• Bank Muamalat Fixed Deposit Rates

    Bank Muamalat Fixed Deposit

    Bank Muamalat Fixed Deposit

    Bank Muamalat offers its customers a wide range of banking products and solutions of which their Fixed Term Deposit scheme is one of the more popular banking products in Malaysia. This scheme comes with attractive and competitive interest rates and provides customers the opportunity to grow their money over a period of time. It is an ideal solution for those individuals looking to earn substantial as well as assured returns on their initial investment. This also makes the Bank Muamalat Fixed Deposit scheme an extremely enticing product for retirees as well as senior citizens.

    Bank Muamalat Fixed Term Account-i

    Bank Muamalat offers customers only one type of fixed deposit known as the Fixed Term Account-i. This type of fixed deposit is a term deposit account that operates on the basis of the Shariah concept of Tawarruq or Commodity Murabahah. This refers to the buying of an asset through either murabahah or musawamah on a deferred basis, following which the asset is sold to a third party for cash.

    Features of Bank Muamalat Fixed Term Account-i

    The main features of the Bank Muamalat Fixed Term Account-i are:

    • The account is 100% Shariah compliant
    • Profit rates are determined beforehand. These rates are fixed at the time of placement of the deposit amount
    • The tenure offered for different categories of customers are as follows:
      • Retail customers can opt for tenures ranging from 1 month to 60 months
      • Corporate customers can opt for tenures ranging from 1 to 12 months or 18, 24, 36, 48 and 60 months
      • Corporate Wholesale Customers can opt for tenures ranging from 1 day to 1 year
    • Customers can choose to make payments towards their installments in the following ways:
      • Fixed payment
      • Advance payment
      • Annual payment
      • Semi-annual payment
      • Quarterly payment
      • Monthly payment
    • The minimum deposit amounts that can be placed in this account are as follows:
      • For retail and corporate customers, deposits with a one month tenure require a minimum placement of RM 5,000 while for deposits of two months or more require a minimum placement of RM 1,000.
      • For corporate wholesale customers, deposits with a tenure ranging from one day to a year require a minimum placement of RM 100,000

    Benefits and Advantages of Bank Muamalat Fixed Term Account-i

    The Bank Muamalat Fixed Term Account-i offers customers a number of benefits and advantages:

    • This type of deposit offers customers better returns in comparison to regular savings or current accounts
    • Easy and convenient application process
    • Customers have the flexibility to choose the installment amounts as per their financial status and budgets.
    • No hidden charges or fees levied while availing of this fixed deposit scheme. The bank pays the brokerage fee, instead of the customer.
    • Customers can avail of the renewal facility at any time of their choosing with regards to both the principle as well as the profit
    • This fixed deposit can be pledged by the customer as a form of security should he or she wish to avail of other banking products such as a personal loan, home loan etc
    • Customers have the flexibility to choose their own deposit tenures as well as profit payment options

    Eligibility Criteria For Bank Muamalat Fixed Term Account-i

    Customers or applicants who wish to avail of the Bank Muamalat Fixed Term Account-i scheme are required to fulfill the following eligibility criteria:

    • Individual applicants must be at least 18 years of age or above
    • For applicants below the age of 18 a trust account must be opened with the bank by a parent or an official legal guardian. This account must be operated by the same as well.
    • Individuals of foreign origin who are employed or are studying in Malaysia are also eligible to avail of this scheme
    • The following entities can also apply:
      • Corporates
      • Government
      • SMEs
      • Any association, club or society

    Profit Rates Under Bank Muamalat Fixed Term Account-i

    The Bank Muamalat Fixed Term Account-i offers customers profit rates as per the tenure chosen. This can be seen via the table below:

    Tenure of the Fixed Deposit Profit Rate Per Year
    1 - 2 months 3.20%
    3 - 4 months 3.25%
    5 months 3.30%
    6 months 3.35%
    7 months 3.38%
    8 months 3.40%
    9 - 10 months 3.45%
    11 - 12 months 3.50%
    18 months 3.55%
    24 months 3.60%
    36 months 3.70%
    48 months 3.80%
    60 months 4.10%

    FAQs For Bank Muamalat Fixed Term Account-i

    1. Is the amount placed in the fixed deposit secure from any financial collapse?

      The amount placed in this fixed deposit is protected by the PIDM and is insured up till RM 250,000 only

    2. Are premature withdrawals allowed under this fixed deposit scheme?

      Premature withdrawals are allowed as per the following conditions:

      • For deposits with a tenure of one month or less, premature withdrawals are allowed only if the customer consents to forgo any profits he might be entitled to during that period
      • For deposits with a tenure of beyond one month, premature withdrawals are allowed if the customer consents to forgo any profits paid as per the bank’s calculations.
    3. What is the minimum age required for investing in Bank Muamalat Fixed Term Account-i?

      You need to be minimum 18 years old to be eligible for investing in Bank Muamalat Fixed Term Account-i.

    ***Please note that all fees and charges, and terms mentioned above are subject to change. Bank Muamalat may change these terms without any prior notification. So, it is important to check the bank document and read the terms and conditions applicable on Fixed Deposits before investing.

    Other Products offered by Bank Muamalat:

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

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