• Maybank Islamic Fixed Deposit Rates

    With Maybank Islamic Deposit, you can watch your assets grow safely. Maybank provides two types of fixed deposit accounts under Islamic Banking – Singapore Dollar Term Deposit-i and Foreign Currency Term Deposit-i.

    Maybank Singapore Dollar Term Deposit-i is based on the Shariah tenet of Murabahah. Under this principle, items are sold at a higher rate between you and the bank. According to this system, profits are decided upfront. These profits are usually paid the next day after the cash is placed or the cheques are cleared.

    Foreign Currency Term Deposit-i is also a part of Maybank’s Islamic banking and has its roots in the same principle of Murabahah. However, here profits are paid once the term deposit matures. Most importantly, you can take advantage of attractive exchange and profit rates if you invest into this type of time deposit account.

    Besides, these fixed deposits is open to every customer, not biased based on religion.

    Features and Benefits

    Maybank Singapore Dollar Term Deposit-i

    The benefits associated with this fixed deposit account are:

    • The minimum deposit amount is pretty low.
    • You can get the returns upfront, insteading of waiting for the amount to mature.
    • You can use the online banking feature to conveniently monitor your term deposit account.
    • Maybank Singapore Dollar Term Deposit-i guarantees you with good profit rates for your money. Additionally, customers aged over 55 years are entitled to earn an additional 0.25% over the existing profit rates.
    • Maybank is part of the government’s Deposit Insurance Scheme. This scheme provides coverage for both individuals and non-bank depositors who have insured deposits placed with the bank. According to the scheme, all insured deposits placed with Maybank are combined and insured up to S$50,000.

    Maybank Foreign Currency Term Deposit-i

    There are several benefits associated with this fixed deposit account, which include:

    • This account guarantees promising foreign exchange rates and profit rates on your investment.
    • You get the scope of expanding your investment portfolio through several foreign currencies.
    • Even in this case, you can easily monitor your term deposit accounts using Online Banking or Phone Banking.

    Maybank Islamic Deposit Interest Rates

    Singapore Dollar Term Deposit-i Interest Rate

    The following table illustrates the rates of interest for various terms against various tiers of amounts deposited, for account holders aged below 55 years of age. You have to deposit a minimum amount of S$1,000 for tenures between 2 months and 3 years, and a minimum amount of S$10,000 for a tenure of one month.

    Term S$1,000 to S$50,000 S$50,001 to S$ 99,999 S$100,000 to S$249,999 S$250,000 to S$ 999,999
    1 month 0.2% p.a. 0.2% p.a. 0.2% p.a. 0.2% p.a.
    2 months 0.3% p.a. 0.3% p.a. 0.3% p.a. 0.3% p.a.
    3 months 0.35% p.a. 0.35% p.a. 0.35% p.a. 0.35% p.a.
    6 months 0.4% p.a. 0.4% p.a. 0.45% p.a. 0.5% p.a.
    9 months 0.55% p.a. 0.55% p.a. 0.6% p.a. 0.6% p.a.
    12 months 0.7% p.a. 0.7% p.a. 0.7% p.a. 0.75% p.a.
    18 months 0.9% p.a. 0.9% p.a. 0.9% p.a. 0.95% p.a.
    24 months 1% p.a. 1% p.a. 1% p.a. 1.1% p.a.
    36 months 1.2% p.a. 1.2% p.a. 1.2% p.a. 1.25% p.a.

    The following table illustrates the rates of interest for various terms against various tiers of amounts deposited, for account holders aged 55 years of age and above. You have to deposit a minimum amount of S$50,000 for tenure of 6 and 9 months, and a minimum amount of S$25,000 for a tenure of 12 months.

