CIMB Islamic FRIA-i
September 7, 2008 – 9:15 pmI have been checking our Fixed Deposit accounts at various local banks and I find that the interest rates are terrible! However, I discovered this FRIA-i account, which is also a Fixed Deposit account, with CIMB Islamic Bank. Basically, it is the same Fixed Deposit as any other conventional Fixed Deposit. However, for FRIA-i, the depositor will receive his/her “profit” upfront.
The interest rates are pretty good too. For one month it’s 3% and for the maximum of three months deposit, it is 3.35% per annum. This is slightly better than conventional fixed deposits.
I love it that we are getting the profit upfront. This means that you get to park your money with CIMB Islamic and forget about it. They will automatically deposit cash to your bank account or if you want, a cheque or banker’s draft.
I think this is a pretty good option to invest for people who do not have the time to keep tabs of shares and not enough money to purchase property.
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