Actively trying to save money can be hard, but it’s always beneficial to have a contingency. Hong Leong Online Islamic Fixed Deposit-i is a Shariah compliant fixed deposit account with a fixed rate of return on investment.
This product, being Shariah compliant is based on Commodity Murabahah via Tawarruq
A fixed deposit account is a place where you get to earn more for the money you save, giving you returns on the hard work you already put in. The minimum for a 1-month placement with upfront interest is RM5,000. But if you’re looking for a longer term, you only need a minimum of RM500.
The profit rates offered ranges from 2.80% - 2.90% p.a. for tenures from 1 to 60 months. These numbers are not based on the amount of your placement, solely on the tenure that you choose.
Any other Features?
Besides great returns on your cash, you are able to manage the progress of your fixed deposit with ease. You can do make all your changes and transactions online. From your placement details to your monthly statement, head on over to Hong Leong Connect to see what’s happening with your money.
Also, there is an auto renew option upon the maturity of your tenure. This is to help you avoid the tedious task of a renewal.
Do I need to do much?
Nope. You need to be a minimum age of 18. Another thing you’ll need to have is either a Savings or Current account with Hong Leong Bank for the returns to be credited to you.
So, go ahead and make this an investment for your future with the account that you can tailor to yourself.