I’ve noticed that CIMB Clicks has a new feature called eFixed Deposit. It seems that it allows you to open a FD account through online.
But do you all know the difference between its and Maybank eFD feature?
It’s quite similar to Maybank eFD. The only difference that I found is:
1. Auto renewal upon maturity date.
2. Cannot uplift on the maturity date. (I’m not sure about it actually because somebody said that you can do it but just lost interest)
3. No TAC required.
You can do eFD at ATM also but personally suggest that doing it online will be more comfortable with the only condition that you need to have at least 1 banking account that is linked to an ATM card in order to access Internet banking services.
CIMB eFD and Maybank eFD, which one you prefer?
I prefer Maybank2U eFD since it has the option for non-auto or auto renewal. I prefer the non-auto renewal and upon maturity date, the amount in FD account will be credited back to your saving account but with no cert provided.
Besides, Maybank2U eFD improves the processing duration to almost real time and more organized as compared to previous. The security still remains the same.
Furthermore, it is also more convenient for me since my salary bank into there. Thus, it’s depends on yourself actually.
But, the one thing I observed is the rate offered by CIMB and Maybank. If you want keep your money in FD for short-term period, then the rate offered by CIMB is slightly higher for 1 month and 2 months tenure. (If not mistaken, the rate should be 3.2% to 3.25%). But should be relatively standard at 3.7 for 1-year tenure.
In general, local banks FD rates are more or less similar in offering. May be slightly difference of between 0.1-0.3% p.a.
There is no maximum amount for eFD but minimum amount of RM1000 for 2 months and above & RM5000 for 1 month.
Just my2cents, in future, I will try to do FD placement through online since it requires less effort and without any charges. Besides, you also can do transaction after banking hour.
