Important Notice: New Premature Withdrawal Rules for Fixed Deposit, Term Deposit and Term Fund-i
Dear Valued Customers,
New Premature Withdrawal Rule for CONVENTIONAL FIXED DEPOSIT
Please be informed that with effect from 1 January 2019 (“Effective Date”), the new premature withdrawal rule for all existing, renewed and new placements of Conventional Fixed Deposit are as follows :-
| NO | PREMATURE OPTIONS | DETAILS |
| 1 |
Immediate Premature (Without 31 days’ Notice Period) |
No interest shall be paid on any immediate premature withdrawal of FD that has not completed its respective full tenure period. |
| 2 |
Premature (With 31 days’ Notice Period) |
50% of the contracted interest rate is payable when a ‘Notice Period’ of 31 days (inclusive of the day of notice) is given by the customer at the branch. Once the notice is given, the customer is not allowed to change the instructions and uplift the Fixed Deposit until the end of the ‘Notice Period’. |
For premature withdrawals performed prior to 1 January 2019, the previous FD premature withdrawal rule will still be applicable.
Click here for more information on the New Premature Withdrawal Rule for Conventional Fixed Deposit
Click here for Conventional Frequently Asked Questions (FAQ)
Click here for Terms and Conditions Governing Banking Accounts
Click here for Sample Notice for FD Premature Withdrawal with 31 days' Notice Period
New Premature Withdrawal Rule for ISLAMIC TERM DEPOSIT AND TERM FUND-i
Please be informed that with effect from 1 January 2019 (“Effective Date”), the new premature withdrawal rule for Islamic Fixed Deposit-i (IFD-i), Prosperous Now! Account-i (PNA-i) and General Investment Account-i (GIA-i) that are renewed or placed from 1 November 2018 (“Placement Date”) are as follows:-
| NO | PREMATURE OPTIONS | DETAILS |
| 1 | Immediate Premature (Without 31 days’ Prior Written Notice) | No profit shall be paid. The Customer waives his right to the Bank on the entire contracted profit. |
| 2 | Premature (With 31 days’ Prior Written Notice) |
The Bank shall pay 50% of profit computed based on actual number of placement days. The Customer shall waive his right to the Bank on the remaining contracted profit when a 31 days’ prior written notice (inclusive of the day of notice) is given by the Customer to the Bank. Customer is not allowed to uplift the placement until the due date of the notice |
The above conditions does not apply for 1 month GIA-i placement. Customers may withdraw the Fund at any time and will receive the accrued profit (if any) based on the number of days of the investment. For placement or renewal of IFD-i and PNA-i prior to 1 November 2018, the existing premature withdrawal rule is applicable.
Click here for more information on the New Premature Withdrawal Rule for Islamic Term Deposit and Term Fund-i
Click here for Islamic Frequently Asked Questions (FAQ)
Click here for Terms and Conditions Governing Deposit Accounts for Islamic Banking
Click here for Terms and Conditions Governing Mudarabah Investment Account (s) for Islamic Banking
Click here for Sample 31 days’ Notice Period for Deposit and Term Fund-i Premature Withdrawal