AmBank and AmBank Islamic offer a promotions on eFixed Deposit (eFD)/eTerm Deposit-i (eTD-i), Am50Plus FD, and the conventional Fixed Deposit. One of the promotions is an affordable savings scheme as the bank specifies a small sum as the minimum deposit amount. The second promotion has a long tenure offering high returns. The third promotion provides a mode of income for senior citizens as the FD account credits the interest to their savings account every month.
AmBank Fixed Deposit Promotion Mechanics
Open an eFD/eTD-i via AmOnline Internet Banking platform and place a minimum amount of RM10,000 for 8 months. Earn a promotional interest rate of 4.28% p.a. The details of the promotion is summarised in the table below.
|Minimum Deposit Amount||Deposit Tenure||Promotional Rate|
|RM10,000||8 months||4.28% p.a.|
The promotion is for individual customers above the age of 49 years. It requires you to place a minimum deposit of RM100,000 for a period of 36 months in an AmBank Fixed Deposit (FD) Account. You can earn an interest rate of 4.50% p.a. on the deposit placed. The interest will be credited to your account once every month.
|Minimum Deposit Amount||Deposit Tenure||Interest Rate|
|RM100,000||36 months||4.50% p.a.|
You have to maintain a minimum balance of RM250 in your Everyday Savings Account (ESA). You must place a minimum deposit of RM10,000 in Am50Plus FD for a period of 12 months. The promotional rate applicable is 4.40% p.a. Get the interest paid to your ESA every month.
|Minimum FD Amount||Deposit Tenure||Promotional Rate||Minimum Balance in ESA|
|RM10,000||12 months||4.40% p.a.||RM250|
AmBank FD Promotion Start & End Date
The promotional campaign commenced on 1 August 2018 and is valid until 31 August 2018.
The promotion began on 18 June 2018 and is valid until 15 July 2018. Or, the promotion remains in-force until RM50 million is placed in the bank, whichever is earlier.
The promotion started on 1 August 2018 and is valid until 31 October 2018.
AmBank Fixed Deposit Promotion Terms & Conditions
- Use the code “LAUNCH” when you place the deposit.
- The promotional rates are applicable for one cycle only i.e., for 8 months.
- On rollover, normal FD board rates are applicable.
- Nominate a current account or savings account maintained with AmBank/AmBank Islamic in order to credit the interest earned from the FD.
- You will not be entitled to any interest if you withdraw the deposit within the first 3 months.
- If you uplift/withdraw the deposit on or before 1 January 2019, you will not be entitled to any interest.
- Premature withdrawal will cost you a full interest penalty.
- The deposit placed must be in fresh funds.
- You have to place the deposit at one of the bank’s branches, over-the-counter, to get the benefits of the campaign.
- If the amount deposited in Am50Plus FD is prematurely withdrawn or uplifted before completing 3 months, the bank reserves the right to not pay the interest earned.
- If you withdraw/uplift the deposit from the fourth month, you will be eligible to earn 50% of the specified interest rate.
- Withdrawal/upliftment after 1 January 2019 will not fetch you any interest.
- The promotional rate is valid for one cycle. Upon auto-renewal, the prevailing board rates will be applicable.
Q. Are the bank’s staff eligible to get the benefits of the promotions?
A. Yes. The bank’ staff and their immediate family members are eligible to get the benefits of the promotions. However, staff rate will not be added to the promotion rate.
Q. How can I access the interest earned on my eFD/eTD-i?
A. The interest will be credited to your AmBank/AmBank Islamic CASA/CASA-i. When it comes to promotion 3, the interest will be credited to the designated Everyday Savings Account.
Q. Can I use the eFD/eTD-i/FD as a collateral for a credit facility?
A. No. The eFD/eTD-i/FD cannot be used as a collateral for any credit facility.
Q. Which Shariah principle does the eTD-i account follow?
A. eTD-i follows the Commodity Murabahah principle via Tawarruq arrangement. Under the arrangement, the bank purchases the commodity on behalf of the account holder at the purchase price of the commodity in the amount deposited with the bank. The bank will then purchase the commodity from the account holder at a selling price that is paid to the account holder upon maturity of the term deposit.
Q. Can I make an early or a partial withdrawal under Promotion 1?
A. Withdrawals before the completion of 3 months are not encouraged. Under Promotion 1, if you make an early withdrawal after the completion of 3 months and before the maturity, then:
- For eTD-i, you have to pay a rebate for early or partial withdrawal.
- For both eFD and eTD-i, the withdrawal amount must be a multiple of RM1,000.
- The remaining balance in the eFD/eTD-i account must not be less than the minimum balance of RM1,000.
Q. What are the eligibility criteria to get the benefits of promotion 3?
A. You have to fulfil the following eligibility criteria to qualify for promotion 3:
- You must be an individual retail customer of age 49 years and above.
- You must open an Everyday Savings Account and deposit a minimum of RM250 in fresh funds while opening the account.
- If you have an existing ESA, the account must have a minimum balance of RM250.
- You are eligible even if you are an employee of the bank or an immediate family member of the bank’s employee.