Bank Islam Fixed Deposit Malaysia

Whatever you call it, be it a term or fixed deposit, opening this type of account offers this specific specialty. It can be a good investment option if you own ‘cold money’, meaning this money serves nothing but to be a spare asset. If you plan to open fixed deposit in Bank Islam, it is better to understand a bit about this matter before walking to the nearest branch to apply for a new account.

To be briefly said, a fixed deposit is a deposit/saving product offered by banks with a larger interest rate compared to the conventional banking product. Along with that higher interest rate, you need to deposit money and comply with specific tenure. Tenure is defined as a time span, in which you cannot withdraw the money you’ve deposited in the bank. If you happen to take the money before the term ends, it may result in interest cancellation. You may even be charged with additional fees.

Bank Islam Fixed Deposit Malaysia

If you decide to save your money in Bank Islam, you must know the bank offers a lot of saving account types and you need to learn which one suits your preference. It also offers Bank Islam fixed deposit Malaysia, a fund saving banking product with higher interest rate as we’ve discussed earlier.

In Bank Islam fixed deposit Malaysia service, or branded by the bank as Term Deposit I Tawarruq, the tenure varies from 1-60 months. Multiple of one-month tenure deposits are available from 1-12 months, and multiple of three-month tenures are available starting from 15 month.

Bank Islam Fixed Deposit Malaysia

PeriodDepositRate % p.a
1 monthMIN RM 5,0001.65%
2 monthsMIN RM 5001.65%
3 monthsMIN RM 5001.7%
4 monthsMIN RM 5001.7%
5 monthsMIN RM 5001.7%
6 monthsMIN RM 5001.75%
7 monthsMIN RM 5001.75%
8 monthsMIN RM 5001.75%
9 monthsMIN RM 5001.8%
10 monthsMIN RM 5001.8%
11 monthsMIN RM 5001.8%
12 monthsMIN RM 5001.85%
15 monthsMIN RM 5001.85%
18 monthsMIN RM 5001.85%
21 monthsMIN RM 5001.85%
24 monthsMIN RM 5001.85%
36 monthsMIN RM 5001.85%
48 monthsMIN RM 5001.85%
60 monthsMIN RM 5001.85%
Special TDT-i TWQMIN RM 500Please refer to Treasury

The interest rate ranges from 1.60%-1.85% p.a. Another requirement you should have is the money itself. The bank opens its service for one-month term deposit as well, and there is a minimum deposit amount difference with other tenure categories.

If you deposit money for just a month, the minimum amount of money is RM 5,000. For two-month tenure and above, you only have to prepare half of it, which is RM 500. Once you’ve understood the requirements, you can follow this instruction to apply.

How to apply for a fixed deposit in Bank Islam

  1. Open Bank Islam’s official website and head to their Personal Banking > Deposit and Investments. Pick Deposit Account > Term Deposit-i Tawarruq. Scroll down and shortly click on Apply Now. Follow the instructions to open a new account.
  2. Aside from applying online, you can also directly visit any Bank Islam branch. This way, you can get thorough information regarding the fixed deposit system.
  3. Comply with all instructions provided. Don’t hesitate to ask questions have there been some questions you want to pose.

Everyone aged 18 years old and above can apply for this banking service, either Malaysian or non-Malaysian, resident or non-resident. Please prove your qualification by providing a valid identification card/document.