What do I need to know HSBC Amanah Term Deposit-i?
HSBC Amanah Term Deposit-i is an Islamic fixed deposit account whereby you place a portion of your money into this account for a specific period of time to earn a percentage of return.
There are 2 types of returns you can choose from: (1) upon maturity (standard scheme), or (2) upfront payment scheme.
For the standard scheme, the profit will be paid on the maturity date; or at 6-month intervals, if placement exceeds 12 months.
For the upfront payment scheme, your profit rate will be declared upon the successful placement of the deposit.
How much money can I place and for how long?
For a tenure of 1 month, you are required to place a minimum of RM5,000, whereas, for a tenure of 2 months and above, the minimum deposit amount is RM1,000.
It is also worth mentioning that you have the flexibility to place an amount in local and foreign currencies such as USD, GBP, EUR, AUD, SGD and NZD.
Regardless of the amount you placed in the account, the profit rate applicable to your deposit depends on the tenure you chose.
That said, the longer you keep the money, the higher the rate of returns!
Do I still get profit for making partial/full withdrawals?
It depends, regardless of the type of returns (standard or upfront) you have selected. In any situation, if you make a withdrawal within 3 months or less after placement, you will not be paid any profits.
However, if you have a fixed deposit placement of 3 months and above, you will only receive half of the profits for the completed months when you perform an early withdrawal.
How to apply for HSBC Amanah Term Deposit-i?
You can apply for the account provided that you have met the requirements as follows:
- Must be 18 years old and above; and
- Holder of MyKad / NRIC, Passport or PR status.
Will my Term Deposit-i be auto-renewed upon maturity?
Only if you don't take out your investment after it has matured. HSBC Amanah will renew your Term Deposit-i under the same placement tenure.
Is my fixed deposit guaranteed under PIDM?
Absolutely. Your Term Deposit-i placement with HSBC Amanah is eligible for protection by PIDM for up to RM250,000.