Frequently Asked Questions


FIXED DEPOSIT

Q1 : Can I withdraw my fixed deposit any time during my stay in Malaysia?

A : Some banks allow periodical withdrawals of interest earned on your Fixed Deposit. This is subject to the bank's policy and negotiation at the time of opening your account with the bank concerned. Please refer to banking portal www.bankinginfo.com.my for current rates and terms.

Q2 : Can I place the fixed deposit in a Malaysian bank located in my country?

No. The fixed deposit account must be opened in any Malaysian bank or financial institution located in Malaysia.

Q3 : Can the purchase of a house in Malaysia which is valued at more than RM1,000,000.00 be considered as having fulfilled the financial criteria for this programme?

A : No. Participants are required to fulfil the fixed deposit requirement or monthly off-shore income for those aged 50 years and above.

Q4 : Am I allowed to withdraw my fixed deposit for a few months and then topped it back later?

A : No. Participants are required to place their fixed deposits on annual auto renewal basis.

Q5 : When can I withdraw my fixed deposit?

A : After a period of one year, the participant may withdraw his/her fixed deposit for approved expenses relating to house purchase, education for children in Malaysia and medical purposes OR when he/she decides to terminate his/her stay in Malaysia by first informing the Ministry of Tourism of his/her intention at Malaysia My Second Home Centre. Participants can apply to withdraw part of their fixed deposit for emergency cases such as medical purposes, etc. with prior approval of the Ministry of Tourism.

Q6 : How to open Fixed Deposit Account in Malaysia?

A : You must be present physically with your passport and the original MM2H Conditional Approval Letter at the bank in order to open the bank accounts here.

Q7 : Can I open a current account with the banks in Malaysia?

A : Yes. As above, you must be present physically with your passport and the original MM2H Conditional Approval Letter at the bank. Some banks might require an introducer before you could open a current account.

Q8 :What will happen to the interest earned on my Fixed Deposit?

A : You can withdraw them on yearly basis. Please arrange with your bank manager concerned. Also, all interest earned is non-taxable.

Q9 : Can I have my Fixed Deposit under a joint name with my wife?

A : Yes, you can have it under a single name or jointly with your wife.

Q10 : Can I remit my Fixed Deposit back to my country when I terminate my Malaysia My Second Home Program?

A : Yes you can, as long as you provide information to the bank, informing the purpose of your transfer.




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