Maybank Islamic Foreign Currency Term Deposit-i

The Maybank Islamic Foreign Currency Term Deposit-i account is designed on the Shariah principle of Murabaha. There will be sale of commodities involved between the bank and you under this principle. Profit rates will be given to you after placement, where you don’t have to wait till the maturity.

Features and Benefits of This Account

  • Enjoy competitive profit rates with this term deposit account.
  • Placement periods of 1 month, 2 months, 3 months, to 6 months are available for all currencies. And, placement period of 12 months is available for Great British Pound or Sterling Pound (GBP), Australian dollars (AUD), US dollars (USD), and New Zealand dollars (NZD).
  • Get access to the overdraft facility.
  • Enjoy round-the-clock service through Online/Phone Banking.

What Interest Rates Are Offered?

Tier 1:

Currency Minimum placement amount Interest rates (% p.a.)
1 month 2 months 3 months 6 months
Australian Dollar 10,000 1.5 1.6 1.75 1.82
US Dollar 10,000 1.8 1.9 2.1 2.25
Sterling Pound 10,000 0   0 0.2   0.3  
New Zealand Dollar 10,000 1.5    1.6   1.75   1.85  
Swiss Franc (CHF) 10,000 0   0   0   0  
Canadian Dollar (CAD) 10,000 0.85   0.95   1.15   1.3
Japanese Yen (JPY) 2.5 million 0   0   0   0  
Euro 10,000 0   0   0   0  

Tier 2:

Currency Minimum placement amount Interest rates (% p.a.)
1 month 2 months 3 months 6 months
Australian Dollar 50,000 1.6    1.65 1.8 1.9
US Dollar 50,000 1.8   1.9   2.1   2.25  
Sterling Pound 50,000 0   0.1   0.3   0.4  
New Zealand Dollar 50,000 1.6    1.7   1.85   1.95  
Swiss Franc 50,000 0   0   0   0  
Canadian Dollar 50,000 0.95   1.05   1.25   1.4  
Japanese Yen 10 million 0   0   0   0  
Euro 50,000 0   0   0   0  

Tier 3:

Currency Minimum placement amount Interest rates (% p.a.)
1 month 2 months 3 months 6 months
Australian Dollar 100,000 1.7    1.75 1.9 2.05
US Dollar 100,000 1.85   1.95   2.15   2.3  
Sterling Pound 100,000 0.05   0.2   0.4   0.5  
New Zealand Dollar 100,000 1.7    1.8   1.95   2.05  
Swiss Franc 100,000 0   0   0   0  
Canadian Dollar 100,000 1.05   1.15   1.35   1.5  
Japanese Yen 25 million 0   0   0   0  
Euro 100,000 0   0   0   0  

*All rates are as on 17 July 2018.

Fees & Charges

The table given below will tell you what kind of fees are levied by Maybank on this account:

Conversion to Singapore Dollars
MEPS S$20
Account credit Free
Cashier’s Order It’s free when payable in your own name. S$5 if it is made payable to a third party.
Early Withdrawal Charge US$15 (minimum)

Who Is Eligible to Open This Account?

  • Persons aged 18 or more.
  • Persons capable of making an Initial deposit of 10,000 units for all currencies except Japanese Yen where it is 2.5 million units.

What Documents You Would Need?

The documents required for Singapore Citizens are:

Foreigners would need to furnish:

  • Employment Pass
  • Passport
  • A document to verify your address such as telecom or utility bill. The address proof document must have the same name as the Employment Pass and Passport.

How to Open This Account

Visit the official webpage of Maybank and navigate to the Islamic Foreign Currency Term Deposit-i page. Click on ‘make an appointment with your preferred branch’. Here, you can book an appointment to open this account.

Do remember that the SDIC Deposit Insurance Scheme cover is not available on foreign currency deposits, irrespective of whether they are in the conventional banking or Islamic banking system.

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