Introducing the MBSB Term Deposit-i, a Shariah-compliant term deposit product with fixed profit rates and based on the concept of Tawarruq.
Tell me more about MBSB Term Deposit-i
This term deposit product is open to both individuals and joint account holders.
As for another category of ‘non-individual’ the MBSB Term Deposit-i is open to Corporations, Commercials, SMEs, Government Bodies, Statutory Bodies, Federal and State Agencies, Clubs and Societies, Cooperatives and Charities.
Being a service made for everyone, this term deposit only requires a minimum of RM500 as an initial amount for you to enjoy its returns.
What are the rates and fees that I might encounter?
The profit rates for the MBSB Term Deposit-i are pre-determined at the time of your application.
It will be based on the tenure you choose to have. Your options go from 1 month all the way up to 60 months for a tenure period.
Apart from its super flexible tenures, you also have options when it comes to how you’d like to receive your returns.
Choose to have any profit earned from your investment credited to your Savings or Current account, on a monthly or quarterly basis.
Or if you’d prefer, have it credited altogether upon the maturity of your tenure.
Are there any terms and conditions?
There are a couple of things you might want to take note of when you take up this offer.
This particular account does not allow partial withdrawal before the maturity of a tenure. It also does not allow top-ups to the placement made during the tenure period.
However, for anyone who is serious in watching their cash grow, there is an auto-renewal feature made just for you.
In the case that you need or want to make a premature withdrawal, please take note that you are at risk of losing all if not a large portion of any profits you have earned.
Lastly, there is a small charge of RM15 that will be imposed if there ever comes a time you need a replacement Term Deposit-i Advice slip.