What do I need to know about Bank Islam Term Deposit-i?
A PIDM protected Islamic investment account with the flexibility to manage your funds and watch them grow in both the short or long-term. You will receive a certificate upon signing up.
This Shariah compliant account is based on the principle of Tawarruq, where the bank will make use of your deposits to carry out investments approved by Shariah. This Bank Islam account offers hard to beat upfront profit rate and with a guarantee on your deposit for up to RM250,000.
Can I withdraw my fixed deposit before maturity?
Partial withdrawal of your fixed deposit is not allowed. What's more, when you make a premature withdrawal of your fixed deposit before maturity date, you will no longer receive any profit payments, effective from January 2019.
Even though Bank Islam does not penalize you for making premature withdrawal, however, you are required to pay 50% of the total brokerage fee to the bank. Therefore, it is advisable to just park your money in that account until maturity date.
What do I need to bring along to open a fixed deposit account with Bank Islam?
For this account, you will need a minimum opening deposit of RM1,000 for 1-month tenure, or RM500 for 2-months and above. Remember to also bring along your Identification card!
Is there auto renewal for Bank Islam’s Term Deposit-i account?
Yes, absolutely! The profit rate will be based on the current prevailing profit rate and you will be able to choose from the following options:
- Allowed for the same deposit amount and for the same tenure
- Allowed for the deposit amount + profit and for the same tenure