BANK MUAMALAT FIXED TERM ACCOUNT (FD-i) CAMPAIGN 3MONTHS @ 4%

Dropped by the Jaya One PJ Branch to make some enquiries.

1) A savings account is required to be opened to credit the proceeds upon maturity. ("dulu tak perlu, sekarang must").
2) If placement is by cheque whether personal or Banker's, the FD-i will only be effective the next working day. However, the depositor can get the certificate on the day of placement itself.
3) Placement via online transfer/RENTAS into savings account - same day effective date.

To avoid losing 1 day interest using cheque placement, open a savings account before FD date, and online transfer/RENTAS in on FD date.

Opening savings account was quite efficient. They have some experienced staff. Very friendly.

Not sure what it is called. The deposit clip only says SA. No debit card (= no charges = no online banking)

lol. I was only referring to savings account opening experience. There is one stocky chap who is taiko there.

There were a few others customers doing the FD-i when I was there. As they learn over time hopefully my FD experience will be smoother than yours later this month

Muamalat's 4% for 3 months is much higher than CIMB's though.

1) My personal experience with SCB last month:

My RENTAS funds went into my SCB savings account by around 10am.

I informed the Marketing RM who was handling everything at that stage (had met him off-branch to open the savings account) after I did the RENTAS, and also right after the funds were credited. He said that he had informed the back office to proceed with the FD shortly thereafter. I contacted him at 4pm as the FD had not been done yet. He said he would chase the BO again. So I left it at that, thinking it might be a SCB procedure to upload the FD into the account overnight.

Unfortunately, the next morning there was still no sign of the FD. Had to chase the RM twice before the FD finally appeared in my account around 3pm.

When I contacted the RM about this, he apologised and said they would backdate the FD.

To date, no backdating done.

Honestly quite disappointed with SCB on these matters, had expected their internal communications and processing efficiency to be more efficient.

My suggestion is: If placing FD under this promo, to avoid any delays as per above, it might be better to walk into a branch to open your savings account earlier (cos if doing RENTAS need to open the Priority Savings account beforehand), though having the Marketing RM handle it off-branch is convenient. Then one can contact the Branch directly, if there is any processing delay.

1) My personal experience with SCB last month:

My RENTAS funds went into my SCB savings account by around 10am.

I informed the Marketing RM who was handling everything at that stage (had met him off-branch to open the savings account) after I did the RENTAS, and also right after the funds were credited. He said that he had informed the back office to proceed with the FD shortly thereafter. I contacted him at 4pm as the FD had not been done yet. He said he would chase the BO again. So I left it at that, thinking it might be a SCB procedure to upload the FD into the account overnight.

Unfortunately, the next morning there was still no sign of the FD. Had to chase the RM twice before the FD finally appeared in my account around 3pm.

When I contacted the RM about this, he apologised and said they would backdate the FD.

To date, no backdating done.

Honestly quite disappointed with SCB on these matters, had expected their internal communications and processing efficiency to be better.

My suggestion is: If placing FD under this promo, to avoid any delays as per above, it might be better to walk into a branch to open your savings account earlier (cos if doing RENTAS need to open the Priority Savings account beforehand), though having the Marketing RM handle it off-branch is convenient. Then one can contact the Branch directly, if there is any processing delay.

sorry for repost! Haven't figured out how to edit previous message - just a couple of words edited

Anyone can reconfirm AFFIN 24 months rate of 3.40%, which is lower than 6months to 18 months rates

Maybe because of competition. Right now Islamic Banks are more aggressive in raising rates vs Conventional Banks (as noted by several posters here), so they are also rebalancing their rates by offering higher rates for Islamic vs Conventional FD.

Yes. I did some placements too, until earlier this year, when they vacated their position. But it is easier and less costly to be among the higher rate banks when rates are low. The differences with other banks were not that much - 0.05% to 0.2% generally. Now with much higher rates, the gaps are much bigger, and it's much more costly for rate leaders.

Thanks for the efforts to create and update this chart.

May I know if this chart is kept in Lowyat site for us to access, and how do we access it? Or do we need to scroll back on this thread to locate it?

[B]Enjoy up to 3.85% p.a. Fixed Deposit/-i when you join Alliance Privilege - Latest rates[/B]

Exclusive 6-Month 3.85% p.a. Fixed Deposit/-i Interest/Profit Rate


Exclusive 3-Month 3.75% p.a. Fixed Deposit/-i Interest/Profit Rate

FD RM300k + RM10k in Savings/Hybrid Account, which is withdrawable after one month

Cash rich has the highest interest rate of 1.85% for all balances. Has not been revised despite recent rate hikes. Need to keep RM50 minimum balance

Just for comparison. Central Bank actions yesterday:

Philippines raised rates by 75bp.

Indonesia raised rates by 50bp.

Bank Muamalat FD 3 months @ 4.0%


Funded Bank Muamalat Savings Account via RENTAS in the morning, then proceeded to place the FD at Jaya One, PJ Branch 2 hours later.

No issues encountered. Attended to by 1 staff only.

In and out in 28 minutes

0.05% extra on TD-i

The ink on the fingernail should still be there? Its very stubborn ink lol

This post has been edited by BWassup: Nov 23 2022, 09:53 PM

This is effectively an FD.

Good to see Affin joining other Islamic Banks with higher rates all round. They have the advantage of a greater number of tenors

Affin 24 month rate so low, must be from an old promo, dunno if revised higher by now

Wow. 4.5% for 18 months. The highest so far!