In addition to the usual Fixed Deposit, Maybank also offers the Islamic Fixed Deposit that works on the principle of Commodity Murabahah. A fixed profit rate is determined and paid to the customer at the end of the deposit tenure. There are two types of Islamic Fixed Deposit schemes, namely, IFD-i and PNA-i.
As add-on benefit, Maybank provides a free Personal Accident Takaful Coverage that covers the medical expenses and funeral expenses for its individual depositors.
Maybank Islamic Fixed Deposit Profit Rates
Maybank offers reasonable profit rates to its customers. The profit rates for IFD-i are given below:
|Fixed Deposit Tenure (months)||Rate of Profit for Kids||Rate of Profit for Others|
|1 month||3.15% p.a.||3.15% p.a.|
|2 months||3.15% p.a.||3.15% p.a.|
|3 months||3.20% p.a.||3.20% p.a.|
|4 months||3.20% p.a.||3.20% p.a.|
|5 months||3.20% p.a.||3.20% p.a.|
|6 months||3.30% p.a.||3.30% p.a.|
|7 months||3.30% p.a.||3.30% p.a.|
|8 months||3.30% p.a.||3.30% p.a.|
|9 months||3.30% p.a.||3.30% p.a.|
|10 months||3.30% p.a.||3.30% p.a.|
|11 months||3.30% p.a.||3.30% p.a.|
|12 months||3.35% p.a.||3.35% p.a.|
|13 months to 24 months||3.35% p.a.||3.35% p.a.|
|25 months to 35 months||3.35% p.a.||3.35% p.a.|
|36 months||3.40% p.a.||3.40% p.a.|
|48 months||3.50% p.a.||3.50% p.a.|
|60 months||3.60% p.a.||3.60% p.a.|
Note: The above mentioned profit rates are applicable from 29 January 2018.
The profit rates for Prosperous Now! Account-i are given below:
|Fixed Deposit Tenure (months)||Rate of Profit (% p.a.)|
|1 month||3.05% p.a.|
|2 months||3.05% p.a.|
|3 months||3.10% p.a.|
|4 months||3.10% p.a.|
|5 months||3.10% p.a.|
|6 months||3.20% p.a.|
|7 months||3.20% p.a.|
|8 months||3.20% p.a.|
|9 months||3.20% p.a.|
|10 months||3.20% p.a.|
|11 months||3.20% p.a.|
|12 months||3.35% p.a.|
Note: The above mentioned profit rates are applicable since 29 January 2018.
Types of Maybank Islamic Fixed Deposits
Maybank offers the following types of Islamic Fixed Deposits to its customers:
- Islamic Fixed Deposit-i (IFD-i): IFD-i is one of the Islamic fixed deposit schemes offered by Maybank. The minimum initial deposit amount is RM5,000 for a tenure of one month. The minimum initial deposit amount is RM1,000 for any deposit tenure ranging from two months to 5 years. The deposit is insured by PIDM (Perbadanan Insurans Deposit Malaysia).
- Prosperous Now! Account-i (PNA-i): PNA-i is another Islamic fixed deposit scheme that instantly adds profit to the customer’s account as soon as they sign up. PNA-i has a defined minimum deposit of RM10,000 in order to open the account. Once the deposit matures, the account holder can withdraw the cash. The deposit amount is protected by PIDM.
Maybank Islamic Fixed Deposit Benefits
- Maybank allows the IFD-i account holder to choose the deposit tenure between 1 to 60 months, based on their convenience and needs, whereas, in the case of PNA-i, the deposit tenure falls between 1 month and 12 months.
- Maybank IFD-i and Maybank PNA-i fetch better profit rates for the customers when compared to a regular Savings Account.
- Maybank IFD-i Certificate and Maybank PNA-i Certificate can be used as a collateral for various banking facilities.
- Under IFD-i, the customers earn profits on a half-yearly basis. For shorter deposit tenure, the profit is added to the principal deposit amount on maturity only.
