OCBC Al-Amin Fixed Deposit is a facility by OCBC that is based on Islamic contract of Tawarruq. The OCBC Al-Amin Fixed Deposit account provides customers with a fixed rate of profit to help them manage their savings.
OCBC Al-Amin Fixed Deposit Interest Rates 2018 (Updated on 21 May 2018)
The following table consists of the profit rates associated with OCBC Al-Amin Fixed Deposit:
|OCBC Al-Amin Fixed Deposit Tenure||Profit Rate|
|1-2 months||2.90% p.a.|
|3 months||3.00% p.a.|
|4-5 months||3.10% p.a.|
|6 months||3.15% p.a.|
|7-12 months||3.25% p.a.|
|13-17 months||3.30% p.a.|
|18-60 months||3.35% p.a.|
OCBC Al-Amin Fixed Deposit Benefits
The following is the list of features and benefits associated with OCBC Al-Amin Fixed Deposit:
- The fixed deposit facility comes with a flexible range of tenures that can be extended to 60 months.
- The OCBC Al-Amin Fixed Deposit is covered by PIDM (Perbadanan Insurans Deposit Malaysia or Malaysian Deposit Insurance Corporation).
- The facility comes with a range of competitive profit rates.
- Customers need to deposit an amount of RM5,000 or above for 1-month placement and RM1,000 or above for a placement of 2 or more months.
- Customers can keep a track of the transactions with the help of monthly statements.
- The facility can be applied for on individual as well as on joint basis.
The following are the eligibility criteria for OCBC Al-Amin Fixed Deposit:
- Customers who are applying for OCBC Al-Amin Fixed Deposit on individual or joint basis must be at least 18 years at the time of application.
- Customers who are younger than 18 years of age can have an in-trust account in the name of their parent/guardian.
Nationality Requirement: The following can apply for OCBC Al-Amin Fixed Deposit:
- Malaysian citizens
- Permanent residents
- Non-residents (subject to the applicant’s country)
- The facility is open to all Muslim individuals, non-Muslim individuals, and companies.
Documents Required for OCBC Al-Amin Fixed Deposit
The list of documents that needs to be presented at the time of OCBC Al-Amin Fixed Deposit application is given below:
- For customers who are 18 years old or above: A copy of passport or identity card.
- For customers who are 12 years old or younger (in-trust account):
- Birth certificate of the applicant.
- A copy of the identity card of the parent or guardian.
- Legal guardian certificate (if applicable).
OCBC Al-Amin FD for Foreigners
The OCBC Al-Amin Fixed Deposit facility is open for foreigners who are permanent residents of Malaysia and non-residents who are working in Malaysia with a valid work permit.
Fees and Charges
The fees and charges related to the OCBC Al-Amin Fixed Deposit are mentioned in the following table:
|Request for additional statement||RM10.60 per statement.|
How to open an OCBC Al-Amin Fixed Deposit Account?
Customers can reach out to the bank with their request for an OCBC Al-Amin Fixed Deposit account via the bank’s customer service numbers. The same can be completed at any OCBC branch.
OCBC Al-Amin Contact Number
Customers can contact OCBC through the following customer service or hotline numbers in order to get more information regarding OCBC Al-Amin Fixed Deposit:
- Within Malaysia: 03-8314 9310
- Overseas: 603-8314 9090
Q. Can I apply for OCBC Al-Amin Fixed Deposit with my wife on a joint basis?
A. Yes. You are allowed to apply for OCBC Al-Amin Fixed Deposit on a joint basis.
Q. Can I have a fixed deposit account for 1 month with RM3,000 under OCBC Al-Amin Fixed Deposit facility?
A. No. For one month placement, the minimum amount that needs to be deposited is RM5,000.
Q. How is the profit calculated with OCBC Al-Amin Fixed Deposit?
A. The profit is calculated on a daily basis and credited at the time of facility’s maturity for up to 12 months of tenure and every 6 months for a tenure of more than 12 months.
Q. Can I open an OCBC Al-Amin Fixed Deposit for my child?
A. Yes. If the child is 12 years old or younger, then the application form must be submitted along with the birth certificate of the minor and the NRIC of the parent/legal guardian.
Q. How can I renew the OCBC Al-Amin Fixed Deposit facility?
A. The OCBC Al-Amin Fixed Deposit comes with an option of auto-renewal at the time of maturity.
Other Products offered OCBC Al-Amin:
Apart from offering Fixed Deposit,OCBC Al-Amin offers other products and services which include: