Affin Islamic Fixed Deposit
Affin Bank offers customers attractive fixed deposit schemes that are tailor made to meet the needs and requirements of clients from all socio and economic backgrounds. Affin Islamic Fixed Deposits strictly follow the Shariah concept of Wakalah and are designed to cater to those customers who are looking to combine savings with low risk in order to safeguard their future by leading a comfortable life post retirement.
Features and Benefits of Affin Islamic Fixed Deposits
Affin Islamic Fixed Deposits comes with a number of attractive features and benefits that can offer a great deal to customers looking to avail of these schemes. Some of the main features and benefits of these fixed deposits are:
High Interest Rate
Affin Islamic Fixed Deposits offer customers some of the highest as well as most attractive interest rates in the market at present. Due to this, customers can ensure that their deposits will garner larger savings in the long run.
Customers putting their money in Affin Islamic Fixed Deposits earn the opportunity to rapidly grow their money due to the high interest rates. This makes it ideal for individuals with a low risk profile who are looking to earn a substantial income from their initial investment.
Affin Islamic Fixed Deposits can be opened by customers with deposits as low as RM 5,000, making these incredibly enticing for individuals who prefer not to take massive risks with their wealth
Customers can open up fixed deposits with Affin Bank for tenures that can go all the way up to 60 months or 5 years.
No extra charges, fees or hidden costs will be levied on customers who open fixed deposits with Affin Bank. This makes the procedure of opening a fixed deposit with the bank completely transparent.
At the time of maturity of the fixed deposit, customers can make use of the automatic renewal facility to renew their plan.
Eligibility Requirements For Affin Islamic Fixed Deposits
Customers are required to fulfill the following eligibility criteria in order to apply for an Affin Islamic Fixed Deposit:
- The applicant must be at least 18 years of age
- The applicant may be any one of the following:
- An individual
- A company
- An association
- A co-operative society
- Any club or society
Types of Affin Islamic Fixed Deposits
Affin Bank offers customers two types of Fixed Deposits:
- Affin Islamic Term Deposit-i (TD-i)
- Affin Islamic Term Deposit Plus-i (TD Plus i)
Affin Islamic Term Deposit-i (TD-i)
The Affin Islamic Term Deposit-i is a fixed deposit scheme that is specifically designed to meet the needs and requirements of those customers who wish to invest in a long term saving plan. This type of fixed deposit is suitable for individuals who are looking to see their money grow over a substantial period of time.
Features of Affin Islamic Term Deposit-i (TD-i)
The Affin Islamic Term Deposit-i comes with a number of salient features such as:
- The customer can make a deposit with a maximum tenure of 60 months or 5 years
- This fixed deposit scheme offers customers a fixed rate of return on their investment
- Customers can make deposits of RM 5,000 for a single month or RM 500 for two months or more
- At the time of maturity, the customer is allowed to draw any profits made on the plan
- The customer can also opt to make monthly installments of RM 10,000, which will yield him or her profits on a monthly basis
- In order to avail of this fixed deposit plan, customers are required to have a savings or current account with Affin Bank. However, one can be opened for this particular purpose.
- In the event of any outstanding installments the customer will not be permitted to make any partial withdrawals of any amount. Should he or she with to make a withdrawal prior to the date of maturity of the deposit, then he or she will be required to submit an agreement to the bank stating their willingness to waive any profits they might be entitled to.
Advantages of Affin Islamic Term Deposit-i (TD-i)
The Affin Islamic Term Deposit-i provides customers with a number of advantages:
- It provides a guarantee of protection since it is protected by law as per the Malaysia Deposit Insurance Corporation (PIDM) regulations. In the event of a banking or economic collapse, any deposits made by customers under this scheme will be protected.
- At the time of maturity of the scheme, the customer can avail of the auto-renewal facility should he or her choose to renew the plan
- The auto-renewal facility can be availed for no additional fees or charges.
Affin Islamic Term Deposit Plus-i (TD Plus i)
The Affin Islamic Term Deposit Plus-i is a fixed deposit scheme designed for those individuals or customers who are looking at high returns in a short span of time. This type of fixed deposit is suitable for anyone who wishes to make a short term investment.
Features of Affin Islamic Term Deposit Plus-i (TD Plus i)
The main features of the Affin Islamic Term Deposit Plus-i are as follows:
- Customers are required to make a minimum deposit of RM 10,000 under this scheme
- Fixed deposits under this plan are offered at tenures of up to 12 months or 1 year
- All profits acquired under this plan are paid to the customer only on the date the deposit matures. In other words, profits are paid out in the short term, rather than the long term.
