Bank Rakyat Term Deposit-i Account is a fixed deposit offered by Bank Rakyat. Bank Rakyat is one of the biggest Islamic co-operative banks operating in Malaysia. Bank Rakyat offers a wide range of innovative banking products and services such as commercial financing, consumer banking, investments, savings and financial planning products.
Bank Rakyat Term Deposit-i is a smart way to plan and manage your finances. With this fixed deposit, you can earn a profit on your investments in a secure way. You can also use this term deposit to expand your financial management in the long run. Consider this list of features and benefits of Bank Rakyat Term Deposit-i Account to know what it offers you.
Bank Rakyat Term Deposit-i Account Interest Rates 2018
|Bank Rakyat Term Deposit-i Account Tenure (Months)||Bank Rakyat Term Deposit-i Account Interest Rates (% p.a.)|
|1 Month||3.30% p.a.|
|2 Months||3.35% p.a.|
|3 Months||3.38% p.a.|
|4 Months||3.40% p.a.|
|5 Months||3.45% p.a.|
|6 Months||3.50% p.a.|
|7 Months||3.52% p.a.|
|8 Months||3.58% p.a.|
|9 Months||3.60% p.a.|
|10 Months||3.65% p.a.|
|11 Months||3.68% p.a.|
|12 Months||3.70% p.a.|
|15 Months||3.75% p.a.|
|18 Months||3.80% p.a.|
|24 Months||3.85% p.a.|
|36 Months||3.95% p.a.|
|48 Months||4.05% p.a.|
|60 Months||4.30% p.a.|
|More than 60 Months||As imposed by Bank Rakyat (Contact the bank for more details)|
**Last updated on 1st March, 2018.
Types of Bank Rakyat Term Deposit-i Accounts
- Personal Account
- Joint Account
- Trust Account
- Corporate, Co-operative or Association Account
- Government Entity Account
Bank Rakyat Term Deposit-i Account Features and Benefits:
- You can deposit a minimum of RM500 for a fixed deposit tenure of 2 to 60 months.
- You can opt for a 1-month fixed deposit tenure by investing a minimum of RM5,000.
- You would know the profit rate you would receive from your fixed deposit at the time of opening an account.
- You can opt for automatic renewal of your fixed deposit account once it matures.
- You can earn a profit on a monthly basis if you invest more than RM5,000 for a period of six months or above.
- You can get sufficient Takaful coverage with your fixed deposit.
- You can use the deposit certificate as a collateral when applying for another Shariah-compliant financing.
- You can open a fixed deposit account for your child even if he/she is younger than 18 years old.
- You can opt for a flexible deposit tenure starting from 1 to 60 months.
- You can choose to withdraw your fixed deposit prematurely if required.
- Your deposit money is guaranteed by Bank Rakyat.
Bank Rakyat Term Deposit-i Account Eligibility Criteria
Who can open a Bank Rakyat Term Deposit-i Account? The below section lists the individuals and non-individual entities who can open this fixed deposit.
- Individuals: Individual, joint and trust accounts.
- Non-Individuals: Sole Proprietors, partnerships, worship houses, legal firms, charitable organizations, clubs, associations and registered co-operatives (Malaysia).
- Corporate Depositors: Public companies, private sectors, government agencies, statutory bodies and local, state and federal government entities.
Bank Rakyat Term Deposit-i Account Fees & Charges
|Bank Rakyat Term Deposit-i Account||Fees & Charges|
|Lost Certificate Replacement||RM10 (Stamp Duty)|
How to Open a Bank Rakyat Term Deposit-i Account?
- You can visit your nearest branch of Bank Rakyat where a bank representative will help you open a fixed deposit account.
- You can fill up a contact form available on Bank Rakyat website where a bank representative will call you as soon as possible to help you.
Contact Number for Bank Rakyat Term Deposit-i Account
You can call the contact centre tele-Rakyat at 1-300-80-5454.
Bank Rakyat Term Deposit-i Account FAQs
Q. What will I get as a confirmation once I open a Bank Rakyat Term Deposit-i Account?
A. You will be issued a TD-i certificate or a deposit confirmation once you deposit your funds. If you deposit funds through a cheque, then you will receive a TD-i certificate or deposit confirmation once the cheque is cleared.
Q. Can I make a partial withdrawal from my Bank Rakyat Term Deposit-i Account?
A. No. Bank Rakyat does not allow partial withdrawal on its fixed deposits.
Q. What conditions apply if I decide to withdraw my fixed deposit prematurely?
A. If you have opened a non-corporate deposit account, then you will get 50% of the profit rate if you withdraw it after the first 3 months. If you withdraw your fixed deposit within the first 3 months, then you will not receive any profit.
If your fixed deposit account is a corporate account, then you are not entitled to any profit if you withdraw the fixed deposit within the first month. If you withdraw the fixed deposit after the first month, then you will receive 50% of the contracted profit rate.
Q. Once my fixed deposit account matures, how will I receive the payment?
A. Upon the maturity of your fixed deposit account, your payment which could be the principal and profit, or just the profit, will be credited to your Savings or e-Current Account-i with Bank Rakyat or any other financial institution as per your instructions.
If you prefer a third party transfer/payment, you have to provide an official registration letter duly signed by authorized signatories. Bank Rakyat does not prefer to make payments by cash unless in extenuating circumstances. Under such circumstances, the bank will conduct a standard verification process before paying.
Q. What type of Takaful coverage do I get with Bank Rakyat Term Deposit-i Account?
A. If you deposit a minimum of RM10,000 for a minimum of 12 months, then you will get free Takaful coverage. This coverage is provided only if you are between 18 and 60 years old. Takaful coverage is valid until your Bank Rakyat Term Deposit-i Account (TD-i) is active.
Other Products offered by Bank Rakyat:
Apart from offering Fixed Deposit,Bank Rakyat offers other products and services which include: