What do I need to know about BSN AHSAN Senior Citizen General Investment Account-i?
This is an Islamic General Investment Account ( GIA) made exclusively for senior citizen based on the Shariah concept of Mudharabah, where you will be given back your original deposit plus profit at maturity. Your profit rate will be determined by the BSN once you've signed up for this investment. Unlike conventional FDs, you won't earn profit by interest, which is considered as Haram. Both Islamic and non-Islamic citizens are allowed to invest in this GIA account.
Who can apply for this BSN investment account?
All Malaysian citizens aged 50 and above are eligible to register for this BSN GIA. However, non-individuals such as organisations, clubs, or government departments are not allowed to open an account.
How much do I need to start investing?
Before you apply for this GIA, you have to open a BSN GIRO-i Savings Account-i. All you need is to deposit RM50 and keep an account balance at of least RM10 on average every month. Both accounts can be opened at any of BSN branch nearest to you. A deposit certificate will be issued to you after you've made your GIA replacement.
How much do I need to invest?
The minimum deposit amount is RM5,000. You can choose the tenures of either 12, 15, 18, 24, 36, 48 or 60 months.
When can I receive my profit?
BSN will credit your fixed deposit profit into your savings account every 4 months. If your investment is more than RM50,000, you will get monthly profit return credited to your savings account.
Can I withdraw money from my BSN account?
Yes, you can make withdrawals but your profit will not be guaranteed. If you want to make withdrawal within 1 month of your GIA placement, you won't be entitled to any profit. If you would like to make withdrawals after that period, you may only get half of your guaranteed profit. However, the final decision rests with BSN. Partial withdrawals are not allowed with this account.
I lost my fixed deposit certificate. What should I do?
All you need to do is just return to the BSN branch and request for certificate replacement. This will cost you RM5 per certificate.
Is my money secure in this GIA?
Yes, your money is safe with the protection from local government and Perbadanan Insurans Deposit Malaysia ( PIDM). The coverage is up to RM250000.