An article by GenX GenY GenZ : http://genxgenygenz.blogspot.com
Please do not reproduce/reprint this article in whole or part in any form.
Did you guys know that Bank Rakyat offers products similar to Fixed Deposit with interest rates higher than most if not all commercial and foreign banks' Fixed or Time Deposit board rates?
For example, as of October 2012, Bank Rakyat Qiradh General Investment Account-i 12 months tenure dividend rate is 4.01%. Not only that, you can even opt for monthly dividend is you deposit a certain amount.
However, since Bank Rakyat is a non-commercial bank but actually a cooperative-bank backed by the government of Malaysia, it does not offer current account facilities.
And from what I understand from Laws of Malaysia - Bank Kerjasama Rakyat Malaysia Berhad (Special Provision Act 1978), Bank Rakyat staff are considered to be civil servants - click here and see Clause 26.
And did you know that Bank Rakyat is also ranked the No.1 Islamic Bank in Malaysia? Not only that, it is ranked in the Top 20 among the Top 500 Islamic Bank. Pretty good, well actually very impressive for a cooperative bank run by "civil servants".
To learn more on Bank Rakyat "Fixed/Time Deposit" dividend rates, please click on below link to read my article at my main blog GenX GenY GenZ:
