What do I need to know about AmAdvance Term Deposit-i?
AmAdvance Term Deposit-i is a Syariah compliant investment account based on the Islamic concept of Wakalah bil Istithmar. You need RM1,000 to start your investment and you can choose how long you want to place your investment from one month to 5 years.
The profit rate for this investment are determined upfront therefore gives you a peace of mind from income risk.
How do I withdraw the money?
If you place your investment for more than 12 months, you can ask the bank to credit the profit earned every six months into your Savings or Current Account. For placement less then one year, you will only be able to receive the profits together with your initial investment at maturity.
Can the bank automatically renew the fixed deposit?
Yes, the bank will automatically renew it following the same tenure together with the interest earned (if any) if they've not received any instructions from you upon the maturity date.
Can I still get the profit if I withdraw the money earlier before the tenure expired?
Yes you are entitled to some of the profits earned but this is subject to how long you have place your investment. If you withdraw in less then 3 months, you will lose your profit. If you withdraw after completion of 3 months and above, you may get half of the expected profit.
Can I partial withdraw some of my investment?
Yes you can if you have a balance of at least RM1,000 after withdrawal. If you withdraw after completion of 3 months or more, you still get half of the profit on the withdrawal and the remaining balance will continue to earn until maturity date.
Is this AmAdvance Term Deposit-i protected by PIDM?
Yes. PIDM wull guarantee your investment for up to RM250,000 in the event of a bank failure.