Maybank General Investment Account-i (GIA-i)

A Shariah-compliant investment account based on the contract of Mudarabah (profit sharing)
Minimum investment:
RM5,000 (1 month)
RM1,000 (2 months and above)

* Not covered by PIDM. Principal is not guaranteed

More info : Maybank eGIA-i



Layman explanation : This is an islamic investment instrument that practically function in between of SA and FD.

Eligibility:
i) Malaysian (irrespective of race/religion/gender) ***(for those who don't belong to this, refer to the website link above to find out your eligibility)
ii) Maybank2u online account
iii) At least RM 1,000.00

Steps to open new/place subsequent:
i) Log in to Maybank2u -> Accounts & Banking -> Fixed Deposits & Mudarabah IA

ii) Make a placement -> Product type select General Investment Account (GIA-i)

(Only for frist placement, fill in the questionaire, and proceed)

iii) Select your preferred tenure (practically doesn't matter except 1 month vs other months, explain later)

iv) Enter your principal amount and other options, then click Continue

v) Verify information and click Confirm

Step to uplift eGIA-i:
similar to how you uplift eFD.



Historical Profit Rate:
1st July 2015 - 15th April 2016 : 4.00% p.a.
16th April 2016 - 15th May 2016 : 4.00% p.a.
16th May 2016 - 15th June 2016 : 4.00% p.a.
16th June 2016 - 15th July 2016 : 4.00% p.a.
16th July 2016 - 15th August 2016 : 3.75% p.a.
16th August 2016 - 15th September 2016 : 3.58% p.a.
16th September 2016 - 15th October 2016 : 3.60% p.a.
16th October 2016 - 15th November 2016 : 3.60% p.a.
16th November 2016 - 15th December 2016 : 3.55% p.a.
16th December 2016 - 15th January 2017 : 3.55% p.a.
16th January 2017 - 15th February 2017 : 3.50% p.a.
16th February 2017 - 15th March 2017 : 3.50% p.a.
16th March 2017 - 15th April 2017 : 3.45% p.a.
16th April 2017 - 15th May 2017 :

Note : Profit Sharing Ratio (PSR) in the page is just FYI on how the profit was shared between the bank and you as part of the islamic Mudarabah concept.
Note 2 : Layman wise, you are entitled to the profit rate quoted without any extra calculation



Pros:
i) Profit calculated daily, flat profit rate for the whole balance, no tiered and hidden condition

ii) Irregardless of placed tenure, you will get back principal + profit for the amount days placed even if you uplift prematurely, provides high flexibility and liquidity.

iii) Higher profit rate compared to saving accounts and board FD.

iv) Similar to eFD, you can place multiple certificates, each with different amount and tenure to suit your purposes

Cons:
i) Once you placed, you cannot uplift on the day itself, can only uplift the next day onwards

ii) Similar to eFD, you can only place and uplift from 6am to 10pm, daily including weekends and public holiday

iii) No PIDM protection.

iv) Influenced by OPR, in the event of profit rate changes, you will entitled the profit rate according to the duration of your placement (refer to historical profit rate)



eGIA-i Review by others:
i) GenX GenY GenZ - Earn More FREE Money with Maybank Mudarabah Islamic Accounts versus Savings Accounts
ii) Stretch Your Ringgit - Maybank General Investment Account-i (GIA-i)
iii) Personal Loan Malaysia - Maybank GIA (General Investment Account) review
iv) Dividend Magic - Where to park your money? Maybank GIA-i

This post has been edited by AIYH: Apr 20 2017, 10:52 PM

cybpsych Ramjade

Rather than having everyone asking this across different threads, might as well open a thread for it

This post has been edited by AIYH: Nov 8 2016, 02:11 PM

FSM that one previous people jaga, i take over nia

This one see too many people ask around, but it doesn't quite qualify to discuss as FD (no PIDM) or SA (same no PIDM ) or as investment since almost no risk to discuss about.

Seen many people ask in so many threads, and keep repeating the explanation, so open one to direct all eGIA-i inquiries to here better, save the hassle and more effective

???

If you decide to opt for tenure longer than a month (say 6 months) and let it stay idle for more than a month, then the profit is paid monthly to either casa or add into principal (whichever you choose)

However, if you decide to uplift prematurely (which is how most of us do anyway ), then you will get the profit upon upliftment

I illustrate a scenario in hope that you can understand it.

