixed deposit is suitable for anyone who wishes to make a short term investment.

Features of Affin Islamic Term Deposit Plus-i (TD Plus i)

The main features of the Affin Islamic Term Deposit Plus-i are as follows:

Customers are required to make a minimum deposit of RM 10,000 under this scheme Fixed deposits under this plan are offered at tenures of up to 12 months or 1 year All profits acquired under this plan are paid to the customer only on the date the deposit matures. In other words, profits are paid out in the short term, rather than the long term. Customers are required to have a savings or current account with Affin Bank in order to be eligible for opening a fixed deposit under this plan. Should the customer not have one already, he or she will be required to open one with a minimum amount of 10% of the deposit amount the he or she is looking to place with Affin Islamic Term Deposit Plus-i. Partial withdrawals are not permitted under this deposit plan. Should the customer wish to make any withdrawals prior to the maturity of the deposit, he or she will be required to submit an agreement to the bank under which all rights to profits will be waived. This is mandatory as per the bank's rules and regulations.

Advantages of Affin Islamic Term Deposit Plus-i (TD Plus i)

Affin Islamic Term Deposit Plus-i provides customers with a number of benefits and advantages such as:

Compared to the Affin Islamic Term Deposit-i, the Affin Islamic Term Deposit Plus-i offers customers a substantially higher return on their initial deposit amount It is a zero risk investment since it is protected by law under the Malaysia Deposit Insurance Corporation (PIDM) regulations. Early or partial withdrawals made before the date of maturity of the deposit will not incur any additional brokerage fees or charges Customers can avail of a free debit card with which purchases can be made at a 0.5% cash rebate on every transaction.

Affin Islamic Foreign Currency Account.

Affin Islamic Foreign Currency Account is a product for customers who wish to open Shariah based Foreign Currency Account.

The Affin Islamic Foreign Currency Account can be opened by:

Individual customer Non-individual customer Residents Non-residents.

The following are the features and benefits of Affin Islamic Foreign Currency Account:

Shariah concept used is Wadiah that is guaranteed safe custody. The initial deposit accepted is USD1,000 or its equivalent. Maintenance charge of USD10 or its equivalent is charged for half-yearly maintenance. The product is categorised by education, export proceeds, employment and other receivables. Interest can be converted to 9 major currencies such as AED, AUD, EUR, GBP, HKD, JPY, NZD, SGD and USD. You will get easy access to extensive network of branches at AFFINBANK and Affin Islamic Bank.

Who are eligible to avail Affin Islamic Foreign Currency Account?

Affin Islamic Foreign Currency Account can be availed by residents, non-residents, individuals and non-individuals.

You will have to make a minimum deposit of USD1,000 or its equivalent.

Interest can be converted to 6 International currencies, they are AED, AUD, EUR, GBP, HKD, JPY, NZD, SGD and USD.

The Shariah concept used is Wadiah that is guaranteed safe custody.

Yes, a maintenance charge of USD10 or its equivalent is charged for half-yearly maintenance.

Interest Rates and Returns Under Each Fixed Deposit.

The tables below shows the rate of interest offered under both fixed deposit plans for different tenures.

Affin Islamic Term Deposit-i (TD-i)

FAQs For Affin Islamic Fixed Deposits.

Are there any fees or charges involved when opening a fixed deposit with Affin Bank?

There are no additional fees or charges involved, but a request for an additional account statement will incur a fee of RM 5.30 per document.

What are the documents required to open an Affin Bank fixed deposit?

Applicants are required to provide the following documents at the time of opening a fixed deposit with Affin Bank:

Identity Card for individuals For companies, clubs or associations: Form 24 and 49 Form showing registration of business Company resolution.

Up to what amount are my fixed deposits with Affin Bank covered by the PIDM?

Customers with fixed deposits with Affin Bank can avail of coverage of up to RM 250000. This amount takes into consideration both the interest as well as the principal amount. Protection under the PIDM comes at no charge or extra fees and completely protects your investment in the event of a banking collapse.

Will I earn any interest if I make any premature withdrawals on my fixed deposit?

Should you make any withdrawals within three months of the commencement of the fixed deposit term, then you will not be eligible to earn interest. However, should you make any withdrawals after three months have lapsed then you will be eligible for half the interest rate of the initial interest rate offered.

***Please note that all fees and charges, and terms mentioned above are subject to change at any time. So, please contact Affin Islamic Bank before investing in Fixed Deposits offered by the bank.

Other Products offered by Affin Islamic Bank:

Apart from offering Fixed Deposit, Affin Islamic Bank offers other products and services which include:

Treasury and Markets.

Our clients require financial expertise and support in hedging and risk management.

We offer access to loan-funding, foreign exchange, structured products and derivatives.

Our significant Treasury business provides corporates, financial institutions and individual clients with a broad range of liquidity products.

Apart from offering attractive rates for deposits, our Treasury & Markets business provides clients with a variety of funds and money & capital markets investment products designed to provide competitive returns and other investment benefits. This includes portfolio diversification and liquidity enhancement.

“We provide a broad funding strategy across asset classes and markets to ensure liquidity and risk-diversification.”

Through our fixed income research, we provide clients with the latest market and product information to help them implement investment strategies. Our network allows us to distribute and trade money market and capital market instruments on both primary and secondary markets effectively.

Our Treasury Investments product suite includes access to Malaysian Government Securities (MGS), Government Investment Issues (GIIs), Malaysian Treasury Bills, Bank Negara Bills, Bank Negara Monetary Notes, Private Debt Securities, Forex, Interest Rate Derivatives, Cross-Currency Swaps, Fixed Deposits (FD) and Negotiable Instrument of Deposit (NID).

Contact Us.

AIIMAN Asset Management Sdn Bhd (256674-T) (formerly known as Asian Islamic Investment Management Sdn Bhd) | Affin Hwang Trustee Berhad (208904-W) (formerly known as ABB Trustee Berhad)

Treasury and Markets.

Forex Exchange Rate.

Updated as at 20 December 2017.

Foreign Exchange (Forex) Rates.

Rates are quoted against Malaysian Ringgit . The rates quoted herein are indicative only, and subject to change without notice at our sole discretion.

For further enquiries, kindly contact Treasury and Market Dealers at +603 2146 7787 / 7725 / 7731.

AIIMAN Asset Management Sdn Bhd (256674-T) (formerly known as Asian Islamic Investment Management Sdn Bhd) | Affin Hwang Trustee Berhad (208904-W) (formerly known as ABB Trustee Berhad)