Hong Leong continues to innovate with relevant and flexible products for the marketKuala Lumpur , 15 June 2010 - Hong Leong Bank today debuted its latest fixed deposit (FD) offering for its business customers. The Hong Leong Business Flexi FD sets itself apart from the more conventional options offered in the market.
"The premise is simple. Our customers need a complement to the less flexible regular FDs. They would like to leverage the returns of an FD, yet manage their cash flow in a way that bends and sways with the dynamic needs of their business on an ongoing basis.
No longer will companies be faced with the prospect of being unable to withdraw funds in the face of cash flow emergencies, or losing out on interest for withdrawing before the tenure period. Unlike conventional FDs, the Business Flexi FD gives customers the ability to optimise cash flow while getting the most from their FD placement," said Ms. Yvonne Chia, Group Managing Director / Chief Executive.With customers entrusting more than RM32 billion in business deposits and RM33 billion in retail deposits from individuals who may also be business owners or managing enterprises, this is yet another innovation by Hong Leong Bank to ensure their business customers get the holistic and most relevant services they need to succeed.
"In the past few months alone, the Bank has introduced enhanced online banking services through Hong Leong Online (Business) to complement a host of other cash flow management, payment and transaction services for businesses. A product like Business Flexi FD sits nicely alongside Hong Leong Online (Business), Pay+ (the first real-time online fund transfer service in Malaysia) and Hong Leong Platinum Business Credit Card - innovative offerings from Hong Leong Bank to help business customers manage their cash flow, payments and corporate wealth more dynamically," Ms Chia continued.
The Business Flexi FD was created with the same intent and purpose, and follows the successful launch of the Hong Leong Flexi FD Account last year, the first in the market to offer a hybrid Fixed Deposit, Current and Savings Account product that works hard to earn customers higher interest each day.By stacking HLB's Business Flexi FD up against the offerings touted by other banks, customers will quickly learn that:
The Business Flexi FD allows companies to pick their own tenure from 30 to 1,000 days - which means businesses don't need to confine themselves to fixed monthly tenures that may not coincide with their cash flow management needs.
The Business Flexi FD offers partial withdrawals, and allows the remaining balance to continue to run on the contracted terms. With other FD placements, customers are required to uplift the whole FD - which means losing interest that could be valuable in the face of emergencies.
As long as a customer completes at least 14 days of the FD, half of the interest for the completed period will be paid back to them in the event of early withdrawal. Conventional FDs require at least 3 months to be completed for the same returns.
Other banks usually choose to pay out interest on long-term FDs quarterly or half-yearly. With the Business Flexi FD, customers with long-term FDs of more than a year are paid interest every 30 days.For further information, visit any of HLB's branches nationwide, call 1-800-38-8888 during office hours, or simply log on to www.hlb.com.my . Product terms and conditions apply.
-END-Press Release - 15/06/2010-END-Press Release - 05/07/2010