• CIMB FastSaver-i Account FAQ

1. What is CIMB FastSaver-i?

CIMB FastSaver-i is a Shariah-compliant online savings account using the Shariah concept of Murabahah (mark-up) to facilitate the deposit-taking activity from you to the bank. The deposits collected will be managed in accordance with Shariah and you are eligible to earn a profit of up to 1.50% p.a. In addition, we do not charge fall-below fees for this account. Profit rate is subject to change.

2. How is CIMB FastSaver-i different from the regular CIMB FastSaver account?

CIMB FastSaver-i is a Shariah-compliant online savings account and account holders will enjoy the same benefits as offered by the regular CIMB FastSaver account in the form of no fall below fee. You will also receive returns in the form of profits on your CIMB FastSaver-i account.

3. What is Commodity Murabahah?

Commodity Murabahah is the purchase of certain specified commodities on a cost plus profit basis (Murabahah) agreed upon by both parties (buyer and seller) and subsequently, the commodity is sold to another commodity trader (third party) with the objective of obtaining cash. 

4. Is CIMB FastSaver-i’s offer of 1.50% p.a. profit a promotional rate?

No, the 1.50% p.a. profit offered by CIMB FastSaver-i is not a promotional rate.

Do note that the 1.50% p.a. applies to balances from above S$50,000 to S$75,000. 1.00% p.a. for balances up to S$50,000 will apply accordingly. For the remaining balance above S$75,000, a profit rate of 0.6% p.a. shall apply.

5. How do I apply for CIMB FastSaver-i account?

You may apply for the CIMB FastSaver-i account via our online e-form here.

Upon successful application, you will be instantly notified of your new CIMB FastSaver-i account number with the information displayed onscreen. Your account number will also be sent to you via email to your email address as registered on the e-form.

6. What must I do after receiving my CIMB FastSaver-i account number?

New-to-Bank Customers

You are required to activate your CIMB FastSaver-i account after receiving your new account number. You can do so by transferring a minimum initial deposit of S$1,000 via FAST (Fast and Secure Transfers) from your account with another bank into your CIMB FastSaver-i account using Internet banking:

  • For Individual Account Holder: do a funds transfer via FAST from your personal account (i.e. the account must bear your name only) with another bank in Singapore.
  • For Joint Account Holders: do a funds transfer via FAST from each of the respective applicant’s personal account (i.e. the respective account must bear the individual name only) with another bank in Singapore.

Please note that your CIMB FastSaver-i account cannot be activated if the minimum initial deposit is funded by a 3rd-party account that does not bear the name of the individual account holder or the respective name of the joint account holders.

Existing Bank Customers

You can activate your CIMB FastSaver-i account by transferring the initial deposit of S$1,000 from your CIMB Bank Singapore Savings and/or Current Account using CIMB Clicks.

7. How do I deposit into or withdraw funds from CIMB FastSaver-i?

As this is an online savings account, you are encouraged to conduct your day-to-day banking transactions conveniently from the comfort of your home or on the move via CIMB Clicks Internet Banking or Clicks on Mobile (via the CIMB Clicks Singapore app on iPhone or Android). If you do not have a CIMB Clicks account yet, you may apply for this free service here. There will be charges if you choose to deposit or withdraw funds via other channels:

Depositing into CIMB FastSaver-i

Channel Fees & Charges

Via Internet Banking

Free

Via Quick Cheque Deposit Box at the branch

Free
Over the branch counter S$5 per counter transaction

Withdrawing from CIMB FastSaver-i

Channel Fees & Charges
Via CIMB Clicks Internet Banking Free
Via ATM S$10 (one-time) for application of a new ATM card and/or S$10 (one-time) for linking of CIMB FastSaver-i account to existing CIMB ATM Card.
Over the branch counter S$5 per counter transaction

8. What should I consider when applying for CIMB FastSaver-i account?

As CIMB FastSaver-i is designed with the digitally-savvy working professional in mind and is intended to free customers from the hassle of going to the branch, do consider the following factors before applying for this online savings account:

  • Shariah compliant
  • For validation purpose, the CIMB FastSaver-i account can only be activated when the customer transfers the minimum initial deposit to this online account via FAST (Fast and Secure Transfers) from his/her savings/current account with another bank in Singapore or from his/her CIMB Bank Singapore Savings and/or Current Account via CIMB Clicks.
  • As this is an online savings account, customers are encouraged to perform banking transactions online. There are charges for issuing new ATM cards, linking of CIMB FastSaver-i to existing ATM card and over-the-counter transactions at the branch. (For more information, please refer to the Complete List of Fees and Charges.)
  • To access CIMB FastSaver-i account information, having a CIMB Clicks Internet Banking account is necessary. This free service can be applied here at the same time when you apply for the CIMB FastSaver-i account.
  • CIMB FastSaver-i is a savings account and does not offer cheque books.
  • Given the nature of this account, there will also be neither passbook nor paper statements issued to customers. Customers can access their CIMB FastSaver-i account details conveniently via CIMB Clicks. A PDF electronic statement of the account can also be downloaded from CIMB Clicks Internet Banking.

1. What does ‘Shariah-compliant’ mean?

The term ‘Shariah-compliant’ is used in Islamic Finance to denote that a financial product/service/activity complies with the principles of Shariah (Islamic Law). This means that CIMB Bank can manage your deposit to fund all economic activities unless there is a clear prohibition that it is non-permissible. Examples of non-permissible financial activities are those that are interest-based or businesses that are in the alcohol, pork, entertainment and tobacco industries.

2. How does CIMB ensure that its products are Shariah-compliant?

CIMB Bank’s Shariah-compliant products have been reviewed and approved by the CIMB Islamic Shariah Committee, comprising of independent Shariah scholars who ensure that all products comply with Shariah. The CIMB Islamic Shariah Committee consists of eminent global experts with deep experiences. For more information on our Shariah Committee, please visit http://www.cimbislamic.com/

3. How many Shariah-compliant products does CIMB have to offer?

CIMB Bank offers a wide range of Islamic banking products to cater to both individual and non-individual customers. Islamic deposit products are available for individual customers. For non-individual customers, we offer Islamic deposits, financings, trade finance products, Islamic FX and Islamic Hedging solutions.

4. Can a non-Muslim apply for a Shariah-compliant product?

Yes! All of CIMB Bank’s Shariah-compliant products are available to everyone.

5. What is Zakat?

Zakat is the 3rd pillar of Islam and is the determined share of wealth prescribed by Allah (S.W.T) to be distributed to the 8 categories entitled to receive it. Zakat as translated from Arabic means growth, multiplicity, fertility, cleansing, full baraqah. It is an ibadah in terms of wealth and is obligatory on the Muslim who has the financial means. You can now conveniently pay your Zakat to MUIS via CIMB Clicks Internet Banking.

6. What is Wakaf?

Wakaf is a sadaqah jariyyah (recurring/ongoing charity), a voluntary charitable endowment, from one’s personal belongings or wealth in the form of cash/property for Shariah-compliant causes. You can pledge your own Wakaf to MUIS via CIMB Clicks Internet banking as well.

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