STEPS Deposit

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The STEPS Deposit is to be placed for a fixed tenure of twelve (12) months renewable on quarterly basis with varying step-up rates every quarter. Eligible Participant is entitled to enjoy higher interest rates for every subsequent quarter until maturity. The step-up rates are for one cycle only. The step-up rates shall become void upon full upliftment of STEPS Deposit at any point of time during the twelve (12) months period and interest shall only be paid for completed step-up tenures.

The STEPS Deposit will run on tranches. Any revision of rates will be notified via a new tranche announcement and published in the bank’s website.

The eligible products for STEPS Deposit are as follows:

  1. Retail Negotiable Instruments of Deposit
  2. Shorts Term Negotiable Instruments of Deposit
  3. Fixed Deposit

The step-up rates offered for Tranche 1 on 3/12/2019 are as follows:

Tenure Step-up interest rate
(% p.a)
Effective interest rate
(% p.a)
1st quarter 3.50% 3.50 (for 3 months)
2nd quarter 3.60% 3.55 (for 6 months)
3rd quarter 3.80% 3.63 (for 9 months)
4th quarter 3.90% 3.70 (for 12 months)

(The rates are subject to change. Please refer to latest tranche announcement.)

Product Terms and Conditions
Product Disclosure Sheet (Tranche 1) 

For more information, please contact:
Email: balance.sheet@kenanga.com.my
Tel: +603-21676886

This product is not insured by Perbadanan Insurans Deposit Malaysia.

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