- Maybank allows the depositor to open an IFD-i account with a principal amount as low as RM5,000 for a tenure of 1 month and RM1,000 for any tenure between 2 to 60 months.
- A minimum deposit of RM10,000 is necessary to open a PNA-i account.
- For IFD-i account, Premature Withdrawal within a period of 3 months will not add any profit to the principal deposit amount. However, Premature Withdrawal after a period of 3 months will add half the profit calculated based on the number of days of deposit.
- Maybank provides a complimentary benefit to its individual depositors in the form of a free Personal Accident Takaful Coverage up to RM10,000, medical expenses up to RM1,000 and funeral expenses of RM1,000 under both the schemes.
An individual has to fulfil the below eligibility criteria to open a Maybank IFD-i or PNA-i:
- An individual must be 18 years or above.
- A maximum of 4 people can open a joint account.
- Government and Corporate Funds, Business Enterprises, Trustees, Associations/Organisations/Clubs/Societies can also open Maybank Islamic Fixed Deposit-i.
- The individual/joint account holders must have a valid MyKad for Malaysians.
- Foreigners must provide a valid Passports and other documents to prove the intention of visit or stay in Malaysia.
Maybank Islamic FD for Foreigners
Maybank allows foreigners, who have a valid work permit, to open an Islamic Fixed Deposit account. Such candidates must provide valid Passport and all the necessary documents that state the reason for their visit or stay in Malaysia such as Employment Permit.
Fees and Charges
The fees to transfer the Maybank IFD-i or PNA-i account balance to another branch is free. In cases such as the loss of IFD-i or PNA-i Certificate, the depositor will have to pay a Stamp Fee of RM15 in order for the bank to issue the Indemnity Letter.
How to Open a Maybank Islamic Fixed Deposit Account?
An individual can choose one of the two methods mentioned below to open a IFD-i or PNA-i account:
- Offline Method: The individual can visit the nearest Maybank/Maybank Islamic branch with the required documents to open an IFD-i or PNA-i account.
- Online Method: The individuals who are keen to open an IFD-i or PNA-i account can do so by visiting the Maybank website and clicking on the apply now option.
Maybank Contact Number
For further details on the Maybank IFD-i or PNA-i, one can contact the customer care numbers 1-300-88-6688 and 03-78443696 provided on the official website of Maybank.
Q. My IFD-i will reach maturity in a week. Can I continue with the same IFD-i further? Should I renew after the current deposit tenure?
A. Yes, you can request for the renewal of your IFD-i account. This should ideally be done before the maturity of your IFD-i.
Q. What should I do to earn a higher profit on IFD-i?
A. IFD-i gets higher profits to the customer when the customer chooses a longer deposit tenure. You can choose a deposit tenure as long as up to 5 years. You can also maximise returns by depositing a higher sum.
Q. Can I withdraw half of the principal amount deposited before maturity?
A. No. Maybank does not allow for partial withdrawal of the deposited principal amount.
Q. I have deposited RM8,000 in an IFD-i account 10 weeks ago. Can I withdraw the deposit now? What is the profit I get if I withdraw the deposit?
A. You can withdraw the money from you IFD-i account. Maybank will not provide any profit since you are withdrawing before 3 months from the day of deposit. If you withdraw the deposit after completing 3 months, you will receive 50% of the profit you could earn for the number of days the deposit was made.
Q. I am 16 years old. Can I open an Islamic Fixed Deposit account?
A. No. The minimum age of an individual to open an Islamic Fixed Deposit account with Maybank is 18 years.
Q. In PNA-i, can I receive the profit in the form of cash when I open the account?
A. No. The profit will be credited to your PNA-i account and it cannot be given in the form of cash.
Other Products offered Maybank Islamic:
Apart from offering Fixed Deposit,Maybank Islamic offers other products and services which include:
- Maybank Islamic Personal Loan
- Maybank Islamic Home Loan
- Maybank Islamic Car Loan
- Maybank Islamic Credit Card