What do I need to know about Affin Islamic Term Deposit-i?
Affin Islamic Term Deposit-i is based on the Syariah principle of Wakalah with Commodity Murabahah, where you appoint the bank as your agent to conduct and execute a Syariah compliant investment on your behalf. Profits earned are share between you and Affin Islamic according to the pre-agreed profit sharing ratio.
There are no brokerage fees and you can start with low initial investment of RM500.
Can I withdraw money from this Term Deposit-i before it reaches full term?
Yes, however, you will not get any interest if you withdraw the money within three months of opening your account. If you keep your Time Deposit-i open for more than three months and withdraw cash before the full tenure you'll get 50% of the original contracted interest rate for each completed month. There is no partial withdrawal offered with this fixed deposit product.
Can I renew this term deposit?
Yes you can. Renewal is allowed upon maturity. You can reinvest the profit earned together with the principal amount.
If the bank does not receive any written instruction from you upon maturity, the bank will automatically renew your investment together with the profit earned for the same term as your original deposit.
How do I get the money?
You can choose between receiving your profit payout monthly, or upon maturity. For monthly profit payment, you need to open a Current Account or Saving Account with Affin Islamic and the profit will be credited to your account at pro-rata rate.
If you choose to receive your profit upon maturity the bank will pay you the whole profit as a lump sum.
How do I sign up for this Affin Islamic Term Deposit-i?
It's easy to open an account, just visit an AffinBank branch with cash, or a cheque, and your Identification Card.
Does PIDM protect this account?
Yes, this fixed deposit is protected against a loss in the unlikely event of the bank’s failure. You're covered for up to RM250000 per person/company/association/club. If the economic system collapses the government have got your back.