The Agrobank FRIA-i is a Shariah-compliant fixed deposit account made for the everyday consumer, with fixed profit rates and low minimum deposits.
Tell me about this product.
This is a savings tool to help you make more for your money. Either choose to take up a long-term deposit tenure or if you’d much prefer a one-month deposit both options are open to you.
If you decide to have a one-month investment, the minimum amount is RM5,000 but you will get your profit upfront.
For a longer tenure, the minimum amount is RM1,000 and you will have the profit credited to you monthly, half-yearly, annually or even maturity basis.
Rates and charges
Profit rates are fixed for the duration of your chosen tenure. However, they may vary for new placements, subject to Agrobank’s rate updates.
Other than that, just be prepared to pay a brokerage fee of 0.05% or RM50 whichever is lower, on your investment if you were to withdraw the sum before the 3-month mark of your tenure.
Anything else I need to know?
Yes, yes, yes. Like all fixed deposits, while the principal amount is generally safe, there are conditions you should be aware of.
If you were to make a premature withdrawal before the 3 months are up, you will lose all the profit you have made so far. This is on top of the brokerage fee imposed.
You are given the option of auto-renewal if you’d like to keep your investment growing.
This will mean that when you do eventually withdraw it, you will have earned a steady profit on your investment over time.
