What do I need to know about Bank Rakyat Term Deposit-i?
Bank Rakyat Deposit-i is a Shariah-compliant fixed deposit account that pays you a high rate of returns on your placement.
This fixed deposit account is open to anyone aged 18 years old and above, Malaysian and non-Malaysian alike.
Non-individual depositors and cooperatives can also use this savings product to invest funds.
How do I open Bank Rakyat Term Deposit-i?
You can open a fixed deposit account via online or over-the-counter at Bank Rakyat branches. All you need to prepare is an initial deposit, an identity card and some supporting documents.
The minimum initial deposit amount for an individual account is RM5,000 for 1 month.
For a fixed deposit placement of 2 to 60 months, your initial deposit is RM500, and there is no maximum amount you can deposit.
The best part is, there is no processing fee when you open this fixed deposit account. You only need to pay a Stamp Duty of RM10 for the Certificate.
Can I withdraw the money before the maturity date?
Yes, and you can only make a full withdrawal of your fixed deposit.
Effective from January 2019, when you make a premature withdrawal of your fixed deposit, you will no longer receive profit payment, not even a partial amount.
Therefore, it is advisable to keep your money in that account until maturity.
Can I renew my fixed deposit after completing a tenure?
Yes, you can. In fact, your fixed deposit account is already subject to an automatic renewal upon maturity.
The profit rate upon automatic renewal will follow the bank's prevailing profit rate.
How can I receive Takaful coverage?
To enjoy Takaful coverage for free, you need to deposit a minimum of RM10,000 into your fixed deposit account for a minimum tenure of 12 months.
Other than that, just make sure that the fixed deposit remains active.
This coverage offers a one-off compensation worth RM10,000 in the event of death and permanent disability for customers aged between 18 to 65 years only.
Does PIDM cover this fixed deposit account?
No, however, as Bank Rakyat is a Cooperative Bank, all depositors will be protected by the Malaysian Government under the Ministry of Finance instead.