What is this product about?
UOB Islamic Fixed Deposit-i is fixed deposit account that allows you to grow money in a Shariah-compliant manner. Think of it as your short term investment account with more flexible tenures of up to 12 months.
For a 1-month placement, you need to deposit a minimum of RM5,000, whereas, for tenures of 2 months and above, you need a minimum initial deposit of RM500.
What type of return am I getting from this Islamic fixed deposit?
The returns on this Shariah-compliant fixed deposit is fixed throughout the tenure of placement. For example, if you choose to place a principal of RM500 for 3 months, you will earn the contracted profit rate for that tenure.
There are two options of profit payment you can select, which is either via cash upfront or upon maturity on monthly, quarterly, half-yearly or yearly basis.
Can I transfer fund from conventional account to Islamic fixed deposit account?
UOB allows for you to transfer your fund from conventional account, whether it is from current or savings account, to be placed as your Islamic fixed deposit.
Is it possible to withdraw cash before maturity?
Effective from January 2019, you will not get paid profit on your deposit when you prematurely withdraw or renew your fixed deposit, subject to the new terms and conditions.
Is my money protected by PIDM?
Of course, it is! Deposits of up to RM250,000 will be insured by PIDM - don't worry!
What documents do I need to apply for UOB Fixed Deposit-i?
First, you must be 18 years old and above before you can open an Islamic fixed deposit account with UOB. You will need the documents as follows:
- NRIC (for Malaysians) / Passport (for Foreigners)
- Letter of Employment or Student Permit / Pass (for Foreigners only)
- Utility bill (e.g. Water, Electricity, Telephone, Rent, Bank Statement etc) in your name and address.
Voila! Happy saving.