• Maybank Islamic Fixed Deposit Rates

    Maybank Islamic Fixed Deposit

    Maybank Islamic Fixed Deposit

    Fixed deposits are a type of investment that pays back profit. The money you invest in fixed deposits can be accessed only after the end of the term and a fixed profit is calculated on the amount deposited which you get back at the end of the term. Maybank offers 5 types of fixed deposits.

    1. Islamic Fixed Deposit – i:

      This term deposit is Shariah compliant and it uses specific Shariah compliant commodity as the asset for sale and purchase transaction between the bank and the customer.

      Eligibility criteria

      The account can be opened by:

      • Individuals above the ages of 18 years.
      • Joint account holders.
      • Associations or societies or clubs or organisations
      • Business enterprises
      • Foreigners
      • Trustees
      • Government and corporate funds
      • Professionals.

      Features and benefits

      The features and benefits of Islamic Fixed Deposit – i are as follows:

      • The tenure of the deposit ranges from 1 – 60 months.
      • Minimum placement for 1 month is RM5,000 and for 2 months and above is RM1,000.
      • The profits will be paid on either half-yearly or monthly or on maturity.
      • The profit rates are higher when compared to the normal savings account.
      • Individuals will get free personal accident takaful coverage along with medical and funeral expenses in case of accidents.
      • The deposit is accepted as collateral for other banking facilities.
      • If the deposit is uplifted in less than 3 months of depositing, no dividend will be paid. If the deposit is uplifted after 3 months, 50% of the total dividend accrued will be paid.
      • You can apply at the Maybank branches or through Maybank2u.com.

      Documents required

      The following documents are to be submitted:

      • MyKad for Malaysian applicants
      • Foreigners must submit valid passport and other documentary evidence that is required by the Authority that states the purpose of stay in Malaysia.

      Profit rates

      Tenure (in months) Profit rate (in %)
      1 – 2 3.25
      3 – 5 3.50
      6 – 11 3.35
      12 – 47 3.40
      48 – 59 3.70
      60 months 3.80

      Disclaimer: The rates as on 15th September, 2015. Please check with the nearest Maybank branch for revised rates.

    2. Profit Now! Account – i:

      This term deposit is also Shariah compliant and provides immediate returns to the customers on their deposit placement.

      Eligibility Criteria

      Profit Now! Account – i can be opened by:

      • Individuals who are aged 18 and above.
      • Government and corporate funds
      • Foreigners
      • Professionals
      • Trustees
      • Associations
      • Societies
      • Clubs
      • Organisations
      • Joint account holders
      • Business enterprises

      Features and benefits of Profit Now Account- i

      Features and benefits are as follows:

      • The tenure ranges from 1 – 12 months.
      • The minimum investment is RM10,000 and with increments in multiples of RM1,000.
      • Profit rate is fixed.
      • Profit earned is instantly paid.
      • Profit rates are higher than that of savings account.
      • The moment you sign up, you get instant profits.
      • Personal Accident Takaful Coverage and medical and funeral expenses are covered for free.
      • The deposit can be offered as collateral.
      • You can apply for Profit Now! Account – I through the Maybank branches or through Maybank2u.

      Document required

      Following documents are to be furnished:

      • Malaysians must submit valid MyKad.
      • Foreigners must submit passport and other documentary evidence stating the purpose of stay in Malaysia.

      Profit rates

      Tenure (in months) Profit Rate (in %)
      1 – 2 3.15
      3 – 5 3.20
      6 – 11 3.25
      12 months 3.40

      Disclaimer :The rates as on 15th September, 2015. Please check with the nearest Maybank branch for revised rates.

    3. Fixed Deposit Account:

      This account earns you interest at the agreed upon rate and based on the amount deposited.

      Eligibility criteria

      The following can apply for fixed deposit account:

      • Joint account holders
      • individuals

      Features and Benefits of Fixed deposit account

      Features and benefits are as follows:

      • The tenure of deposit allowed is up to 6 months.
      • Minimum investment is RM.5,000 for one month and for 2 months and above it is RM1,000.
      • Interest is based on the number of days within the deposit term.
      • No interest is paid on 1-3 months tenure FD if it is not completed.
      • Fixed deposits that exceed 3 months tenure and is uplifted before 3 months, no interest is paid.
      • If the FD is uplifted before the fixed maturity date, half of the interest accrued for that period is paid.

