Monday, 17 December 2018,   07 Rabiulakhir 1440H

Islamic Banking

Home > Islamic Banking > Financing > BSN MyRinggit-i ATM (Salary Deduction)


BSN MyRinggit-i ATM (Salary Deduction)


Here’s helping to make life easier for those who help keep our country safe. BSN MyRinggit-i ATM financing plan is specially designed and exclusive only to Malaysian Armed Forces Personnel.

Shariah concept
The Shariah concept used is Tawarruq which comprises of Bai Murabahah and Wakalah contracts using the commodity (underlying asset) from Bursa Suq al Sila’.


Eligibility

» Malaysian citizen aged 21 to ≤60 years old (subject to retirement age during completion of the financing)*
» Open to all rank of Malaysian Armed Forces (MAF) staff.
» Permanent employee who has been employed for 3 months and above.
» Minimum gross income (basic salary +fixed allowance) of RM3,000 per month -Lieutenant or equivalent and above.
» Minimum basic salary of RM3,000 per month – Second Lieutenant or equivalent and below.
» Monthly salary payment MUST be through BSN e-Payment System.
» BSN GIRO/i account holder.

 

*Note: For rank of Second Lieutenant or equivalent and below, the age upon application MUST not less            than 5 years from the date of retirement.

 


Documents Required

» Certified copy of latest 2 months’ Salary Slips.
» Certified copy of your NRIC (both sides)
» Confirmation letter from your employer with the following details:
-  Name / NRIC No.
-  Designation / Status
-  Monthly Gross Income
-  Date of Employment
-  Date of Retirement / Tarikh Tamat Perkhidmatan (TTP).
» Letter of Consent and Undertaking for Salary Account Deduction.
» Proof of having BSN GIRO/i account.
» A copy of form / application letter for salary account transfer to UGAT.


Financing Limit

Rank Minimum Maximum
For rank of Lieutenant or equivalent and above RM5,000 RM200,000
For rank of Second Lieutenant or equivalent and below 35 x monthly gross income / up to RM200,000 (whichever is lower)*

*Subject to monthly salary deduction limit of not more than 60%

 

Rates

»  Profit Rate for rank of Lieutenant or equivalent and above (after Ibra’ Mu’allaq of 1.51%):

Rank Financing Period Profit Rate
For rank of Lieutenant or equivalent and above 1-10 years 4.99%

 

»  Profit Rate for rank of Second Lieutenant or equivalent and below (after Ibra’ Mu’allaq of 1.21%):

Rank Financing Period Profit Rate
For rank of Second Lieutenant or equivalent and below 1-10 years 5.29%

 

 

» The profit rate of this scheme is 6.50% per annum.
» The Bank shall grant a fixed Ibra’ Mu’allaq (Conditional Ibra’) and this Ibra’ Mu’allaq will be ceased upon the following events:
 
early retirement from MAF services;
resignation from MAF services;
termination by MAF;
change of BSN Salary Account to other bank or financial institutions;
failure to pay any of the Instalments in accordance with the repayment schedule as stipulated by the Bank.
 
 
 
 
» If the Ibra’ Mu’allaq is ceased, the Profit Rate of 6.50% will remain until end of the financing tenure.

 


Late Payment Charges


   Within the Facility Period

   Overdue instalment (s) x 1% x No.of overdue day(s)
                                        365 

 

   After the Facility Period   

    Outstanding principal x IIMM x No.of overdue day(s)
                                                              365 

 

 Note:

» Islamic Interbank Money Market (IIMM) is subject to change from time to time.
» View all banking Rates & Charges.