What do I need to know about AmBank Islamic Term Deposit-i?
AmBank Islamic Term Deposit-i is a Syariah compliant fixed deposits base on the Islamic principle of Commodity Mudharabah where you assigned the bank to invest your saving on your behalf.
You can start with low initial saving of RM500 if you want to place you savings for two months to five years tenure. For one month 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 the 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 individual aged 18 and above. Registered clubs, association 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 saving account, the minimum deposit is RM 20.
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 or the pro-rated profit.
Can I partial withdraw my investment?
It's possible with AmBank Islamic Term Deposit-i provided that there is a remaining balance of at least RM1000 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renew for you under the same terms and tenure together with the interest earned if you do not give any instruction or withdrawn your savings on maturity date.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 investment 12 months and below, whereas the bank will credit the profit half yearly for those invest more than 12 months.