      Profit rates

      Tenure (in months) Profit rates (in %)
      1 – 2 3.15
      3 – 5 3.20
      6 – 11 3.25
      12 – 24 3.30
      36 months 3.40
      48 months 3.50
      60 months 3.60

      Disclaimer: The rates are with effect from 16th July, 2014. Visit the nearest branch to know the latest rates.

    4. eFixed Deposit:

      This deposit scheme can be placed online through Maybank2u. The withdrawal is also made online.

      Eligibility criteria

      eFixed Deposit can be opened by:

      • Sole proprietors
      • Individuals having conventional or Islamic account with Maybank.
      • Joint account holders.

      Features and benefits of eFixed deposit

      The features and benefits of this account are as follows:

      • The deposit tenure ranges from 1 – 60 months.
      • The minimum invest for one month is RM5,000 and for 2 months and above it is RM1,000.
      • The interest rates are higher in comparison with the normal savings account.
      • The placements can be made at any time as it is done online.
      • Those having an existing FD account will get immediate placement.
      • The application can be made on Maybank2u.com.
      • The interest is computed based on the number of days of the deposit term.
      • Interest is not paid for 1, 2 or 3 month eFD if it does not complete its tenure.
      • If eFD’s exceeding 3 months is uplifted before the completion of the first 3 months, no interest shall be paid.
      • The profit rates are fixed.
      • The rate for eFD’s uplifted before maturity is 50% of the profits accrued.
      • The FD certificate won’t be issued, instead an 8 digit reference number is given.
      • Partial withdrawals are not allowed.
      • If the deposit has been taken by joint account holders, either one of the joint account holder can uplift the deposit.

      Profit rates

      Tenure (in months) Profit rates (in %)
      1 – 2 3.15
      3 – 5 3.20
      6 – 11 3.25
      12 – 24 3.30
      36 months 3.40
      48 months 3.50
      60 months 3.60

      Disclaimer: The rates are with effect from 16th July, 2014. Visit the nearest branch to know the latest rates.

    5. Special Investment Account – i:

      This is a Shariah compliant product where the customer acts as the fund provider and the bank as the entrepreneur. Bank invests the funds in high yielding investment avenues. The profits will be shared between the customer and the bank on a pre-agreed profit sharing ratio.

      Eligibility criteria

      The following can apply for Special Investment Account – i:

      • Individuals aged 18 years and above.
      • Minors who have identity cards
      • Joint or personal account holders
      • Business concerns
      • Trust accounts
      • Foreigners
      • Clubs
      • Organisations
      • Associations
      • Societies
      • Trustees
      • Government and corporate funds

      Features and benefits of Special Investment Account – i

      The features and benefits are as follows:

      • Tenure of deposit ranges from 1 – 12 months.
      • Dividend is calculated daily.
      • Dividend is not paid for premature upliftment.
      • The dividend is paid on maturity.

      Documents required

      Following documents are to be submitted:

      • Personal or joint account holders must submit their original identity card. If the personal or joint account holders are foreigners, they have to submit their passports.
      • Valid passport
      • Utility bills
      • Valid driving license
      • Credit card
      • Letter of employment

      Profit rates

      The returns are based on the profit sharing ratio, which is negotiable. No dividend is paid on premature upliftment.

    FAQs

    1. Who are eligible to avail Maybank Islamic Fds?

      Individuals above the ages of 18 years and citizens and non-citizens can apply for FD products.

    2. How can one apply for Maybank FD?

      If you want to open a Maybank FD, you can do so by visiting the nearest Maybank branch or through Maybank2u.com.

    3. What are the documents I’ll have to submit while applying for Maybank FD?

      Along with the application form, you will be required to submit MyKad if you are a Malaysian and if you are a foreigner, you will have to submit your passport and relevant documentary evidence stating the purpose of stay in Malaysia.

    4. Can I make early withdrawals?

      Early withdrawals are allowed, but the dividend payments will be low or in certain cases there won’t be any dividend payments.

    5. What is the minimum and maximum tenure offered by Maybank?

      The minimum tenure offered is 1 month and the maximum is 60 months.

    Other Products offered Maybank Islamic:

    Apart from offering Fixed Deposit,Maybank Islamic offers other products and services which include:

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