Hong Leong Islamic Bank Fixed Deposit
Now, you can maximize your savings by investing in Hong Leong Islamic Bank. The bank offers attractive rates of interest on savings made in fixed deposits. The bank offers customized fixed deposit schemes to serve your investment needs. What you have to do is to choose a scheme as per your choice and invest your savings in it for a fixed tenure to receive attractive returns. Fixed deposit accounts offer higher returns on your savings compared to regular savings account.
Types of Fixed Deposits offered by Hong Leong Islamic Bank
The bank offers the following fixed deposits:
- Term Deposit -i
- Junior Term Deposit-i
- Online Islamic Fixed Deposit-i
Term Deposit –i:
It is a Shariah compliant term deposit. The product is designed based on Commodity Murabahah and Tawarruq. The Hong Leong Hong Leong Term Deposit-i offers fixed returns on your investments as per the mutual agreement taken place between you and the bank at the time of account opening.
The deposit scheme accepts both individual and joint accounts. You can also open company fixed deposit accounts under this scheme. However, to do so, your company should be registered with ROC and associated Shariah-compliant activities.
Term Deposit –i: Features and benefits
The Term Deposit –i offered by Hong Leong Islamic Bank comes with the following benefits and features:
- Mutually agreed upon fixed profit rates.
- Options to choose your interest payments. You can either opt for monthly profit credit or receive your credits at maturity.
- Flexible deposit tenures. You can choose tenures between 1 month to 60 months. It helps you manage your funds as per your short or long-term needs.
- Auto renewal of deposit is available upon maturity.
- Get access to Hong Leong Phone Banking services.
- Round the clock online assistance.
Term Deposit –i: Eligibility
- Both Muslim and Non-Muslim individuals are eligible for opening this deposit.
- The minimum age of a depositor needs to be 18 years or above.
Term Deposit –i: Interest rates:
The bank offers attractive rates of interest on its Term -i deposits. Listed below are the different interest rates applicable for various tenures:
|Deposit tenure||Interest rate|
|1 – 2 Months||2.95%|
|7- 12 Months||3.20%|
|13- 60 Months||3.20%|
Junior Term Deposit-i
The Junior Term Deposit-i is also a Sharia compliant fixed deposit scheme offered by Hong Leong Islamic Bank, offering fixed returns at the end of deposit tenures. The deposit accepts minimum two account holders including a beneficiary and a junior whose age needs to be below 18 years. The eligibility age for a junior is calculated based on actual birth date recorded in the birth certificate.
Junior Term Deposit-i: Features and benefits
Listed below are the main features and benefits of Junior Term Deposit-i:
- Offers attractive rates of interest based on mutual agreement between bank and the depositor.
- Auto renewal facility is available for principal amount only
- Deposit slip is issued immediately after the deposit is made.
- Profit is credited in the linked JSA-i account.
- Get standing instruction facility.
- Get round the clock access to Hong Leong Connect Online.
- The account must be submitted and handled by legal guardian, parents or trustee.
- Minimum amount required is RM1,000.
- Junior Term Deposit-I (JTD-i) account comes with a Junior Savings Account (JSA-i) account and Junior Reloadable Debit Card-i(JDC-i).
- Deposit tenures are- 12, 24, 36, 48 and 60 months.
Junior Term Deposit-i : Eligibility
- Juniors aged below 18 years are eligible of this deposit.
- Both Muslim and non-Muslim individuals can open this deposit.
Junior Term Deposit-i: Interest rates:
Listed below are the interest rates offered for various tenures under the Junior Term Deposit-i scheme:
|Deposit tenure||Interest rate|
Online Islamic Fixed Deposit-i:
Like the above-mentioned two fixed deposit schemes, the Online Islamic Fixed Deposit-i is a Sharia compliant fixed deposit scheme offered by Hong Leong Islamic Bank. By investing in this deposit you can meet your long as wells as short term financial requirements.
Online Islamic Fixed Deposit-i: Features and benefits
The Online Islamic Fixed Deposit – i comes with a lot of attractive features and benefits. Listed below are the key features and benefits of the same:
- Get access to Hong Leong Connect and make new placements and withdrawals at any time.
- You can opt for interest profits either on monthly basis or after completion of maturity period.
- Auto renewal upon maturity is available.
- You can access your deposit account online.
- Minimum deposit required is RM 5,000 for 1 month and RM 500 for 2 months and above.
- Deposit tenures ranges between 1 month to 60 months.
Online Islamic Fixed Deposit-i: Eligibility
The required eligibility conditions to open an Online Islamic Fixed Deposit-i are-
- The deposit can be opened by individuals and sole-proprietorships.
- Having a Hong Leong Islamic Current or savings account is mandatory to open this deposit.
- The minimum age of the depositor needs to be 18 years.
Online Islamic Fixed Deposit-i: Interest rates
The deposit offers the following interest rates for varying tenures:
|Deposit tenure||Interest rate|
What if I want to opt for auto-renewal? Does Hongleong Islamic offer the option of auto-renewal of deposits?
Yes. The bank offers the provision of auto renewal of fixed deposits. You can auto-renew your fixed deposits upon maturity.
What is the minimum deposit tenure for Junior Term Deposit-i?
The minimum deposit tenure is 3 months.
Is a non-Muslim individual eligible for opening a fixed deposit with Hong Leong Islamic Bank?
Yes. A non-Muslim individual is eligible for investing in fixed deposits like Term Deposit –i offered by the bank
What are the benefits of investing in a Junior Term Deposit-i?
The Junior Term Deposit-i fixed deposit account comes with a Junior Savings Account and Junior Reloadable Debit Card-i.
What is the minimum tenure of investment offered by Hong Leong Islamic Bank?
The minimum tenure of investment is 1-2 months.
What is the maximum tenure of investment offered by Hong Leong Islamic Bank?
The maximum tenure of investment is 60 years.
*** Please note that the information provided here is not an exhaustive representation of the product. Also, all the terms and conditions and interest rates offered by the bank is subject to change at any time. Please read the bank document before investing in FDs offered by Hong Leong Islamic Bank.