What do I need to know about BSN Term Deposit-i?
This is an Islamic term deposit with a fixed profit rate up which follows the concept of Commodity Murabahah (Tawarruq).
Can I withdraw my placement before maturity?
You can, but get ready to pay the price! If you wish to withdraw after only one month of placement, you'll only be able to get 50% of the promised profit rate, calculated based on completed days on the principal amount only.
If you want to withdraw even earlier, less than 1 month placement, you won't be entitled to any profit on your deposits.
Can I renew my BSN Term Deposit-i?
After completion of the deposit tenure, your BSN Term Deposit-i placement will be automatically renewed at BSN’s prevailing board rates.
How do I receive my profits?
You can choose either one of the following methods:
- cash credited straight into your Giro-i Account
Will I be given a certificate?
Yes, and it is advisable that you renew it at least once every six years. You can do that at any BSN counter - has it been six years?
Better hurry, because if you don't do so immediately, your money will be sent to the Registrar of Unclaimed Money!
Is this Term Deposit-i account insured by PIDM?
No. Instead, your deposit is 100% guaranteed by the government under the Bank Simpanan Nasional Act.