Say you place the following.

Principal 3k
Tenure 6 months
Placed on 11/11/2016

Profit instruction scenario 1: credit to casa
If you choose this, you will receive monthly profit into your casa
Your principal still remain in GIA

Profit instruction scenario 2: add to principal
If you choose this, you will receive monthly profit that add into the principal itself
Nothing will be credited to your casa
Your principal plus profit will remain in the same GIA cert

This post has been edited by AIYH: Nov 8 2016, 09:19 PM

If you read the review made by stretch your ringgit, you will see this extract:

In theory it should be

But i have yet to try since I uplift most of my cert weekly

Used to be, but ever since I get to know ASx and FSM, i put some into ASx FP while the rest dump into Asnita liao

Still, given eGIA-i special nature, I treat it as my quasi saving account dy other SA and FD all not practical to compete liao (to me at least)

Technically you can, and if they will round your profit to the nearest cent if you care about it

But time is gold also, when you uplift, you need TAC also, takkan everyday TAC?

The profit rate is declared every mid of the month and from that day to the next mid of the month, profit will be calculated based on that period's profit rate

Give you a hypothetical case:

Say the historical profit rate is like this:

16/6 - 15/7 : 5% p.a.
16/7 - 15/8 : 3% p.a.
16/8 - 15/9 : 4% p.a.

Say you placed 3k on 27/6 for tenure 2 months

If you decide to uplift it on 19/8, then your profit entitlement will be calculated as below:

[(4 + 15) * 5% / 366 + 31 * 3% / 366 + 3 * 4% / 366] * 3k = RM 16.39

Of course this calculation havent consider the fact that profit will be paid monthly depending on your profit instruction, so real life case my be slightly different, but this is the basic idea of the profit calculation

This post has been edited by AIYH: Nov 8 2016, 11:25 PM

first, not sure still have quota or not

second, need 10k and 12 months, no money plus too long :lol

FD forum a lot of people discussing that

EDIT: Come to think about it, should the eGIA-i promo rate be discuss on FD forum or here?

This post has been edited by AIYH: Nov 9 2016, 08:13 AM

risk is not a problem, but given it is not protected, fixed income do provide better returns then GIA for now (unless they raise OPR until fixed income return dont look attractive, then thats another story )

Do you think is worth to forgo the PIDM protection for SA and board FD in favor for GIA profit?

Not sure what will others think about this, may be can use this point to spread this product to your peers

Unless there is another party who can offer similar feature and better rates (besides ASx FP)

If promo FD have better rates than GIA and you have the money, by all means go for it

However, just wondering, from my POV, GIA is definitely better than normal SA given they have similar function with multiple fold higher rate.

Although GIA and board FD don't differ by much, GIA still better in slightly higher rates and penalty-less uplift, provide much better flexibility?

My concern is that what is the bottom line for people to prefer SA (PIDM but very low interest) over GIA (no PIDM but higher rate, although risk very very very low)?

Want to, but ASx FP at its current form is still like traditional banking, so I normally top up like 100 to all funds every month (unless their online platform is convincing and convenient enough then will consider to play around my money strategy )

Is just like efd, you place them as multiple certificates and uplift them individually as you like

The major difference is the upliftment penalty:

eFD will penalize you for early upliftment (no interest or half interest)

GIA will give you profit according to the number of days you placed in the event you uplift less than a month

This post has been edited by AIYH: Nov 9 2016, 09:20 AM

Usually 2-3 working days after 15th for them to release the new rate

Or if you put 6-7 figures, you can calculate your 1 day interest by trying to uplift and calculate from there to see whether there is any change in rate or not

If you don't need the money urgently or not in need for the liquidity, there are plenty other options for higher return such as promo fd, asnb fp, fixed income fund, bond etc...

Egia is practically a kind of replacement for saving account and board rate fd due to is liquidity and profit compared to SA and board FD

Do you place your eGIA under board or promo?

If promo kindly refer to the promo rate

If board, kindly refer to the product website or refer 1st post

When you placed this cert, the profit payment by default will be to credit the profit to your casa monthly (unless you change the setting later).

Your first month profit from 24/10 to 23/11 were probably in your casa account dy, so now what is accumulating is the 2nd month profit from 24/11 to 3/12, around 10 days profit which actually match the amount u post