Bank Islam Fixed Deposit Rate or Term Deposit-i Tawarruq (TDT-i) is a fixed deposit scheme offered by Bank Islam. Bank Islam is the first Shariah-based bank in Malaysia and South-East Asia. Bank Islam Term Deposit-i Tawarruq is one of its excellent banking products that will cater to the varying needs of Malaysians.
TDT-i offers you higher returns with an upfront profit rate that will help you to manage your funds easily. Whether you want a fixed deposit account for a short-term period or long-term, TDT-i will accommodate your needs with its interest rates and guaranteed capital assurance.
Bank Islam Fixed Deposit Interest Rates 2019 (Updated on 24 Mar 2019)
|Term Deposit-i Tawarruq (TDT-i) Tenure (in Months)||Interest Rate (% p.a.)|
|Special TDT-i Tawarruq||Refer to Treasury|
Types of Bank Islam Fixed Deposit Accounts
Bank Islam offers 2 types of fixed deposit schemes. They are explained below.
- Term Deposit-i Tawarruq (TDT-i) – This is the basic fixed deposit scheme offered by Bank Islam. You can find more information about this fixed deposit in the below sections.
- Special Term Deposit-i Tawarruq – This is a special scheme offered by Bank Islam with a fixed profit rate. The profit is earned from purchase and sale transactions as per Shariah banking concept. The minimum deposit amount, tenure and other features of this special scheme are negotiable with Bank Islam. You need to contact the bank to find out more details of this scheme.
Features & Benefits of Bank Islam Fixed Deposit (TDT-i):
- You can earn high returns on your investments based on a fixed interest rate which is informed to you upfront on opening a fixed deposit account.
- You can enjoy a flexible tenure starting from one month up to 60 months.
- Your principal amount and profit are guaranteed by Bank Islam Fixed Deposit (TDT-i).
- You can deposit a minimum of RM1,000 for a tenure of one month.
- You can deposit a low investment of RM500 for tenure starting from two months and above.
- You can opt to withdraw your fixed deposit account before the maturity date.
- You get PIDM insurance coverage up to RM250,000 with this fixed deposit scheme.
- You can receive profit payment twice a year if you choose a fixed deposit tenure of one year and above.
- There is no cap on the maximum deposit amount for this fixed deposit scheme.
Eligibility Criteria for Bank Islam Fixed Deposit (TDT-i)
- Anyone aged 18 years and above can apply for Bank Islam Fixed Deposit (TDT-i).
- All residents and non-residents of Malaysia can apply for Bank Islam Fixed Deposit (TDT-i).
- Entities such as trustees, schools, clubs, societies, companies, public authorities and government entities can open this fixed deposit account.
Fees & Charges for Bank Islam Fixed Deposit (TDT-i)
|Bank Islam Fixed Deposit (TDT-i)||Fees & Charges|
|Replacement Certificate (Loss or Theft)||RM10|
|Early Withdrawal Fee||50% of total brokerage fees|
Make a minimum deposit of RM50,000 in a Term Deposit-i Tawarruq (TDT-i) account for a tenure of 3 months. A promotional rate of up to 7.00% p.a. is given if you maintain the deposit for 7 cycles, i.e. 24 months. The effective profit rate for a 24-month period is 4.65% p.a.
The promotion began on 8 February 2018 and is valid until 30 June 2019. You can open the TDT-i Account via mobile banking, internet banking, or at the branch. The campaign is open for individuals and SMEs. The profit rates for each cycle is mentioned in the table below:
|Rollover Count||Profit Rate (% p.a.)|
How to Open a Bank Islam Fixed Deposit (TDT-i)?
- You can visit the nearest branch of Bank Islam to open a fixed deposit account.
- You can email your request or query to [email protected]
Contact Number for Bank Islam Fixed Deposit (TDT-i)
You can contact Bank Islam at +603 2088 8000 or +603 26 900 900 for any inquiries on Bank Islam Fixed Deposit (TDT-i).
Bank Islam Fixed Deposit (TDT-i) FAQ’s
Q. Can I opt for any tenure ranging from 1 to 60 months?
A. Yes. You also can opt for a multiple of 1-month tenure which starts from one month up to 12 months. Another option is a multiple of 3-months tenure which starts from 15 months up to 60 months.
Q. If I withdraw my fixed deposit prematurely, how much profit will I earn?
A. For any fixed deposit tenure if you withdraw the account before completing the first 3 months, you will not receive any profit. For tenure starting from 4 months and above, if you withdraw the account after completing the first 3 months, you are entitled to 50% of the originally agreed profit.
Q. When will I receive my profit on this fixed deposit?
A. For any fixed deposit tenure of one year and below, you will receive the profit at the account maturity date. If you have opted for a fixed deposit tenure of above one year, you will be paid profit every 6 months.
Q. What do I need to do to renew my fixed deposit?
A. Your fixed deposit account will be renewed automatically by Bank Islam at maturity if you have not provided any instructions to do otherwise. Your principal amount and profit can be renewed for the same tenure or only your profit can be renewed for the same tenure. At the time of renewal, the interest rates applied on the renewed fixed deposit would be the bank’s prevailing interest rate at that time.
Q. Can I open a joint account with this fixed deposit scheme?
A. Yes. Only individuals can open a joint fixed deposit account.
Q. Can I make a partial withdrawal of my fixed deposit account?
A. No. Bank Islam does not allow partial withdrawal of fixed deposit account.
Q. What will I get as a confirmation of my fixed deposit?
A. You will receive a Bank Islam Term Deposit-i (Tawarruq) account certificate once you open a fixed deposit account.
Q. What will I get as a confirmation if I renew my fixed deposit?
A. You will receive a new certificate once your fixed deposit account is renewed. A new purchase and sale transaction document is also produced when you renew your fixed deposit.
Q. What should I do if I have lost my Bank Islam Fixed Deposit (TDT-i) certificate?
A. You need to inform Bank Islam immediately upon loss or theft of your fixed deposit certificate. You would receive a replacement certificate if you submit a duly signed and stamped Letter of Indemnity to Bank Islam. You will be charged around RM10 for the replacement certificate. Do remember that you can get a replacement certificate only at the branch where your fixed deposit account was opened.
Q. What would happen if I do not redeem my fixed deposit account?
A. If your fixed deposit account is not redeemed or active for more than seven years, then your fixed deposit account will be transferred to the Unclaimed Monies Registrar. Bank Islam will remind you in advance to either activate or close your fixed deposit account before the transfer.
Q. What do I need to do to request for a third party payment?
A. You need to submit an authorized letter to Bank Islam for any third party payment or in any situation where you are not present to receive the payment.
Other Products offered by Bank Islam:
Apart from offering Fixed Deposit,Bank Islam offers other products and services which include: