Standard Chartered Bank has come up with a fixed deposit promotion that provides a high profit rate on the sum you deposit. The participating product, Term Deposit-i, is an Islamic banking product that follows the Shariah-compliant principle of Commodity Murabahah.
Standard Chartered FD Promotion Mechanics
Open a Term Deposit-i (TD-i) account with Standard Chartered Bank and deposit a minimum of RM200,000 for 12 months to earn a promotional rate of 4.50% p.a. You can get the promotional rate only if you deposit a minimum of RM10,000 in fresh funds in your CASA/CASA-i.
If you deposit a sum between RM500,000 and RM1 million in the TD-i, then you must make a minimum deposit of RM20,000 in your CASA/CASA-i to earn the promotional benefit.
|TD-i Deposit Amount||CASA/CASA-i Deposit Amount in Fresh Funds||Promotional Rate||TD-i Tenure|
|From RM200,000 to RM500,000.||Minimum of RM10,000.||4.50% p.a.||12 months.|
|From RM500,000 to RM1 million.||Minimum of RM20,000.|
Fixed Deposit Promo Start & End Date
The promotion commenced on 1 November 2018 and is valid until 31 December 2018.
Standard Chartered FD Promo Terms & Conditions
- A total of RM300 million is accepted for placement under the campaign.
- Any CASA that is based on the concept of Qard is not eligible for the promotion.
- The fresh funds placed in CASA/CASA-i will be subject to an allocation period of 3 months from the placement date during which you cannot withdraw/transact the funds.
- You have to pay Ibra’/rebate if you make a premature withdrawal or turn out that you are not eligible for the promotion.
- Existing Priority Banking customers must fill up a Client Investment Profile (CIP) to qualify for the promotion.
Firstly, check for the eligibility requirements for the promotion. If you are sure of being eligible, you can open the participating FD account and place a sum as per the minimum deposit criterion of the campaign. Pay attention to the details, such as promotion end date and tenure when you place the deposit.
Q. What should I do if the bank does not return the money I have deposited?
A. You are assured that the money you deposit will be returned to you as the TD-i and CASA/CASA-i are protected by Perbadanan Insurans Deposit Malaysia.
Q. Can I open more than one TD-i accounts and get the promotional benefits on each of them?
A. Yes. The bank permits you to open more than one TD-i accounts in multiple receipts. However, you are required to abide by the minimum and maximum deposit amounts pertaining to the promotion.
Q. Can I make a partial withdrawal from my TD-i account before the maturity date?
A. Yes. You can make a premature partial withdrawal from your TD-i account in the multiples of RM5,000. After you make such a withdrawal, the account must have a minimum balance of RM5,000. The remaining balance of the account will accrue the profit as specified at the time of commencement.
Q. Who is eligible for the TD-i campaign?
A. The eligibility criterion for the TD-i campaign are given below:
- You must be an individual customer aged above 18 years.
- You must be a new-to-bank Priority Banking customer or an existing Priority Banking customer.
Q. What do fresh funds mean under the campaign?
A. Fresh funds are money that is not taken from any account held with Standard Chartered Bank Malaysia Berhad (SCBMB) and Standard Chartered Saadiq Berhad (SCSB). The money must be transferred to an SCBMB/SCSB Current/Savings/Term Deposit-i Account from another bank/financial institution via Interbank GIRO, cheque, liquidation of wealth assets held with SCBMB/SCSB.