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.
The minimum investment is RM1,000 or RM5,000 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 anyone 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 Islamic fixed deposit before maturity and get some profit?
You are allowed to make an immediate withdrawal of your fixed deposit prior to maturity, subject to Maybank's Terms and Conditions.
With effect from January 2019, when you make immediate premature withdrawal (without 31 days' notice period) no interest will be paid to the withdrawn amount.
Unless you have submitted the 31 days' notice period at the branch, your fixed deposit will earn 50% of the contracted interest rate.
Is my money in this fixed deposit account insured?
Yes, your money in this fixed deposit account is protected by PIDM for up to RM250,000.
How do I open an Islamic Fixed Deposit-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.