What is BSN Term Deposit-i Senior Citizen?
This is an Islamic fixed deposit account based on Shariah contract of Tawarruq or Commodity Murabahah, made especially for senior citizens aged 50 years and above. This Islamic fixed deposit account offers a contracted profit rate based on the deposit amount and tenure.
BSN Term Deposit-i Senior Citizen can be opened by any individual singly or jointly and can be managed by one or more nominees appointed by the customers. Any placement of fixed deposit must be made in Ringgit Malaysia only.
How much do I need to start saving and investing in this fixed deposit?
The minimum deposit is RM5,000 to initiate this fixed deposit account. You can choose to save your money from 12 months to 15, 18, 24, 36, 48 or 60 months. However, before you can start to invest, you need to open a savings account with BSN. You can do this at any BSN branch nearest to you.
How high is the profit rate?
The profit rate is based on your the amount of your fixed deposit and the period of placement. As you can see from the table above, the profit rate is higher when you invest the longest.
When can I receive the profit from BSN?
BSN will credit the profit every 4 months to your BSN GIRO-i Savings Account for deposit between RM5,000 to RM50,000. When you deposit RM50,000 and above, you will receive the profit every month in your savings account.
Can I withdraw my money before the tenure completed?
Effective from January 2019, when you withdraw the money in your fixed deposit account before its tenure completed, you are no longer receiving profit payment on the withdrawn amount.
In case the profit rate has been credited into your account prior to cash withdrawal, the bank will deduct some portion in your savings account to recover it.
It is highly encouraged that you keep the savings until it reaches maturity. The same terms and conditions applied when you renew your fixed deposit account.
Is my money in this fixed deposit account safe?
Yes, it is. This term deposit account is guaranteed by the Malaysian government and PIDM for up to RM250,000 per person.