• Bank Rakyat Fixed Deposit

    Bank Rakyat Fixed Deposit

    Fixed deposits are a basic investment tool wherein a depositor puts down a specific sum of money into a fixed deposit or FD for a pre-determined period of time. The fixed deposits are an ideal form of investment especially for first time investors. These instruments are practically devoid of risk and even in case the bank fails, deposits made fall under the protection of PIDM. Unlike stock market or equity related investments, the fixed deposits do not come with any learning curve. They are a straightforward instrument for investments.Bank Rakyat is among the leading Islamic financial institutions in Malaysia to offer term deposits. These deposits are based on the concept of Tawarruq and are available not just for individuals but also for companies both private and public along with cooperative societies and government agencies. The initial deposit amounts are low if the tenure chosen is greater than 2 months. For tenures exceeding 2 months the minimum deposit amount required is RM 500. The maximum tenure available is 5 years or 60 months. If the funds deposited need to be accessed but you don’t want to break the investment and risk losing the returns then the deposit certificate issued upon opening a term deposit account can be used as collateral to secure other Shariah compliant financing. The fixed deposits from Bank Rakyat offer not only a viable alternative for savings but can also be used to generate a steady flow of income that can serve long after The features of the Bank Rakyat Term Deposit-i Account is as follows.

    Highlights of Bank Rakyat Term Deposit

    • Flexible tenures – Individuals can opt for flexible tenures depending on their individual requirement.
    • Low minimum deposit – Term accounts offered by Bank Rakyat require low minimum deposits, offering a chance for everyone to maintain them.
    • Multiple accounts – Individuals have the choice to open either a personal, joint, trust account. Government entities and associations can also open such an account.
    • Simple opening – Opening a term deposit at Bank Rakyat is simple and hassle free, without undue complications and long waiting periods.
    • Monthly profits – Deposits over a certain amount earn monthly profits.
    • Takaful cover – Account holders get Takaful cover.
    • Collateral – Deposits under this account could be utilised as collateral for other financing.
    • Automatic renewal – Individuals can opt for automatic renewal, making it easy for them to handle their accounts.
    • Competitive rates – The rates offered by Bank Rakyat on their term deposits are extremely competitive, offering great returns on investment.
    • Low charges – Fees and charges associated with this account are low and pocket friendly.

    Bank Rakyat Fixed Deposit Schemes

    Rakyat Bank offers one Term Deposit account, the Term Deposit Account-I, which is based on the concept of Tawarruq. This scheme is designed to assist individuals in their financial planning, helping account holders increase their profit potential and grow along with their money. This scheme offers extensive benefits and features to account holders, catering to their individual requirements.

    Bank Rakyat Term Deposit Interest Rates

    Interest rates offered by Bank Rakyat on its term deposit are some of the best in the industry, enabling one to invest money without fear of it losing its value. These rates generally depend on the tenure of a particular deposit, with higher tenures generally attracting better rates compared to deposits for a short term period.

    The table below highlights the interest rates for this account.

    Period/Tenure Rates (%)
    1 Month 3.30%
    3 Months 3.38%
    6 Months 3.5%
    9 Months 3.6%
    12 Months 3.7%
    15 Months 3.75%
    18 Months 3.8%
    24 Months 3.85%
    36 Months 3.95%
    48 Months 4.05%
    60 Months 4.3%

    How to open a Fixed Deposit with Bank Rakyat

    Individuals wishing to open a term deposit account with Bank Rakyat need to ensure they satisfy the eligibility criteria put forth by the bank. If they successfully satisfy these criteria they can apply online by logging onto the official website of the bank and submitting some basic information like name, contact number, email id, etc. They could also visit a bank branch to apply.

    Bank Rakyat Term Deposit FAQs

    Q. What is the minimum deposit one has to maintain in their term account?

    A. The minimum deposit depends on the tenure of an account, with it being RM 5,000 for a 1 month deposit and RM 500 for other deposit tenures.

    Q. Is Takaful coverage provided on Bank Rakyat Fixed Deposit Schemes?

    A. To provide customers and their loved ones protection against the risk of death and total permanent disability, Bank Rakyat offers Takaful coverage to the customer which is mandatory with the term deposit plan.

    Q. What are the documents required to be submitted for the Bank Rakyat Fixed Term Deposit?

    A. There are no specific documents to be submitted, as the bank has kept the banking and financing policies as convenient as possible. Customers are just required to submit an application form with the initial deposit amount.

    Q. Can a deposit be used as collateral for other financing?

    A. Yes, one can use deposit certificates as collateral for Sharia compliant financing.

    Q. When is the profit rate determined?

    A. The profit rate is generally fixed when an account is opened.

    Q. Does one get additional coverage when they open this account?

    A. Yes, account holders get Takaful coverage when they open this account.

    Other Products offered by Bank Rakyat:

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

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