FRIA-i 45Plus is a fixed return investment account for senior citizen age 45 years and above where the profit rate is made known earlier to the Customer upon application based on the Tawarruq transactions.
Tawarruq is an arrangement that involces a purchase of a commodity or asset based on deferred payment basis by way of Murabahah (Cost Progit). In this case, the Customer is purchasing the commodity as the underlying asset from the Bank. The commodity or asset is then sold for cash to a party other than the original seller.
Commodity to be used for the purpose of Tawarruq transaction is subject to commodity brokers.
|The concept of||Tawarruq|
|Tenure||6, 12, 24, or 36 months|
Profit rates will be determined during the opening or renewal of account.
|Profit payment option||
|Type of account||
Note: Any changes subject to the Bank's discretion.
- Senior citizen age 45 years and above
- Open for individual account only
- Types of individual account for this product are classified into:
|Individual Account||Account that is opened by individual aged 45 years old and above.|
|Joint Account (Individual)||
Fees & Charges
|Brokerage fee (Withdrawal less than 3 months)||Brokerage fee will be charged at 0.05% on the total investment or RM50.00, whichever is lower.|
|Replacement of lost Investment Deposit Statement / Certificate||RM5 per Statement / Certificate|
Note: The bank will send at least 21 days notice to customers before any changes is made to the fees and charges.
Notes: The above fees and charges are subject to 6% GST