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Fixed Deposit Account

Malaysia My Second Home (MM2H) participants are required to open a mandatory fixed deposit (FD) of RM300,000 for below 50 years old or RM150,000 for 50 years and above in any banking institution in Malaysia. After a one –year period, the participant can apply to withdraw part of the FD.

Procedure for Opening Fixed Deposit Account
The account must be in Malaysian Ringgit (RM) either in conventional or Islamic fixed deposit.
The following documents are required for the opening of the FD account:

Identity Card/Passport (for individual)

Application Form for Opening of Fixed Deposit Account (from bank)

Specimen Signatures

Conditional Approval letter from the Immigration Department of Malaysia (given upon initial approval of your MM2H application)

Customer’s Declaration to confirm the following:
  - To authorize the Bank to confirm the existence of the FD when required by the relevant Government Authorities by signing the Consent Form.

Any other relevant registration documents that may be deemed necessary

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.

Interest earned on the FD can be withdrawn by the participant after the one-year period.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The FD can be withdrawn anytime should the participant wishes to terminate his/her in Malaysia under this programme.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.

For List of Banks please refer: www.abm.org.my