• Maybank Islamic Singapore Dollar Term Deposit-i

    Maybank Islamic Singapore Dollar Term Deposit-i is a fixed deposit scheme which is created on Shariah principle known as Murabaha. This principle involves selling commodities at a higher price. You will get the profit immediately instead of waiting till the maturity.

    What to Expect With This Account

    • Get profit rates instead of interest rates, as interest or riba is banned as per Islamic banking rules.
    • Choose placement periods from 1 month, 2 months, 3 months, 6 months, 9 months, 12 months, 24 months and 36 months.
    • If you are 55 years old or above, receive an additional 0.25% over the prevailing profit rate.
    • Get easy access to overdraft facility.
    • Use Online Banking or Mobile Banking facility any day and at any time.

    What Profit Rates Are Offered

    Profit rates for Singapore Dollar Term Deposit-i for depositors ages less than 55 years are:

    Tenure (months)/Deposit amounts 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 0.2 0.2 0.2 0.2
    2 0.3 0.3 0.3 0.3
    3 0.35 0.35 0.35 0.35
    6 0.4 0.4 0.45 0.5
    9 0.55 0.55 0.6 0.6
    12 0.7 0.7 0.7 0.75
    18 0.9 0.9 0.9 0.95
    24 1 1 1 1.1
    36 1.8 1.8 1.8 1.8

    The minimum deposit amount for a period of one month is S$10,000.

    Profit rates for Singapore Dollar Term Deposit-i for depositors ages 55 years and above are:

    Tenure (months)/Deposit amounts 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.)
    6 0.65 0.65 0.7 0.75
    9 0.8 0.8 0.85 0.85
    12 0.95 0.95 0.95 1
    18 1.15 1.15 1.15 1.2
    24 1.25 1.25 1.25 1.35
    36 2.05 2.05 2.05 2.05

    The minimum deposit amount for a period of one month is S$50,000.

    *All rates are as on 17 July 2018.

    Who Is Eligible to Open This Account?

    The eligibility criteria to open an Maybank Islamic Singapore Dollar Term Deposit-i account are:

    • Minimum age – 16 years.
    • The initial deposit for a one-month tenure is S$10,000.
    • The initial deposit for tenures from 2 months to  years is S$1,000.
    • The initial deposit for a 1-week tenure is S$1 million, which is applicable only to corporate accounts.

    What Documents You Would Need

    Singapore Citizens:

    • NRIC

    Foreigners:

    • Employment Pass
    • Passport
    • Address proof documents such as telecom or utility bill. Your name in the address proof document must match with the Employment Pass and Passport.

    How to Open This Account

    In order to open the Maybank Islamic Singapore Dollar Term Deposit-i, you must visit the official webpage and make an online appointment with your preferred branch.

    FAQs

    Q. Is this different from a fixed deposit account?

    A. Yes. Here, there is a sale of commodity between you and the bank involved. A regular fixed or time deposit account falls under the conventional banking system, while the Singapore Dollar Term Deposit-i account functions under the Islamic banking system.

    Q. What type of commodities are involved?

    A. Commodities like palm oil, metal, etc. are usually involved.

    Q. How can I get the profit?

    A. You will get an amount as profit, which will be determined at the beginning of the transaction itself. It will be given to you the next calendar day after you place the amount in the bank by cash. If you place by cheque, you will get the profit the next calendar day after your cheque is cleared.

    Q. Can I do the placement online?

    A. An online placement is not available at this moment.

    Q. Is there any insurance coverage for this account?

    A. Yes, the Maybank Islamic Singapore Dollar Term Deposit-i is covered under the Deposit Insurance Scheme.

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