Both CIMB Bank and Maybank through their respective Islamic Banking arm have a similar offering on Upfront Profit Fixed Deposit Account. CIMB Bank is the first introducing this product in 2007 while Maybank only offer it in 2009.
CIMB Bank’s offering is called “Fixed Return Investment Account-i (FRIA-i) – WhyWait” while Maybank’s offering called “Profit Now! Account-i (PNA-i)”. Both of them are Islamic Fixed deposit and sometimes called General Investment Account-i (GIA-i)
Both of them pay the profit upfront or in other word when you open the account instead of at maturity through other Fixed Deposit Account.
The table below show the comparison between CIMB Bank and Maybank offering.
|Minimum Deposit||RM 10,000||RM 10,000|
|Tenure||1 to 3 months||1 to 6 months|
|Pledge Certificate for Financing Facilities||Yes||Yes|
|Profit Rates *||1 month||2.25%||2.30%|
* as in April 2010