What do I need to know about AmBank Islamic Term Deposit-i?
AmBank Islamic Term Deposit-i is a Shariah-compliant fixed deposit based on the Islamic principle of Commodity Mudarabah where you assign the bank to invest your savings on your behalf.
You can start with a low initial saving of RM500 if you want to place your savings for two months to five years tenure.
For one month's tenure, the minimum requirement is RM1,000.
You can choose either to place for 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 15, 18, 21, 24, 36, 48 or 60 months.
You can make placement and redemption conveniently with AmOnline if you have signed up for online banking services.
No certificate will be issued, instead, you can print the confirmation as proof.
How do I open this AmBank Islamic Term Deposit-i?
This investment account is only available for individuals aged 18 and above. Registered clubs, associations or corporate companies are also allowed to deposit in Term Deposit-i.
If you do not have an existing account with AmBank Islamic or AmBank, you need to open one first. To open a savings account, the minimum deposit is RM20.
If you have AmOnline, you can easily open and instruct the placement which will take place immediately.
Can I withdraw my investment before maturity?
Yes, you can. However, there will be no profit paid for premature withdrawals made within 3 months of the placement date.
After 3 months, you get half of the pro-rated profit.
Can I partially withdraw my investment?
It's possible with AmBank Islamic Term Deposit-i provided that there is a remaining balance of at least RM1,000 in your term deposit account.
Can I renew this investment?
Yes. The bank will automatically renew for you under the same terms and tenure together with the interest earned if you do not give any instruction or withdraw your savings on the maturity date.
You can also do this easily online.
How do I get the money?
The profit will be payable and transferred into your Current Account or Savings Account at maturity for those investments 12 months and below, whereas the bank will credit the profit half yearly for those investing more than 12 months.
