What's the OCBC Al-Amin Fixed Deposit-i about?
This OCBC Al-Amin Fixed Deposit-i is the Islamic equivalent of the conventional fixed deposit account. It follows the Shariah 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.
How can I earn higher profit rates on my fixed deposit-i with OCBC?
For a limited time until 31 December 2018, you can earn a higher return on your money when you deposit a fresh fund into your OCBC fixed deposit account. The promotional profit rate you will get is 4.20% p.a. when you place a minimum RM10,000, up to RM2 million for the 12-month tenure.
To maximise your high rate of returns, you are encouraged to park the money until the completion of the promotional tenure before the 1 January 2019, otherwise you will only earn zero to partial profit on your deposit.
What's so great about an OCBC Al-Amin Fixed Deposit-i account?
Several things! Firstly, for investments of more than one year you'll get interest paid out every six months. Next up, the interest rate is compounded daily, which means you would earn more interest compared to an FD calculated monthly.
Also, you're allowed to make an early withdrawal if you need to, for whatever reason.
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 amount of a deposit and your profit amount.
Islamic and conventional deposits are eligible for a separate coverage limit of RM250,000 each.