For some people, when somebody says about fixed or term deposit, it may trigger their curiosity. You may also wonder about it as well. Actually, the definition of fixed deposit is pretty basic and similar to conventional type of saving. So, what is fixed deposit? It is defined as a type of saving that’s offered by a bank with a higher interest rate and specific tenure.
Many of you only got the higher interest rate as the definition’s bottom line, but you should also consider the tenure as well. Tenure is described as a time span, in which you should not take back the deposited money. It may range from one month to five years.
The longer you deposit your money, oftentimes the higher the interest rate will be. Keep in mind there is specific minimum amount of deposit you must comply in order to open a deposit account.
It is a general and basic rule conducted by all banks, including Bank Muamalat and its product: Bank Muamalat fixed deposit Malaysia. If you are a Bank Muamalat account holder, you will be subject to this rule as well. There will be different interest rates and minimum amount of deposit, but the basic rule is literally similar.
Just like depositing your money in other bank, Bank Muamalat fixed deposit Malaysia also has its customer preference. In short, it can depict who can become the depositor. Luckily, the bank only sets minimum age as the application requirement.
Bank Muamalat Fixed Deposit Malaysia
Bank Muamalat Fixed Deposit
|Deposit||Deposit Period||Effective Profit Rate|
|min. RM5,000||1 month||1.8%|
|min. RM1,000||3 months||1.85%|
|min. RM1,000||6 to 9 months||1.95%|
|min. RM1,000||12 to 18 months||2.05%|
|min. RM1,000||21 to 24 months||2.1%|
|min. RM1,000||36 months||2.4%|
|min. RM1,000||48 to 60 months||2.5%|
Bank Muamalat Fixed Deposit ( Retail )
|TENURE||PROFIT RATE (p.a.)|
Bank Muamalat Fixed Deposit ( Corporate )
|TENURE||PROFIT RATE (p.a.)|
Besides, you should know which tenure you want to use. For this bank, the interest rate ranges from 1.80% to 2.05% p.a. The minimum amount of deposit is RM 5,000 for one-month tenure and RM 1,000 for other tenures. Now that you’ve known the nitty-gritty of Bank Muamalat fixed deposit, you can follow this procedure to open deposit account.
How to apply for a fixed deposit in Bank Muamalat
- Locate the nearest branch of Bank Muamalat and simply go there.
- Talk to the customer service and tell them that you are interested in depositing your money. The team will be glad to help you open a new deposit account.
- Know what it takes to deposit your money in the bank. Ask questions if you think you are confused about something.
- Once you’ve understood the overall processes, you can now get into the application process. Follow and finish the instructions provided to open your deposit account.
As mentioned earlier, the longer you deposit the money, the higher chance you can get a better interest.