Great news, Alliance Bank has finally launched a few Fixed Deposit promotion. Depositors can enjoy a great 4.25% p.a with 6 months deposits and a high 4.35% p.a with a 9 months deposits. This is a conventional and not an Islamic Fixed deposit.
Things you should know
The fixed deposit campaign starts from 20 Nov 2015. This campaign is available to new and existing Alliance Bank customers. As of a lot of Fixed Deposit promo in Malaysia, this promotion will require depositor to deposit fresh funds which means that the source of the funds must not be from any Alliance or Alliance Islamic bank accounts. This applies not limited to existing savings, currents ,fixed deposit or any other accounts . The minimum deposit in order for you to enjoy the promotion would be RM 25,000 which is rather high as compared with other FD promotion in Malaysia.
There are 2 choices of the promotion which is at 6 months and 9 months. Depositors can enjoy a 4.25% p.a for 6 months while 4.35% with 9 months period. Personally, I would opt for 6 months for less lock in period just in case there are any other interesting promotion in Malaysia. Upon maturity of the promo, the fixed deposit would than be automatically reverted to standard board rate. There are no written terms on the early upliftment of the loan so do expect the bank for forfeit the interest if you are planning to do withdrawal earlier than the campaign period. This promotion is eligible for protection from PIDM.
Alliance Bank is also running a concurrent promotion with the 6 months and 9 months promo. All terms are the same except that the E-FD promo is valid for Alliance Bank E-FD deposits only.
Campaign period ends at 31st of March 2016. Do hurry up to deposit if you are keen to enjoy the rates !