MBSB Junior Term Deposit-i, helping your kids to save money
The importance of saving money is a lesson all good parents try to teach their children.
The Junior Term Deposit-i is a Shariah-compliant deposit account based on the concept of Tawarruq.
It is also a joint account that has the parents or legal guardian of the minor act as the account trustee over the tenure period.
Account details you will need
Since this is a junior account, the initial placement amount is at RM500, with flexible tenures from 1 month up to 60 months.
This account also has multiple profit payment options.
If you choose to have a tenure between 1 and 12 months, so up to a year, your profit will only be credited to you at the end of your tenure, upon maturity.
However, if you choose to have a tenure longer than a year, 15 months and up, you have the second option of receiving your profit on either a monthly or quarterly basis.
Stipulations and Conditions?
There aren’t many conditions that this account requires you to comply with.
However, do take note that it does not allow for any top-ups before the maturity of the tenure period. It also does not allow for partial withdrawal before the end of your tenure.
There is an auto-renewal function that you are welcome to, it will help you avoid the hassle of having to go to the bank to renew your tenure.
In the case that you do wish to withdraw your placement prematurely, please be prepared to lose half if not all of your profit made so far.
What are the fees I need to pay?
There are no fees that you need to pay! All commodity trading and brokerage fees will be borne by the bank.