- Customers are required to have a savings or current account with Affin Bank in order to be eligible for opening a fixed deposit under this plan. Should the customer not have one already, he or she will be required to open one with a minimum amount of 10% of the deposit amount the he or she is looking to place with Affin Islamic Term Deposit Plus-i.
- Partial withdrawals are not permitted under this deposit plan. Should the customer wish to make any withdrawals prior to the maturity of the deposit, he or she will be required to submit an agreement to the bank under which all rights to profits will be waived. This is mandatory as per the bank's rules and regulations
Advantages of Affin Islamic Term Deposit Plus-i (TD Plus i)
Affin Islamic Term Deposit Plus-i provides customers with a number of benefits and advantages such as:
- Compared to the Affin Islamic Term Deposit-i, the Affin Islamic Term Deposit Plus-i offers customers a substantially higher return on their initial deposit amount
- It is a zero risk investment since it is protected by law under the Malaysia Deposit Insurance Corporation (PIDM) regulations.
- Early or partial withdrawals made before the date of maturity of the deposit will not incur any additional brokerage fees or charges
- Customers can avail of a free debit card with which purchases can be made at a 0.5% cash rebate on every transaction.
Affin Islamic Foreign Currency Account
Affin Islamic Foreign Currency Account is a product for customers who wish to open Shariah based Foreign Currency Account.
The Affin Islamic Foreign Currency Account can be opened by:
- Individual customer
- Non-individual customer
Features and benefits
The following are the features and benefits of Affin Islamic Foreign Currency Account:
- Shariah concept used is Wadiah that is guaranteed safe custody.
- The initial deposit accepted is USD1,000 or its equivalent.
- Maintenance charge of USD10 or its equivalent is charged for half-yearly maintenance.
- The product is categorised by education, export proceeds, employment and other receivables.
- Interest can be converted to 9 major currencies such as AED, AUD, EUR, GBP, HKD, JPY, NZD, SGD and USD.
- You will get easy access to extensive network of branches at AFFINBANK and Affin Islamic Bank.
- Who are eligible to avail Affin Islamic Foreign Currency Account?
Affin Islamic Foreign Currency Account can be availed by residents, non-residents, individuals and non-individuals.
- What is the minimum deposit required?
You will have to make a minimum deposit of USD1,000 or its equivalent.
- What are the currencies that you can convert to?
Interest can be converted to 6 International currencies, they are AED, AUD, EUR, GBP, HKD, JPY, NZD, SGD and USD.
- What is the Shariah concept used?
The Shariah concept used is Wadiah that is guaranteed safe custody.
- Is there any maintenance charge applicable?
Yes, a maintenance charge of USD10 or its equivalent is charged for half-yearly maintenance.
Interest Rates and Returns Under Each Fixed Deposit
The tables below shows the rate of interest offered under both fixed deposit plans for different tenures.
Affin Islamic Term Deposit-i (TD-i)
|Tenure||Interest Rate Offered(%p.a)|
FAQs For Affin Islamic Fixed Deposits
Are there any fees or charges involved when opening a fixed deposit with Affin Bank?
There are no additional fees or charges involved, but a request for an additional account statement will incur a fee of RM 5.30 per document
What are the documents required to open an Affin Bank fixed deposit?
Applicants are required to provide the following documents at the time of opening a fixed deposit with Affin Bank:
- Identity Card for individuals
- For companies, clubs or associations:
- Form 24 and 49
- Form showing registration of business
- Company resolution
Up to what amount are my fixed deposits with Affin Bank covered by the PIDM?
Customers with fixed deposits with Affin Bank can avail of coverage of up to RM 250000. This amount takes into consideration both the interest as well as the principal amount. Protection under the PIDM comes at no charge or extra fees and completely protects your investment in the event of a banking collapse.
Will I earn any interest if I make any premature withdrawals on my fixed deposit?
Should you make any withdrawals within three months of the commencement of the fixed deposit term, then you will not be eligible to earn interest. However, should you make any withdrawals after three months have lapsed then you will be eligible for half the interest rate of the initial interest rate offered.
***Please note that all fees and charges, and terms mentioned above are subject to change at any time. So, please contact Affin Islamic Bank before investing in Fixed Deposits offered by the bank.
Other Products offered by Affin Islamic Bank:
Apart from offering Fixed Deposit,Affin Islamic Bank offers other products and services which include: