Fixed Deposit Comparison

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Points to look for while comparing various

Fixed Deposit schemes

Report By,Aysha Maria

1)Getting a fixed deposit scheme is one of the safest and most popular modes of saving.

2) Banks in Malaysia offer a host of fixed deposit products to match the financial need of almost all types of customers.

3)While availing and retaining a fixed deposit scheme isn’t a herculean task, the essence lies in spotting the scheme that suits your financial requirements the best.

Here are some of the most basic and significant points of comparison that you should look for before investing your hard-earned money in the fixed deposit financial tool.

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Malaysian economy is teeming with domestic and international banks that offer a host of fixed deposit schemes to customers. Separate schemes are available for customers from various employment backgrounds. Also Islamic banking fixed deposits are another variant of deposit schemes that are offered by banks in Malaysia. Amidst so many choices, there may be times when you will not know which scheme is the best for you to avail. Interest rate offered by various banks can be a good data point for zeroing in on the deposit scheme that suits your financial requirement the best. Rates are often closely coupled with deposit tenure and deposit amount. Based on all these parameters, a deposit that offers maximum returns should ideally be chosen by customers.

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Compare rates of interest offered by various banks

Compare rates of interest offered by various banks

1)The bank with which you place your deposit plays a crucial role in ensuring growth and safety of your hard-earned money.

2)It is best to go for financial entities that are renowned and have an established reputation as well as steady growth.

3)This will shield your money from unforeseen bank collapses and resulting loss of money. 4

Compare rates of interest offered by various banks

Check the financial institute with which you are placing your deposit

Usually, banks offer various interest payout frequencies to customers. This can be half-yearly, quarterly, yearly or even monthly. Depending upon your financial requirement and preference of obtaining interest, choose the deposit scheme that offers you the most suitable interest payout frequency.

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Compare rates of interest offered by various banksCheck the frequency of interest payment

Click here for FD Interest Rates in Malaysia

A lot of bank deposits offer flexibility of partially or fully withdrawing your deposit amount even before the maturity of your deposit. This gives freedom to customers to use their money for emergency financial needs.

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Compare rates of interest offered by various banks

Look for liquidity, whether available or not

If you know that you will need the deposit money in case of any urgent financial crisis then it is better for you to choose a fixed deposit that offers liquidity as one of its primary features. There are deposits that charge a small amount of fee for partial withdrawals and there are those too that let you withdraw partially without paying any fee.

Choose the one that fits your requirement the best and use your deposit money to fulfill any of your urgent financial needs. With the above major data points in mind, choosing that perfect deposit scheme amidst thousands of those available in the market, will be a really smooth cake walk.