    Term S$25,000 to S$50,000 S$50,001 to S$99,999 S$100,000 to S$249,999 S$250,000 to S$999,999
    6 months 0.65% p.a. 0.65% p.a. 0.7% p.a. 0.75% p.a.
    9 months 0.8% p.a. 0.8% p.a. 0.85% p.a. 0.85% p.a.
    12 months 0.95% p.a. 0.95% p.a. 0.95% p.a. 1% p.a.
    18 months 1.15% p.a. 1.15% p.a. 1.15% p.a. 1.2% p.a.
    24 months 1.25% p.a. 1.25% p.a. 1.25% p.a. 1.35% p.a.
    36 months 1.45% p.a. 1.45% p.a. 1.45% p.a. 1.5% p.a.

    Foreign Currency Term Deposit-i Interest Rate

    Maybank has three separate tiers of investment where you can invest for 1, 2, 3, and 6 months for all currencies. However, for a period of 12 months, you can only invest in the currencies of Great British Pound, New Zealand dollar, Australian dollar, and US dollar. The minimum initial deposit varies for each tier, and all the currencies have the same value, except for Japanese Yen.

    The rates for Tier 1 is illustrated below, where the rates are given for a minimum amount of 10,000 units for all currencies except for Yen where the minimum deposit amount is 2.5 million units:

    Currency 1 month 2 months 3 months 6 months
    US Dollar 1.2% p.a. 1.25% p.a. 1.3% p.a. 1.5% p.a.
    New Zealand Dollar 1.3% p.a. 1.35% p.a. 1.4% p.a. 1.5% p.a.
    Australian Dollar 1.05% p.a. 1.1% p.a. 1.15% p.a. 1.25% p.a.
    Swiss Franc 0% p.a. 0% p.a. 0% p.a. 0% p.a.
    Canadian Dollar 0.45% p.a. 0.5% p.a. 0.6% p.a. 0.8% p.a.
    Sterling Pound 0% p.a. 0% p.a. 0% p.a. 0% p.a.
    Euro 0% p.a. 0% p.a. 0% p.a. 0% p.a.
    Japanese Yen 0% p.a. 0% p.a. 0% p.a. 0% p.a.

    The rates for Tier 2 is given below, where the rates are given for a minimum amount of 50,000 units for all currencies, and a minimum deposit amount of 10 million units for Japanese Yen.

    Currency 1 month 2 months 3 months 6 months
    Currency 1 month 2 months 3 months 6 months
    US Dollar 1.2% p.a. 1.25% p.a. 1.3% p.a. 1.5% p.a.
    New Zealand Dollar 1.3% p.a. 1.35% p.a. 1.4% p.a. 1.5% p.a.
    Australian Dollar 1.15% p.a. 1.2% p.a. 1.25% p.a. 1.35% p.a.
    Swiss Franc 0% p.a. 0% p.a. 0% p.a. 0% p.a.
    Canadian Dollar 0.55% p.a. 0.6% p.a. 0.7% p.a. 0.9% p.a.
    Sterling Pound 0% p.a. 0% p.a. 0% p.a. 0% p.a.
    Euro 0% p.a. 0% p.a. 0% p.a. 0% p.a.
    Japanese Yen 0% p.a. 0% p.a. 0% p.a. 0% p.a.

    The rates for Tier 3 is illustrated below, where the rates are given for a minimum amount of 100,000 units for all currencies, and a minimum deposit amount of 25 million units for Japanese Yen.

    Currency 1 month 2 months 3 months 6 months
    US Dollar 1.25% p.a. 1.3% p.a. 1.4% p.a. 1.55% p.a.
    New Zealand Dollar 1.5% p.a. 1.55% p.a. 1.6% p.a. 1.7% p.a.
    Australian Dollar 1.25% p.a. 1.3% p.a. 1.35% p.a. 1.45% p.a.
    Swiss Franc 0% p.a. 0% p.a. 0% p.a. 0% p.a.
    Canadian Dollar 0.65% p.a. 0.7% p.a. 0.8% p.a. 1% p.a.
    Sterling Pound 0% p.a. 0% p.a. 0% p.a. 0.05% p.a.
    Euro 0% p.a. 0% p.a. 0% p.a. 0% p.a.
    Japanese Yen 0% p.a. 0% p.a. 0% p.a. 0% p.a.

