CIMB Why Wait Fixed Deposit-i Account Review

If you wish to invest your money in a product that complies with Islamic principles, the CIMB Why Wait Fixed Deposit-i Account is a great choice. Based on the concept of “Murabahah” or “mark-up”, this fixed term deposit scheme that complies with the Shariah law allows you to receive returns as profit upfront, unlike conventional deposits that offer its benefits upon maturity.

When investing in Why Wait Fixed Deposit-i Account, you get to buy an approved commodity that conforms to Shariah and sell it to the bank at a mark-up cost. The profit from this sale will be given to you upfront while the bank pays for the principal once the deposit matures. The whole process helps you avoid having to receive interest, which is not allowed under Shariah. The commodities in which your money will be invested include those such as palm oil, which are verified and approved by CIMB’s Shariah Committee.

You should, however, note that the economic substance of Why Wait Fixed Deposit-i Account is not any different from traditional fixed deposits where your money is given to the bank for a specific period. The risks associated with the investment are also similar. Nevertheless, the bank will make sure you are not vulnerable to any risk of loss due to changes in the market value of the commodity.

Features and Benefits

There are several features and benefits that make CIMB Why Wait Fixed Deposit-i Account a good choice if you are looking to earn returns on your money following the Islamic financial principles. Some of them are given below:

  • Competitive profit rates and returns
  • Avoid waiting for maturity to receive returns
  • Initial deposit starting from S$1,000
  • Assurance of Shariah compliance at all stages
  • Get a CIMB StarSaver-i account without any initial deposit or fall-below requirement

The Singapore Deposit Insurance Corporation’s Deposit Insurance Scheme ensures that any deposit made in the local currency is insured under the Supplementary Retirement Scheme for up to S$50,000 in aggregate per depositor. This, however, is applicable only to deposits made in Singapore dollar. Structured deposits, dual currency investments, foreign currency deposits, and other investment products do not receive this benefit.

CIMB Why Wait Fixed Deposit-i Account Rates

One of the several main features of the Why Wait Fixed Deposit-i Account is the attractive deposit rates. At times there are even promotional offers on CIMB Fixed Deposit Rates for Islamic banking. But these come with certain terms and conditions that you would be advised to pay close attention to before making a decision to invest.

When investing in this product, you will also receive a CIMB StarSaver-i account from which your profits can be collected. The CIMB StarSaver-i, which is also a Shariah-compliant product, will ensure the smooth and convenient process of your deposit transactions. The table below provides details of CIMB SGD Islamic Fixed Deposit Rates.

Tenure in months Board rates for deposits between S$1,000 and S$99,999 Board rates for deposits of S$100,000 and more
1 0.20% p.a. 0.20% p.a.
2 0.30% p.a. 0.30% p.a.
3 0.35% p.a. 0.35% p.a.
6 0.40% p.a. 0.40% p.a.
9 0.55% p.a. 0.60% p.a.
12 0.70% p.a. 0.75% p.a.


Eligibility Criteria

There are certain requirements that need to be fulfilled to be eligible for a CIMB Why Wait Fixed Deposit-i Account. These range from age-related requirements to certain documents to be submitted.

  • You should either be 18 years of age or should open the account with a parent or legal guardian who is over 18.
  • For deposits of more than two-month tenures, the initial investment should be a minimum of S$1,000. For one and two-month tenure deposits, the minimum initial amount is S$5,000.
  • You should be a Singapore citizen, Permanent Resident, Malaysian with NRIC or a foreigner.
  • Singapore citizen, Permanent Resident and Malaysians are required to provide their NRIC.
  • Foreigners are required to provide their passport and proof of residence. Other documents such as Work Permit, Student Pass, Dependant’s Pass or Employment Pass may also be required.

CIMB Why Wait Fixed Deposit-i Account FAQs

Q: I am not a Muslim. Can I still apply for a Why Wait Fixed Deposit-i Account?

A: Yes. CIMB Why Wait Fixed Deposit-i Account is available to anyone regardless of their religion.

Q: Apart from access to profits, what other benefits does the StarSaver-i account provide?

A: With CIMB StarSaver-i, you are eligible to receive a 0.8% p.a. profit, quick fund transfers through

FAST with relevant banks, and access to CIMB’s online banking services.

Q: How can I be sure that the CIMB Why Wait Fixed Deposit-i Account follows Shariah principles?

A: CIMB has its own Islamic Shariah Committee which includes experts with experience in Shariah. They are able to provide guidance and make sure that the product complies with Shariah.

Q: I already have a CIMB savings account. Do I still need to start a StarSaver-i account?

A: No. You can receive your profits in the existing account. Just make sure your savings account is active during the tenure of the deposit.

Q: What should I do to ensure that the deposit is managed as per my wishes upon maturity?

A: While initiating the deposit, you may instruct the bank to either automatically renew the principal amount for a similar period at the profit rates that exist when it matures or have the principal sum transferred to your savings or checking account.

Q: What happens if I fail to give instructions on what to do once the deposit reaches maturity?

A: If you have not given any instructions, the principal amount will be reinvested for a similar period at the profit rates of the bank at the time of maturity.

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