TERM DEPOSIT

Open & redeem in-app instantly with attractive interest rates and flexible terms.
Choose rollover or fixed-term to match with your savings plan.

Note: Foreigners who can prove their residential status in Vietnam is valid for at least 6 months
on their identity document will be eligible to open a/multiple Term Deposit Account(s).

The smart way to maximize your money

Multiple virtual savings

With Timo Term Deposit, you can set up as many term deposits as you like. It’s simple and easy to set up right in the App without visiting a branch at all.
With terms ranging from 1 - 18 months, a Term Deposit is the safest way to secure your extra cash, while earning interest on it.

Attractive interest rates

Enjoy high-interest rates from Viet Capital Bank, that are competitive and updated regularly.
Timo automatically calculates your expected interest earned based on your deposit and term.

Save for longer, better the returns!

Qualify for a line of credit

By opening and locking a Term Deposit 12,000,000 VND or more for a fixed term, you can:

Maintain a good credit rating with Viet Capital Bank and
Qualify to apply for additional products like a Credit card or a Loan.

Instantly download and open an account in-app!

Smart features designed to help grow your money

Smart saving

Don’t put all eggs in one basket. You can split your Term Deposit into smaller ones to save you from losing interest when you redeem them early. Each Term Deposit can be split into 4 smaller Term Deposits, so even if you withdraw 1 for a rainy day, you continue to earn interest on the remaining 3.

Auto renewal

And if you want to continue to grow your money, choose the Rollover option that will auto renew your Term Deposit along with interest earned automatically in the App. You can choose a fixed Term Deposit as well and still earn a healthy interest at the time of redemption.

Who can apply?

Eligibility criteria:

Vietnamese citizens and foreigners who are legally allowed to live in Vietnam for 06 months or more can apply.

For Foreigners:

The length of your deposit cannot be longer than the remaining validity on their visa in Vietnam.

Instantly download and open an account in-app!

How to setup a Term Deposit

Step 01
Select Term Deposit on your main dashboard.
Step 02
Press (+) and select Open New Term Deposit.
Step 03
Enter the required information to help Timo calculate the applicable interest rate.
Step 04
Review your Term Deposit details, choose to split it into smaller ones or not.
Step 05
Review your list of Term Deposits and set to rollover:
- Turn on the green button to choose Rollover for your Term Deposit amount.
  Rollover Term Deposit means your entire term deposit and interest will be automatically extended at the end of the original term length.
- By default, all Term Deposits are set to rollover. You can choose to disable this and opt for a fixed term instead.
- Proceed to complete your set up and your Term Deposit will be redeemed at the end of the selected term or rolled over.

Read the Terms & Conditions here.

Frequently Asked Questions

As a foreigner, can i open a TD? What are the documents I need to provide to be able to use a Term Deposit?

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According to Circular No.49/2018/TT-NHNN issued by The State Bank of Vietnam, Non-Vietnamese customers, with valid documents proving residential status in Vietnam (Visa/Residence Card) with at least 6 months will be eligible to open Term Deposit Accounts. However, the term cannot be greater than the remaining validity of the document.

Why can’t I request the certificate of Term Deposit after it has been redeemed?

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The certificate of any account balance is to prove that you currently have a fixed amount in the bank. Thus you can only request this document when your Term Deposit is active.

Do I have the certificate of Term Deposit?

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As Timo Plus is a fully digital banking service, the certificate of your Term Deposit is a Digital Deposit agreement sent via email every time you open a Term Deposit. In case you need a printed certificate with a Bank stamp, please request the Confirmation of account balance under "Document Request" via the Timo Plus Web app.

Can I receive interest on Term Deposits if I withdraw them early?

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Yes. You can receive the same interest as you'd get with your Spend Account (0.1%/ year). As long as you still have some Term Deposits locked in for the original term, while withdrawing others you will continue to receive the interest on the balance Term Deposits.

How to withdraw from my Term Deposit?

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It's easy.

Step 1: Log in to the Timo Plus app
Step 2: Tap on Term Deposit
Step 3: Choose the specific Term Deposit you want to withdraw, tap Redeem early
Step 4: Confirm again

And your Term Deposit is withdrawn into your Spend Account.

TERM DEPOSIT

The smart way to maximize your money

Smart features designed to help grow your money

Who can apply?

How to setup a Term Deposit

Frequently Asked Questions

As a foreigner, can i open a TD? What are the documents I need to provide to be able to use a Term Deposit?

Why can’t I request the certificate of Term Deposit after it has been redeemed?

Do I have the certificate of Term Deposit?

Can I receive interest on Term Deposits if I withdraw them early?

How to withdraw from my Term Deposit?

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