Singapore Dollar Privilege Plus Time Deposit

Grow your principal with additional interest; access overdraft facilities secured against your deposit; auto-renewal of deposit upon maturity

Key info

  • Minimum 55 years of age
  • 0.25% p.a. above one of the highest prevailing board rates in Singapore
  • Minimum deposit of S$50,000 for at least 6 months, or S$25,000 for at least 12 months

Designed to grow your principal with additional interest while providing you with regular lifestyle cash, the Singapore Dollar Privilege Plus Time Deposit caters to customers aged 55 years and above.

Benefits

  • Access overdraft facilities secured against your deposit
  • Auto-renewal of deposit upon maturity
  • Easy monitoring of your deposit via PhoneBanking (Dial-Link) and Maybank2u.com.sg
  • Maintain your deposit for at least 12 months, and have the choice of one of the following:
    • Monthly interest* that is automatically credited directly into your designated Maybank Savings or Current Account (for branch placement only)
    • A lump sum interest payment upon deposit maturity
    • Roll over the interest with the principal amount upon deposit maturity

* Partial withdrawal within 3 months of placement or deposit renewal date is allowed only if you are not on the monthly interest payment scheme.

Interest rate

0.25% p.a. above one of the highest prevailing board rates in Singapore

  • Premature withdrawal of less than 3 months – No interest will be paid
  • 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.

Minimum initial deposit

  • Minimum deposit of S$50,000 for at least 6 months or S$25,000 for at least 12 months

Who can apply

  • Singapore Citizens, Singapore Permanent Residents, Foreigners
  • At least 55 years of age

Required documents

  • Singapore Citizens and Singapore Permanent Residents – Singapore NRIC
  • Foreigners
    - Passport and Employment Pass; and
    - An original copy of the latest bank statement, utility or telecommunication bill with
       your residential address indicated

Fees and charges

  • Fees and charges apply for premature withdrawal.

If you are a Maybank account holder with online access, you can logon to Maybank2u.com.sg and place your time deposit online immediately. Alternatively, visit any of our 21 Branches in Singapore today.

Terms and conditions (PDF)

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Minimum Sum Scheme are aggregated and separately insured up to S$50,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.