The Kuwait Finance House (KFH) offers different types of term deposit accounts to its customers. The schemes offered are based on the Shariah concepts of Murabaha and Tawarruq. For more information about the bank’s deposit accounts, read below:
Kuwait Finance House Fixed Deposit Profit Rates
The profit rates involved for the schemes will be determined by the KFH Malaysia time to time. The current Base Rate for KFH Malaysia (effective 1 December, 2017) is 3.40% p.a. and the current Base Financing rate is 7.29% p.a.
Types of Kuwait Finance House Fixed Deposit
International Commodity Murabahah Deposit-i: It is a fixed deposit scheme offered by KFH that runs upon the concepts of Murabahah and Tawarruq. A customer has to make an initial deposit of RM500 while obtaining the facility. He/she will be offered with different tenures as per the requirement.
Foreign Currency International Commodity Murabahah Deposit-i: This is a fixed deposit account that is helpful if a customer is looking for investment. Furthermore, it also allows a customer to maintain foreign currency and safeguards him/her if there is any fluctuant in the exchange rates.
Junior International Commodity Murabahah Deposit-i: It is a fixed rate deposit account that is offered to a customer who is below 18 years of age. However, the applicant needs to present a guardian to open the account.
KFH Fixed Deposit Features and Benefits
- The fixed rate deposit account schemes work of the Shariah principle of Murabahah and Tawarruq.
- It is an Islamic deposit product where the profit rate is made upfront to a customer.
- A customer can obtain flexible tenures of 1 to 12 months depending upon his/her requirements.
- A 24-hour customer care centre is available to serve a purchaser.
- A Foreign Currency International Commodity Murabahah Deposit-i holder can also gain from the foreign exchange trend depending upon the market conditions.
KFH Fixed Deposit Eligibility Criteria
- Nationality criterion: Open to Malaysian citizens, non-Malaysian citizens, Permanent Residents and non-residents (depending upon the scheme)
- Age criteria for individual and joint applicant:
- Minimum 18 years of age
- For Junior Account, a customer who is below 18 years needs a guardian
- The guardian is needed to open an In-Trust Savings Account for profit crediting for Junior ICM
- Non-individual applicants who are eligible to apply:
- Companies, multinational corporations (comprising local offshore as well as foreign offshore companies), professionals, embassies, consulates and other diplomatic bodies
- Professionals body members, government agencies
- Associations, clubs , societies and organizations
Kuwait Finance House Fixed Deposit Fees and Charges
The fees and charges involved for the fixed deposit schemes are as follows:
|Kuwait Finance House Fixed Deposit||Fees and Charges|
|Closure of account||RM12 to RM20 (if closed within 3 months)|
|Statement request||RM2.12 per page|
Kuwait Finance House Fixed Deposit Promotion 2018
When you open an ICM Deposit-i account and place an amount of RM10,000 or more, you can earn higher profit rates and get an upfront profit rate of up to 3.99% p.a. You can place the deposit amount in fresh funds or non-fresh funds. The profit rates varies based on the type of funds and the deposit tenure. KFH offers the promotion until 30 April 2018.
How to open Kuwait Finance House Fixed Deposit account?
Offline application: A customer can visit the nearest branch of the Kuwait Finance House and apply for the fd account. If a customer already has a current or savings account of the bank, he/she can further ask for a fixed deposit facility for the same.
KFH Fixed Deposit Contact Number
If a customer has any queries about the term and policies of the fixed deposit scheme or any other doubts regarding the product, he/she can contact the bank officials on the hotline: 1300888 or dial 603 21680000 to speak to the Kuwait Finance House Berhad (malaysia) representatives.
Q. What is the initial deposit that I need to make for International Commodity Murabahah Deposit-i scheme?
A. You will have to pay RM500 as an initial deposit for International Commodity Murabahah Deposit-i plan.
Q. Can an individual/minor below 18 years of age apply for a fixed deposit scheme?
A. If you are below 18 years of age, you will have to apply for the scheme along with a guardian who is more than 18 years old and fulfilling all other eligibility criteria. The guardian also needs to open an In-Trust Savings Account to credit the profit for the junior account holder.
Q. What is the amount of initial deposit I have to make for the Foreign Currency International Commodity Murabahah Deposit-i scheme?
A. The minimum initial deposit you need to make is of USD3,000 or its equivalent. This deposit amount is regardless of your placement tenure that you choose.
Q. Are these fixed deposit schemes covered by the PIDM?
A. Yes, all three fixed deposit schemes are covered by PIDM.
Q. Do I have to pay any charges on loss of my term deposit certificate?
A. Yes, you will have to bear the cost of replacement of the lost term deposit receipt/certificate. The charges are RM5 for each receipt/certificate excluding the GST. Also, you will have to pay RM10 as stamp duty for a Letter of Indemnity.