Maybank has just launched a Singapore Dollar Islamic term deposit called the Deposit-i. This is the first Islamic deposit in Singapore for retail clients.
Maybank’s Islamic Term Deposit-i is based on the Islamic financial principle of Murabaha involving the sale of commodities at a marked-up price between Maybank and you. Profits are determined before placement and so there is no exposure to commodities’ risk. Not only that, you will also be paid upfront profits the next day (one calendar day after cash placement or cheque clearance) instead of upon maturity.
- Syariah Compliant
- Competitive profit rates
- Choice of 3,6 and 12 months tenure with interest of 0.5%p.a., 0.625%p.a. and 0.875%p.a. respectively
- Low minimum deposit (S$10k for 12 months and S$25k for 3 or 6 months)
- Pays returns upfront instead of upon maturity
- Customers who are 55 years old or above will enjoy 0.25% p.a. above the prevailing profit rates for 6 and 12 months deposit. However, to enjoy the special rate, their minimum placement is S$25k for 12 months tenure and 50k for 6 months tenure.
- Fresh funds only. Exclude transfers from existing Maybank accounts and renewal of S$ Fixed Deposit
- A cap of S$250,000 of new deposit per customer
- Offer is valid for a limited period only. Rates are subject to change.
- Not valid in conjunction with other promotions or priveleges (e.g. Privilege Plus Time Deposit) unless otherwise specified
- Term Deposit-i is available as a personal, joint or corporate account. To open a Term Deposit-i account, you need to be at least 15 years of age.
For more information, call Maybank at 1800-629 2265 or visit any of their 22 branches.