Fintech

Maybank Launches Social Impact Deposit To Help M’sians Financially Affected By COVID-19

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

This campaign, under Maybank Islamic Berhad’s Islamic Fixed Deposit account (IFD-i), means that customers can place a fixed deposit while at the same time helping financially affected Malaysians.

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

How It Works

To participate, customers simply have to make a minimum placement of RM1,000 into an IFD-i account for 6 months.

The money will not be touched, and customers will still receive the prevailing board rate for their deposits.

Meanwhile, Maybank Islamic will separately contribute 0.3% p.a. to a special account—Social Impact Assistance Account—for every deposit placement made during the offer period.

Existing customers can make the placement via Maybank2U, while new customers would have to do it over the counter at any Maybank/Maybank Islamic Berhad branch in Malaysia.

You’d need to have a Current/Savings/Daily fund-i opened and maintained for the purpose of crediting the accrued profit or principle amount.

No administration fees will be charged.

Upon maturity, the Social Impact Deposit IFD-i placement will revert to a normal IFD-i placement

Who It Benefits

Beneficiaries comprising Maybank Islamic customers will be first identified and assessed by the bank to verify that they’re in dire need of financial assistance due to a loss of income of employment as a result of the pandemic.

This financial relief will be provided over a period of 6 months, and is expected to commence upon the end of the repayment assistance period.

“Kita Jaga Kita” Spirit

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

CEO of Maybank Islamic, Dato’ Mohamed Rafique Merican said this initiative was in line with the bank’s ongoing efforts to provide assistance to its customers impacted by the pandemic.

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

“Hence, we have come up with this initiative to enable members of the community who also share the same sentiments to join hands with us.”

Social Impact Deposit isn’t the only community-focused campaign the bank has carried out; other campaigns include the:

  • Mercy Malaysia COVID-19 Fund,
  • People’s Campaign via crowdfunding platform MaybankHeart,
  • Maybank Women Eco-Weavers, who produced sustainable and reasonably-priced face masks for their communities with Maybank’s support.
  • You can read more of what we’ve written about Maybank here.

Featured Image Credit: Maybank

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