Maybank Social Impact Deposit For Financially Affected M’sians

In what is said to be the first of its kind in Malaysia, Maybank Group today announced the launch of a campaign called Social Impact Deposit.

This campaign, under Maybank Islamic Berhad’s Islamic Fixed Deposit Account (IFD-i), means that clients can place a fixed deposit while helping affected Malaysians financially.

Many have lost their jobs or suffered pay cuts to varying degrees, and the campaign presents a new way for those of us who are more privileged to lend a hand.

How it works

To participate, clients simply need to make a minimum investment of RM 1,000 in an IFD-i account for 6 months.

The money will not be touched and clients will still receive the current pension rate for their deposits.

During this time, Maybank Islamic will separately pay 0.3% per annum to a special account – Social Impact Assistance Account – for each deposit made during the offer period.

Existing clients can place through Maybank2U, while new clients should do so at the counter of any Maybank / Maybank Islamic Berhad branch in Malaysia.

You must have a current / savings / daily fund open and maintained in order to credit the accumulated profit or principal amount.

No administration fees will be charged.

At maturity, the IFD-i social impact deposit placement will revert to a normal IFD-i placement

Who benefits

Beneficiaries including Maybank’s Islamic clients will first be identified and assessed by the bank to verify that they are in urgent need of financial assistance due to loss of employment income due to the pandemic.

This financial assistance will be provided over a 6 month period and should begin at the end of the repayment assistance period.

“Kita Jaga Kita” spirit

The campaign runs from October 15, 2020 to December 31, 2020.

Maybank Islamic CEO Dato ‘Mohamed Rafique Merican said the move was in line with the bank’s continued efforts to provide assistance to its customers affected by the pandemic.

“The impact of the virus has been devastating for so many and we believe we are in a unique position to help those who are still rebuilding their lives at this time,” he said.

“Therefore, we have developed this initiative to allow members of the community who also share the same feelings to join us.”

Social impact deposit isn’t the only community campaign the bank has run; other campaigns include:

  • Mercy Malaysia COVID-19 Fund,
  • Popular campaign via the crowdfunding platform MaybankHeart,
  • Maybank Women Eco-Weavers, which produced durable and reasonably priced face masks for their communities with support from Maybank.
  • You can read more of what we wrote about Maybank here.

Featured Image Credit: Maybank

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Jothi Venkat

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