Bank Islam offers promotions on term deposit account and Term Deposit-i Tawarruq (TDT-i). You can enjoy high returns of up to 7% on your deposits. The bank offers you multiple networks, including the bank branch, mobile banking, and internet banking, to open a TDT-i Account . The TDT-i Account is protected by Perbadanan Insurans Deposit Malaysia.
Bank Islam FD Promotion Mechanics
You can get the promotional benefits once you place a minimum amount of RM50,000 in Bank Islam Term Deposit-i Tawarruq Account for a 3-month tenure. The deposit will automatically rollover for 7 cycles until it completes 24 months.
The table below gives you a brief idea on the profit rates applicable during each rollover period:
|Rollover Count||Profit Rate|
FD Promotion Start & End Date
The ongoing promotion is valid until 30 June 2019.
Promotion Terms & Conditions
- Partial withdrawal is not allowed.
- If you make an early termination, you have to pay the Ibra’/rebate on a part of or the whole profit as per the Sale Price mentioned at the time of deposit placement.
- The cash placed in the deposit account cannot be used to pledge as a collateral for any credit facility.
- Upon the completion of the 7th rollover, the account will be automatically renewed for a 3-month tenure.
- The money placed in the TDT-i Account must be in fresh funds.
Q. Are there any eligibility criteria to get the benefits of the promotion?
A. Yes. The bank specifies the following eligibility requirements:
- Type of customer:
- Age: 18 years and above.
Q. What is the maximum deposit amount I can place?
A. There is no limit on the amount you can place in the TDT-i account as per the policies of the promotion.
Q. Can I place a TDT-i as a joint account holder?
A. Yes. You can place a TDT-i as a joint account holder.
Q. What happens if I withdraw the deposit before the maturity?
A. One of the following events may occur if you withdraw before the maturity:
- Withdrawal before the completion of 3 months will result in not paying any profit.
- If you withdraw after the completion of one rollover, you will receive half of the profit calculated based on the number of days completed in the current rollover. The FD Board rates are applicable to offer the profit.
Q. What is the effective rate of interest for 24 months?
A. The effective rate of interest for the 24-month period is 4.65%. The bank specifies that the rates are subject to variations.
Q. When does the profit get credited? How do I access it?
A. The profit will be credited after each rollover cycle. It will be credited to your savings, current, or investment account.