• Bank Muamalat Fixed Deposit Rate

    Bank Muamalat is one of the leading Islamic banks in Malaysia. To ensure best banking products and services to Malaysians, Bank Muamalat offers a variety of banking solutions such as short-term financing, long-term financing, savings accounts, fixed deposits and fund management services for commercial, public and corporate enterprises.

    Fixed Term Account-i (FTA-i) is a fixed deposit account provided by Bank Muamalat based on Shariah concept of Tawarruq. The schemes under this fixed deposit offer higher returns on your investment when compared to savings or current accounts.

    Bank Muamalat Fixed Term Account-i (FTA-i) Interest Rates 2018 (Updated on 19 Oct 2018)

    The interest rates for this Fixed Term Account-i (FTA-i) is categorized into 2 types, Retail and Corporate. The tables below explain the interest for both these types respectively.

    Retail
    Fixed Term Account-i (FTA-i) Tenure (In months) Interest Rates
    1 3.30% p.a
    3 3.35% p.a
    6 3.45% p.a.
    9 3.45% p.a.
    12 3.55% p.a.
    15 3.55% p.a.
    18 3.55% p.a.
    21 3.60% p.a.
    24 3.60% p.a.
    36 3.90% p.a.
    48 4.00% p.a.
    60 4.00% p.a.
    Corporate
    Fixed Term Account-i (FTA-i) Tenure (In months) Interest Rates
    1 3.30% p.a
    3 3.35% p.a
    6 3.45% p.a.
    9 3.55% p.a.
    12 3.60% p.a.
    18 3.65% p.a.
    24 3.70% p.a.
    36 3.80% p.a.
    48 3.90% p.a.
    60 4.20% p.a.

    Types of Bank Muamalat Fixed Deposit Account-i (FTA-i)

    Bank Muamalat offers 2 types of fixed deposit schemes. They are:

    • Retail: This fixed deposit account is for individuals where the tenure starts from one month up to 60 months in multiple of one month.
    • Corporate & Corporate Wholesale: This fixed deposit account is for corporates entities such as clubs, associations, small and medium businesses, and government entities. The tenure for corporates is one month up to 12 months in multiple of one month, 18, 24, 36, 48 and 60 months.

    For Corporate Wholesale, the tenure starts from overnight up to one year in multiple of one day.

    Features & Benefits of Bank Muamalat Fixed Term Account-i (FTA-i)

    • You can deposit a minimum of RM1,000 for a tenure of 2 months and above for retail or corporate schemes.
    • You can opt for a one-month tenure under retail and corporate schemes by investing a minimum of RM5,000.
    • You get to earn fixed profit rates that are declared upfront when you open a fixed deposit account.
    • You can opt for flexible payment options such as upon maturity, annually, semi-annually, quarterly and monthly.
    • You can renew your fixed deposit which would be your principal amount and your earned profit upon maturity of your fixed deposit account.
    • You do not have to pay any brokerage fee to open a fixed deposit account.
    • You can withdraw your fixed deposit account prematurely if required.

    Bank Muamalat Fixed Deposit Account-i Eligibility Criteria

    • You need to be aged 18 and above.
    • For those below the age of 18 years, you should open a trust account. The trust account must be opened in the name of the parents or legal guardian of the minor.
    • Foreigners who are working or studying in Malaysia can also apply.

    The following corporates can apply for the Bank Muamalat Fixed Deposit Account-i.

    • Corporates
    • Partnerships
    • Sole proprietorships
    • Societies
    • Associations
    • Clubs
    • Organizations
    • Government bodies

    Bank Muamalat Fixed Deposit Fees and Charges

    Bank Muamalat Fixed Deposit Account Fees and Charges
    Replacement of Lost Certificate (Service Charge) RM3
    Stamp Duty on Indemnity Letter RM10
    Service Charge (Indemnity Letter) RM5
    GST 6%

    How to open a Bank Muamalat Fixed Deposit Account?

    Visit the nearest branch of Bank Muamalat to speak to a bank representative. The representative will help you to open a fixed deposit account.

    Contact Number for Bank Muamalat Fixed Deposit Account

    The number you need to call for Bank Muamalat Fixed Deposit account is 1300 88 8787.

    Bank Muamalat Fixed Deposit Account FAQs

    Q. Does Bank Muamalat Fixed Deposit allow partial withdrawal facility?

    A. No. You cannot make a partial withdrawal from your Bank Muamalat Fixed Deposit account.

    Q. Does Bank Muamalat Fixed Deposit allow partial withdrawal facility?

    A. Yes. You can withdraw the fixed deposit before the maturity date.

    Q. What are the terms for premature withdrawal?

    A. If you withdraw your fixed deposit account before the completion of the first 3 months, then you will not receive any profit. If you withdraw your fixed deposit account after completing the first 3 months, you will get 50% of the total profit earned for the completed time period.

    Q. Can the Bank Muamalat Fixed Deposit account be renewed automatically?

    A. Yes. Unless you provide different instruction to Bank Muamalat, your fixed deposit account will renew automatically upon maturity. The tenure would be the same as your current tenure. The profit rate would be based on the prevailing profit rates at the time of renewal.

    Q. Can the profit be renewed as well?

    A. Yes. You can renew your fixed deposit account principal along with the earned profit. 

    Latest News About Bank Muamalat Fixed Deposit Rate

    • Bank Muamalat Malaysia to Increase its Base Rate and Base Financing Rate

      Bank Muamalat will witness an increase in its Base Rate (BR) and Base Financing Rate (BFR) effective from 2 February 2018. The BR will stand at 4% p.a. from the current 3.75% p.a. and the BFR will rise 0.25% and stand at 7.00% p.a.. This will in turn affect all the floating rate of financing products that are based on the BR and the BFR. The Islamic bank’s fixed term deposit rates will also increase up to 25 basis points.

      According to the bank officials, the decision to increase the rates was taken in accordance with Bank Negara Malaysia’s decision to enhance the Overnight Policy Rate to 3.25%.

      BBazaar Malaysia

      30 January 2018

    Other Products offered by Bank Muamalat:

    Apart from offering Fixed Deposit,Bank Muamalat offers other products and services which include:

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