    Eligibility Criteria

    Singaporean citizens, permanent residents and foreign nationals can open both the kinds of Islamic deposits with Maybank. Let us look at the other qualifying parameters:

    Maybank Singapore Dollar Term Deposit-i

    • You must be at least 16 years of age to apply for the fixed deposit.
    • There must be a joint account available to apply.
    • Documents required:
      • Singaporean citizens and permanent residents must produce a copy of their NRIC.
      • Foreigners must submit a copy of the Passport AND a copy of either Employment Pass OR the Work Permit.

    Maybank Maybank Foreign Currency Term Deposit-i

    • The applicant must be at least 18 years of age to apply for the fixed deposit account.
    • Documents required:
      • Singaporean citizens and permanent residents must produce a copy of their NRIC.
      • Foreigners must submit a copy of the Passport AND a copy of either Employment Pass OR the Work Permit, along with an original copy of the most recent utility bill, telecommunication bill, OR the latest bank statement that indicates your address of residence.

    Maybank Islamic Deposit FAQs

    Q. What does Term Deposit-i (TD-i) mean?

    A. Term Deposit-i is a fixed deposit system in Islamic Banking that is based on Murabahah. Basically, in this system, a customer only purchases a commodity that complies with Shariah principles, and then sells it to the bank at a marked-up price. In this case, the customer receives profit from the upfront sale and the bank will pay the principal back to you once the account matures.

    Q. Are there any additional risks involved with being part of the contract, especially risks related to commodity?

    A. The Islamic Banking system is structured in a manner that movement in market value of commodities doesn’t affect how customers or the bank would earn any profit or incur any loss. Thus, the risks that could have been, are minimised. Besides, the profit amount on such accounts are fixed via contracts.

    Q. How is the profit rate promised by TD-i different from the conventional rate of interest?

    A. The system is determined based on a selling price which is already fixed, and both the customer and the bank mutually decide upon the profit rate. Thus, the bank sees to it that the profit rate is at par with the rates dictated by the market.

    Q. How does the account holder receive the profit?

    A. The profit is usually credited into a linked Maybank savings or current account. The account holder receives the profit on the next business day if the placement is made via cash, or upon clearance by cheque.

    Q. Is it necessary to open a savings or a current account to create a TD-i account?

    A. Yes, you must either have a Maybank savings or a current account to create a TD-i account. This is useful for upfront crediting of the profit. In case you don’t have either of the accounts, you can visit any of Maybank’s 22 branches to open one.

    Q. What happens once your deposit matures and what are the instructions you can provide after maturity?

    A. When you make a placement, you could give instructions for:

    • Auto-renewal of the principal amount for the same term upon maturity. You can opt for the ongoing rates of profit at the time of renewal.
    • Upon maturity, you can also opt for the principal amount to be credited into your Maybank savings or current account.

    Besides, your Maybank savings or current account will be credited with the upfront profit on the date of roll-over.

    Q. Can the instructions of maturity be altered?

    A. Yes, you can opt for changing the principal disposition, following the placement, by visiting any of the Maybank branches. You are also given the option to change the account details to which the original amount and the profit would be credited.

    Q. Can the bank impose any charges that could reduce my returns when I maintain the deposit for the full term?

    A. Once the selling price is determined, the bank won’t impose any additional charges. The selling price comprises the principal amount and the profit that accrues to the account holder.

    Q. How is Shariah-compliance determined for a product?

    A. Maybank works closely with a council of scholars who show an extensive experience in Islamic finance and the Law of Shariah. They review the product for Shariah-compliance. You can always contact Maybank on 1800-629 2265 or +65 6533 5229 (Overseas) to enquire further about the Shariah Committee.

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