APPLICATION PROCEDURE FOR OPENING FIXED DEPOSIT ACCOUNT IN MALAYSIA
Under Malaysia My Second Home Programme (MM2H), participants are required to open a mandatory fixed deposit (FD) of RM300,000 (For age below 50) and RM150,000 (For age above 50) in any banking institution in Malaysia. After one year period, the participant can apply to withdraw part of the FD.
The account must be in Malaysian Ringgit (RM) either in conventional or Islamic fixed deposit.
Maximum period on FD is five (5) years renewable subject to the extension of the Social Pass Visit issued by the Immigration Department upon expiry.
Participants can place their FD for a one-year period on an auto-renewal basis.
Interest earned on the FD can be withdrawn by the participant after the one-year period.
Emergency withdrawal of the FD is allowed subject to prior approval from the Ministry of Tourism Malaysia without affecting the participant's stay in Malaysia under the MM2H Programme.
The FD can be withdrawn anytime should the participant wishes to terminate his/her in Malaysia under this programme. However, the participant should notify the Ministry of Tourism in order for the Ministry to issue a letter confirming the termination of the participant's stay under this programme.
Any interest earned on the fixed deposit uplifted prematurely is subject to the prevailing rules of the Association of Banks in Malaysia.