What is the RHB Islamic Commodity Murabahah Deposit-i all about?
Commodity Murabahah Deposit-i is an Islamic investment account from RHB which gives you profit collected from transactions of commodities such as palm oil or copper based on the Shariah concept of Tawarruq.
This investment account by RHB Islamic Bank is a good choice if you’re looking to keep your money growing with high profit rates - surely higher than any Savings or Current account!
For a limited time until 31 October 2016, enjoy special rates up to 4.00% p.a. when you deposit above RM10,000 between 5 to 12 months.
What are the requirements?
To qualify you need to be 18 years of age and above – whether you're applying for a personal account or company. You can choose from short, medium and long term tenures between 1 month, or up to 5 years.
A minimum of investment of RM1,000 is required for all tenures. RHB Islamic Bank will inform you of the profit rates at maturity, once you've placed your deposit.
When can I collect the profits of my investment with RHB?
RHB Islamic Bank lets you choose your profit payment options; you can choose between monthly, quarterly, half-yearly, yearly, upon maturity and upfront profit.
Can I make early withdrawals?
Withdrawals before maturity are not encouraged, as you will lose your profit as a result. If you make early withdrawals for placements with less than 3 months to their name, no profit will be paid out to you.
On the other hand, only 75% of your total profit will be paid out for deposits that have been placed for 3 months and above.
My account has already matured. Can I renew this Fixed Deposit?
Yes, RHB allows for auto-renewal of your Commodity Murabahah Deposit-I account. However if you choose upfront payment for your profits, this auto-renewal feature is not allowed.
Is my Fixed Deposit account secured?
This fixed deposit account by RHB Islamic is secured under protection from Perbadanan Insurans Deposit Malaysia ( PIDM).
As long as your placement does not exceed RM250,000, your money is insured. However if you’d like to invest above this amount, it is recommended that you deposit your money in separate accounts below RM250,000.