• Maybank Islamic Fixed Deposit Rates

    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. You can get a competitive exchange and profit rate if you invest in this type of time deposit account.

    Besides, these fixed deposits are 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:

    • You can get the returns upfront, instead of waiting for the amount to mature.
    • Customers aged over 55 years are entitled to earn an additional 0.25% over the existing profit rates.
    • You can choose tenure from 1, 2, 3, 6, 9, 12, 24 or 36 months. The minimum deposit amount for:
      • 2 to 36 months is S$1,000.
      • 1-month is S$10,000.
    • 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

    The features and benefits associated with this fixed deposit account include:

    • This account guarantees foreign exchange rates and profit rates on your investment.
    • You get the scope of expanding your investment portfolio through several foreign currencies.
    • 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 USD, AUD, NZD, and GBP. The minimum initial deposit varies for each tier.

    Maybank Islamic Deposit Interest Rates

    Singapore Dollar Term Deposit-i Interest Rate

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

    Term S$1,000 to S$50,000 (p.a.) S$50,001 to S$ 99,999 (p.a.) S$100,000 to S$249,999 (p.a.) S$250,000 to S$ 999,999 (p.a.)
    1 month 0.2% 0.2% 0.2% 0.2%
    2 months 0.3% 0.3% 0.3% 0.3%
    3 months 0.35% 0.35% 0.35% 0.35%
    6 months 0.4% 0.4% 0.45% 0.5%
    9 months 0.55% 0.55% 0.6% 0.6%
    12 months 0.7% 0.7% 0.7% 0.75%
    18 months 0.9% 0.9% 0.9% 0.95%
    24 months 1% 1% 1% 1.1%
    36 months 1.4% 1.4% 1.4% 1.4%

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

    Term S$25,000 to S$50,000 (p.a.) S$50,001 to S$99,999 (p.a.) S$100,000 to S$249,999 (p.a.) S$250,000 to S$999,999 (p.a.)
    6 months 0.65% 0.65% 0.7% 0.75%
    9 months 0.8% 0.8% 0.85% 0.85%
    12 months 0.95% 0.95% 0.95% 1%
    18 months 1.15% 1.15% 1.15% 1.2%
    24 months 1.25% 1.25% 1.25% 1.35%
    36 months 1.65% 1.65% 1.65% 1.65%

    Foreign Currency Term Deposit-i Interest Rate

    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 Japanese Yen where the minimum deposit amount is 2.5 million units:

    Currency 1 month (p.a.) 2 months (p.a.) 3 months (p.a.) 6 months (p.a.)
    US Dollar 1.55% 1.7% 2% 2.15%
    New Zealand Dollar 1.4% 1.5% 1.7% 1.8%
    Australian Dollar 1.25% 1.35% 1.5% 1.65%
    Swiss Franc 0% 0% 0% 0%
    Canadian Dollar 0.6% 0.7% 0.9% 1.1%
    Sterling Pound 0% 0% 0.05% 0.2%
    Euro 0% 0% 0% 0%
    Japanese Yen 0% 0% 0% 0%

    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 of 10 million units for Japanese Yen.

    Currency 1 month (p.a.) 2 months (p.a.) 3 months (p.a.) 6 months (p.a.)
    Currency 1 month 2 months 3 months 6 months
    US Dollar 1.55% 1.7% 2% 2.15%
    New Zealand Dollar 1.3% 1.35% 1.8% 1.9%
    Australian Dollar 1.35% 1.45% 1.6% 1.75%
    Swiss Franc 0% 0% 0% 0%
    Canadian Dollar 0.7% 0.8% 1% 1.2%
    Sterling Pound 0% 0% 0.15% 0.3%
    Euro 0% 0% 0% 0%
    Japanese Yen 0% 0% 0% 0%

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

    Currency 1 month (p.a.) 2 months (p.a.) 3 months (p.a.) 6 months (p.a.)
    US Dollar 1.6% 1.75% 2.05% 2.2%
    New Zealand Dollar 1.6% 1.7% 1.9% 2%
    Australian Dollar 1.45% 1.55% 1.7% 1.85%
    Swiss Franc 0% 0% 0% 0%
    Canadian Dollar 0.8% 0.9% 1.1% 1.3%
    Sterling Pound 0% 0.1% 0.25% 0.4%
    Euro 0% 0% 0% 0%
    Japanese Yen 0% 0% 0% 0%

    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

    Maybank Foreign Currency Term Deposit-i

    • The applicant must be at least 18 years of age.
    • Documents required:
      • Singaporean citizens and permanent residents must produce a copy of their NRIC.
      • Foreigners must submit a copy of their Passport, Employment Pass, and address proof documents such as Bank statement, Utility bill or Telco bill.

    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 a part of the contract, especially risks related to a commodity?

    A. The Islamic Banking system is structured in a manner that movement in the 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 is fixed via contracts.

    Q. How can I monitor the term deposit accounts?

    A. You can easily monitor your term deposit accounts using Online Banking or Phone Banking.

    Q. How does the account holder receive the profit?

    A. The profit is usually credited to linked Maybank savings or current account.

    Q. What other facilities do I get with this fixed deposit?

    A. You can get access to overdraft facilities against your deposit.

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