What is an iSAVvy Time Deposit?

It is a unique Maybank Singapore Dollar Time Deposit account whereby your account is operated via online banking. This is a "first-of-its kind" type of account with the following special features:

Upfront Interest
you will receive your interest 1 calendar day after placement instead of waiting until maturity. This means that you can earn extra interest by leaving it in your Savings Account or placing it in another iSAVvy Time Deposit or investing in Unit Trust or Insurance.

Interest-on-interest
To reward you for your loyalty, you will receive interest-on-interest upon maturity of your iSAVvy Time Deposit.

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How do I apply for/make a deposit into an iSAVvy Time Deposit?

You should have an iSAVvy Savings Account and access to Maybank2u.com.sg before you open an iSAVvy Time Deposit.

Open and place an iSAVvy Time Deposit by following these steps:

1. Login to Maybank2u.com.sg
2. On the left-hand section under "Accounts", click on "Time Deposit" and "Singapore Dollar Time Deposit Placement"
3. From the "Time Deposit Type" drop-down list, select "iSAVvy Time Deposit"; click "Next"
4. You are now in the Placement Screen
   • From the "Tenure" drop-down list, select required tenure
   • Input the amount you wish to deposit in the "Principal Amount" field
   • Select your iSAVvy Savings Account as the account to debit from in the "From Account" field
   • Give instructions on whether to renew principal upon maturity or to credit principal back to your iSAVvy Savings Account by selecting Auto-Renewal or Credit to account respectively in the "Instruction for Principal Amount upon Maturity" field
   • Upfront interest and interest-on-interest will be automatically credited to your iSAVvy Savings Account
   • Click "Next"
5. You are now in the Confirmation Screen
   • Please check that the details of your iSAVvy Time Deposit are reflected correctly
   • Please read the Notes and Declaration; if you agree to them, click the "I agree" button
6. You are now in the Status Screen
   • If the time deposit has been processed successfully, the status will be "Successful", and a reference number will be provided
   • Any status other than "Successful" means that the transaction was rejected
   • As no hardcopy advice will be mailed to you, you may wish to print this page for your reference by clicking on the "Print" button.

Congratulations, you have successfully placed your iSAVvy Time Deposit. You can view your iSAVvy Time Deposit details in your account summary upon your next login.

Please note that your iSAVvy Savings Account will be debited immediately and the iSAVvy Time Deposit account will be opened immediately. The upfront interest payment will be credited into your iSAVvy Savings Account 1 calendar day after placement.

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How do I open an iSAVvy Savings Account if I do not have one?

Singapore Citizens and Singapore Permanent Residents (PR) can apply for an iSAVvy Savings Account online at Maybank2u.com.sg, by mail-in application or at any of Maybank's 22 Branches in Singapore. Foreigners must apply at any Maybank Branch in Singapore

Online at Maybank2u.com.sg (for existing Maybank customers with online banking login access to Maybank2u.com.sg)

1. Login to Maybank2u.com.sg with Username, Password and 2FA Security Token/SMS
2. Click on “Forms” tab
3. Click on Deposits > iSAVvy Savings (on the left-hand side of the screen)
4. Proceed to "Apply Now" to complete and submit the iSAVvy Savings Account Application form

Mail-in application (for new Maybank customers with Internet access)

1. Visit www.maybank2u.com.sg, go to Personal>Deposits & Banking> Savings>iSAVvy Savings Account
2. Proceed to fill in the online iSAVvy Savings Account application form
3. After keying in the details on the online application form, print and sign the application form
4. Mail in the printed application form along with the following documents:
   

   a.	Photocopy of your NRIC (front and back)
   b.	An original bank statement dated not more than 3 months ago from any bank operating in Singapore
   c.	Initial deposit in the form of a cheque drawn in your name from your personal account with any bank operating in Singapore.

For the opening of a joint account, your joint applicant will also need to provide documents (a), (b) and (c). An original bank statement from a joint account maintained by the same applicants is acceptable in lieu of (b). A single cheque bearing both parties' signatures is acceptable in lieu of (c).

Account opening at Maybank Branches

Singaporeans / PR - You and your joint applicant (if any) are required to bring along your NRIC(s) and place an initial deposit in cash.

Foreigners - You are required to bring your passport and work permit/employment pass/student pass/long term social visit pass or other valid supporting documents and place an initial deposit in cash.

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If I do not have an iSAVvy Savings Account or do not wish to use iSAVvy Savings Account as my transactional account for placements of iSAVvy Time Deposit, what other accounts can I use? How can I open one of these accounts?

We would recommend that you open an iSAVvy Savings Account as it pays an attractive interest rate. In addition, online banking access would be given to you together with an iSAVvy Savings Account. Hence, you do not need to apply for this separately.

If you already have an existing Maybank Account and do not wish to open an iSAVvy Savings Account, you can open an iSAVvy Time Deposit as long as you have a Maybank transactional account (personal or joint-anyone to sign) with online banking access.

Upfront interest payment and interest-on-interest payment will be credited into the same account that was debited to create the iSAVvy Time Deposit. If you select principal to "Credit to account" upon maturity (that is, do not renew), the iSAVvy Time Deposit principal will also be credited into your transactional account.

