What's the OCBC Fixed Deposit-i about?
This OCBC Al-Amin Fixed Deposit-i is the Islamic equivalent of the conventional fixed deposit account. It follows the Syariah principle of Tawarruq. When you deposit money with OCBC Al-Amin, you appoint the bank as your agent to purchase a commodity, for example, Palm Oil.
OCBC Al-Amin will purchase Palm Oil from a trader on your behalf, making you the owner. OCBC Al-Amin then purchases it from you at a higher price (cost plus profit), which is to be paid on the specific deferred payment date throughout your investment period.
Can I withdraw my money before maturity?
You can request the bank for early withdrawal of your cash, and agree to a rebate, or 'ibra' rate. If you choose to settle your deposit within 3 months of making your placement, no profit will be paid to you. If you choose to withdraw well after 3 months, your profit will be base on half the agreed rate for the completed months only.
How long can I invest in this fixed deposit?
OCBC Al-Amin Fixed Deposit-i tenures are from 1 month up to a period of 60 months. That's 5 years of not touching a single sen of your money!
Will my deposit be protected by the government under PIDM?
This deposit is an eligible deposit insured by Malaysian Deposit Insurance Corporation ( PIDM). PIDM insures eligible deposits for up to RM250,000 per depositor per bank. The RM250,000 limit includes both the principal a mount of a deposit and your profit amount. Islamic and conventional deposits are eligible for a separate coverage limit of RM250,000 each.