Enjoy a monthly cash reward of up to 2.98%¹ on your monthly income tax amount payable on top of your interest for 12 months. Simply pay your income tax by GIRO and maintain the required balance in your Maybank SaveUp Account².

How do you get your cash rewards?

Table 1

Monthly SaveUp Balance*	Monthly income tax amount of S$1,000 to below S$10,000	Monthly income tax amount of S$10,000 & above
12 times your monthly income tax amount payable (subject to a minimum average daily balance of S$12,000)	1.18% of the monthly income tax amount payable	1.88% of the monthly income tax amount payable
24 times your monthly income tax amount payable (subject to a minimum average daily balance of S$24,000)	2.38% of the monthly income tax amount payable	2.98% of the monthly income tax amount payable

The monthly cash reward stated above is subject to a maximum cash reward payout amount of S$3,000 per month for a period of 12 months.

*Calculated as the average daily balance at the end of each month with a minimum amount maintained for a period of 12 months.

Here is an illustration on the total returns that you can potentially earn on your SaveUp Balance:

Assume

Monthly income tax amount payable	S$1,000
SaveUp Balance (12 times your monthly income tax amount payable)	S$12,000
Monthly cash rewards3	1.18%

Table 2

	What you receive in a month	What you receive in a year
Cash rewards3 based on monthly income tax amount payable	S$11.80	S$141.60
Interest on SaveUp Balance	S$2.31	S$27.72
Total Returns	S$14.11	S$169.32
Total Returns: 1.41%4 p.a.

Above table and figures are strictly for illustration only.

Terms & Conditions (PDF)

¹ The monthly cash reward is to be determined by Maybank in accordance to Table 1.
² The required daily balance needed to receive the monthly cash reward is stated in Table 1. Note that a minimum deposit and holding balance of S$10 is required to open and maintain a SaveUp Account. Should the average daily balance of the account fall below S$500, a monthly minimum balance fee of S$2 shall apply. Closure of account within 6 months of the account opening date is subject to an early account closure fee of S$30. A service fee of S$10 per item is applicable for outward returned GIRO due to insufficient funds.
³ Account holders are entitled to the monthly cash reward for a period of 12 months if they pay their income tax (subject to a minimum of S$1,000 per month) on a monthly basis through GIRO from their SaveUp Accounts.
⁴ Based on an average daily balance of S$12,000 in the SaveUp Account, monthly income tax amount payable of S$1,000 and the prevailing interest rate of the SaveUp Account for a period of 12 months.

Note

Singapore dollar deposits of non-bank depositors placed with the Bank are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor as prescribed in the Deposit Insurance and Policy Owners’ Protection Schemes Act (“Act”). Singapore dollar deposits under the CPF Investment Scheme are separately insured up to S$50,000 in aggregate per depositor as prescribed in the Act. Structured deposits and other investment products are not insured under the scheme.