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How do I apply for access to Maybank2u.com.sg?

Please click on the link below to find out how to apply for online banking:http://www.maybank2u.com.sg/eservices/personal/faq/faq-online-banking.aspx#set2

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Can I open the iSAVvy Time Deposit at a Maybank Branch?

As the iSAVvy Time Deposit is an online Time Deposit Account that provides attractive interest rates together with interest-on-interest, application is only available via logging into Maybank2u.com.sg.

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Why is the online placement of iSAVvy Time Deposit not available for 24 hours?

This is to enable system maintenance.

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What are the tenures available under iSAVvy Time Deposit?

You can place iSAVvy Time Deposit for 3, 6, 12, 24 and 36 months.

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What is the minimum/maximum amount for iSAVvy Time Deposit?

Minimum deposit is S$5,000 for 3 and 6 months tenure and S$25,000 for 12, 24 and 36 months tenure. Maximum deposit is S$1,000,000.

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Can I top up my iSAVvy Time Deposit upon maturity?

No, you would have to place a new iSAVvy Time Deposit.

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What happens to my time deposit upon maturity? What are the maturity instructions available to me?

When making your iSAVvy Time Deposit placement, you can give instructions on whether to

• automatically renew the principal the principal amount upon maturity at the prevailing board rates; or
• have the principal amount credited back into your iSAVvy Savings Account upon maturity.

Upfront interest will be credited into your iSAVvy Savings Account 1 calendar day after placement. Interest-on-interest will be credited into your iSAVvy Savings Account upon maturity. There is currently no option for rollover of Upfront Interest and Interest-on-interest together with the principal amount.

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When can I change my maturity instruction?

You can change your maturity instruction any time from placement day to at least 1 business day before maturity.

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How can I withdraw my iSAVvy Time Deposit?

When you are placing your iSAVvy Time Deposit via online banking, if you choose the option of withdrawing your iSAVvy Time Deposit upon maturity, the principal sum will be credited back into your iSAVvy Savings Account upon maturity.

Alternatively, you can go to any of Maybank's 22 Branches in Singapore to withdraw your iSAVvy Time Deposit. Please note that charges apply for iSAVvy Time Deposit transactions performed at Branch counters (refer to the section on Charges).

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Will I be paid interest if I withdraw my iSAVvy Time Deposit before maturity?

For premature withdrawal of less than 3 months – No interest will be paid

For premature withdrawal of more than 3 months – The interest is pro-rated based on the number of days the Time Deposit is placed, calculated on the lowest tier of the prevailing Savings Account rate at time of withdrawal or the contracted rate, whichever is lower.

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What are the eligibility criteria for free insurance coverage?

• Account holder must maintain a minimum total balance of S$100,000 in iSAVvy Account(s) - iSAVvy Savings Account, iSAVvy Savings Plus Account, iSAVvy Time Deposit Account or iSAVvy Foreign Currency Time Deposit Account to qualify for free insurance coverage.
• Account holders must be aged between 20 to 70 years old on the date of accident.
• Joint account holders are also entitled to the free personal accident insurance coverage.

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What is the benefit amount of the free personal accident insurance?

The benefit amount will be the actual total account balance of the iSAVvy Account(s) maintained by the Account holder or S$250,000, whichever is lower, as at the date of the accident.

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What is the accidental medical reimbursement benefit?

• The accidental medical reimbursement benefit is S$500 per accident for actual medical and hospital expenses incurred due to an accident, subject to the presentation of original invoices and receipts.
• Traditional/alternative treatment is covered provided treatment is sought subsequent to any medical and hospital treatment, but is limited to S$50 per visit and a maximum of S$500 per accident. Treatment must be provided by a qualified traditional or alternative medical practitioner who is duly registered and approved by the relevant authorities.

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Where can I get more details on the iSAVvy Account(s) Personal Accident Insurance?

Additional terms and conditions apply for the personal accident insurance coverage. Please refer to the policy schedule (PA) for details.

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Will I receive any advice upon placement/renewal?

As iSAVvy Time Deposit is an online account, no advice will be mailed to you upon placement/renewal.

After your placement is completed, you can view your iSAVvy Time Deposit details in your account summary upon your next login to Maybank2u.com.sg. If you wish to, you can print a copy of the status screen (showing Status: Successful) for reference.

Upon renewal, you can login to your account summary to view or print your deposit details.

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I do not trust the Internet. How does the Bank ensure that customers' information is safe and secure?

Maybank is a QFB licensed bank and we have been offering online banking services since April 2001.

To ensure data confidentiality and integrity, all information transmitted over the Internet is encrypted using the 128-bit Secure Sockets Layer (SSL) protocol from Verisign Certificate Authority. SSL is a secure way of transferring information between 2 computers on the Internet using encryption. Strong end-to-end encryption is also adopted within the bank's computer networks and resources.

Our website Maybank2u.com.sg uses 128-bit encryption to encrypt and secure any information transmitted over the Internet.

For more details relating to online banking, you can visit http://www.maybank2u.com.sg/eservices/personal/m2u-sg.aspx

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Information (including interest rates and charges) is subject to change and is correct at time of print.
Updated on 30 October 2010