What do I need to know about Maybank Islamic Fixed Deposit-i?
Well, as you might expect, this fixed deposit ( FD) account is based on the Islamic principle of Mudharabah - a profit-sharing concept with a predetermined profit rate.
Anyone can invest their money in this FD provided they are over 18 years of age. The fixed term can be as short as one-month, or for as long as sixty months. Minimum investment is RM1000 or RM5000 for 1 month tenure.
What value added benefits can I get from Maybank Islamic Fixed Deposit-i?
When you sign up for this fixed deposit the bank will throw in free Personal Accident Takaful Coverage. How about that?
You can also use the fixed deposit certificate as collateral for any one of Maybank’s many different loans. Subject to approval.
Lastly, you can choose when you want to be paid the interest, be it monthly, half yearly, or at maturity.
Can I withdraw from this investment account before maturity and still earn a profit?
Yes, you can take your cash out before the term ends and you might receive some dividends. However, once you withdraw the investment will be terminated.
The bank will not pay any profit if withdrawals are made within three months of the placement date.
How do I open an Islamic Fixed Deposits-i with Maybank?
You just need to bring along your:
- Identification Card or
- passport or
- Police or Armed Forces ID Card or
- birth certificate,
and one of the following:
- a copy of your house utility bill for verification of address, or
- valid driving license or
- a Letter of Employment or your credit card.
Is this fixed deposit covered by deposit insurance?
Yes, it is eligible for protection under PIDM