The purpose of putting money into Fixed Deposit (FD) is for saving and gaining higher interest, but let see nowadays banks are offering FD Interest Rate at 3% +-, which is not high return enough to against the inflation rate every year. Perhaps if you are Premier Customer of the bank or you have few millions deposited with the bank, then maybe you can get higher interest rate.
What if you are not? Where will be more efficient to save your money aside? Here is the solution for you, let's force yourself to open a HLA Cash Promise structured deposit account.
Based on the illustration above:
Step 1 - Deposit RM100,000 for the first year, then you will immediately get a Guaranteed Yearly Income (GYI) of RM20,000 in Account 1 by the end of 12 months, together with Dividend, and it's up to your choice whether you want to witdraw or leave it in the Account 1 itself.
Step 2 - The requirement is you need to continuously deposit RM100,000 annually for 6 years, and stop depositing on 7 years onwards, then from the first year itself you can enjoy the GYI of RM20,000 until 25 years. When the account matured, you will get maturity benefit of getting back all your Capital+Dividend.
Step 3 - If you decided not to witdraw the GYI and leave it in the Account 1, then you will enjoy compounding interest of 5.25% every year.
Step 4 - Then at the end of 25 years when account matured, you will get approximately a total of RM1.7mil, which is inclusive of the GYI+Compounding Interest+Dividend+Capital.
Step 5 - Enjoy guaranteed benefit like 6 years payment only, 25 years GYI, death & TPD and Nomination.