What do I need to know about HSBC Amanah Time Deposit-i?
HSBC Amanah Time Deposit-i is a syariah compliant fixed term investment following the concept of Murabahah, where you assign the bank as a broker to invest your money, and receive a share of the profits at an agreed maturity date. HSBC Amanah offers you two Time Deposit options - Standard Scheme and Upfront Payment Scheme.
The Standard Scheme, true to it's name, is a pretty straightforward investment scheme. The Upfront Payment Scheme offers profit payment upfront. Simple, huh?
Can I make a partial withdrawal from this HSBC fixed deposit?
No. Withdraw all or nothing at all!
Can I withdraw before maturity without losing the profit?
If your investment is held for three months or more, you'll be granted half of the profit for the completed. If your investment is less then three months old when you withdraw HSBC will give you nothing.
When does the bank pay the profit with this Standard Scheme?
HSBC Amanah Time Deposit-i Standard Scheme pays the profit only on maturity. If you place a long-term investment, for thirty months or more, you can opt for a half yearly interim payment.
How do I open a Time Deposit-i account with HSBC Amanah?
If you're 18 or older all you need is your Identification Card and some money to open one of these accounts. However, you also need to have a Savings or Current Account-I with HSBC Amanah. The minimum deposit is RM20 for a basic Savings Account-i.
Does the bank auto renew this Time Deposit-i?
If you do not take out your investment after it matures then the bank will automatically renew the FD under the same terms and tenure.
Does PIDM protect this HSBC Time Deposit-I Standard Scheme?
Yes, This Time Deposit-i standard scheme is eligible for protection by PIDM. It covers you against the loss of your money in the event of the a bank failure.