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 Syariah compliant account is based on the principle of Tawarruq, where the bank will make use of your deposits to carry out investments approved by Syariah. This Bank Islam account offers hard to beat upfront profit rate and with a guarantee on your initial deposits of up to RM250,000.
Can I withdraw my fixed deposit before maturity?
Yes, but that would also mean forgoing a portion of your profit earnings.
- 3 months and below - not eligible for profit
- 4 months and above (uncompleted tenure of 3 months) - not eligible for profit
- 4 months and above (completed tenure of 3 months) - only eligible for 50% of agreed profit
Can I make a partial withdrawal on my account?
Unfortunately, this is not allowed for the Bank Islam Term Deposit-i.
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