What do I need to know about AmBank Islamic Am50Plus Term Deposit-i?
AmIslamic Am50Plus Term Deposit-i is a Shariah-compliant investment account for seniors. You must be aged 50 and above to be eligible.
This investment account applies the Islamic concept of Commodity Murabahah, where you appoint AmIslamic to follow through with a Shariah-compliant investment to gain profits.
The profits earned are then shared between you and the bank according to the agreed profit-sharing ratio.
You can earn a very high-interest rate with just RM5,000 for as short as six months up to five years.
Note: This product is now known as AmTDPlus-i.
How do I open this senior investment account?
Firstly, you need to have a Savings or Current Account with AmBank or AmBank Islamic.
If don't already have one, you can open one up easily with a deposit of RM20. You can then apply for this with just your Identification Card.
How often will I receive profit from the bank?
The interest will be credited to your Savings or Checking Account every month.
Once the investment has matured, you can instruct the bank on your intention to renew or to cash out.
Does the bank auto-renew this investment?
Yes, AmIslamic will automatically renew all deposits not withdrawn on the maturity date if not told to do otherwise.
They will include the profit earned following the same tenure at the same profit-sharing ratio agreed for the previous contract.
Can I still get the interest if I withdraw the money earlier before the tenure expired?
If you withdraw the money earlier, within three months and below, the bank will not pay you any profit.
If you withdraw after completing at least three months, the bank will give you Riba profits. Once you withdraw, the account will be terminated.
Partial withdrawal is not allowed for the AmIslamic Am50Plus Term Deposit-i.
Is this investment account protected?
Yes, you will be eligible for PIDM protection! Deposits of up to RM250,000 will be guaranteed.