Posted by: mylittlesnow | April 8, 2009

RM5bil National Savings Bond – Worth checking out!

If you have extra moolah and you don’t know what to do with it, you might want to consider investing in National Savings Bond. This Bond fund is giving out a return of 5% a year and the bond maturity is 3 years.

Each person above 21 years of age will only be allowed to buy a maximum RM50,000 worth of Islamic bonds and you get get it from any of the countr’s commercial and Islamic banks. Considering the low FD interest rates (2.5% for 1 year FD) offered by our local banks at this moment, i think this is a good deal.

Actual news report below:

RM5bil National Savings Bond on sale from April 14

KUALA LUMPUR: The first batch of the planned RM5bil National Savings Bond where savers can receive a return of 5% per year will be offered for sale from April 14 to May 13, the Finance Ministry said in a statement yesterday.

The Islamic bonds, called Sukuk Simpanan Rakyat, will be launched on May 14 and Bank Negara will issue an initial RM2.5bil worth of bonds for the public to buy.

Each person above the age of 21 will be able to buy a maximum RM50,000 worth of Islamic bonds at any of the country’s commercial and Islamic banks, Bank Kerjasama Rakyat Malaysia Bhd, Bank Simpanan Nasional Bhd and Bank Pertanian Malaysia Bhd.

The minimum amount of bonds a person must buy is RM1,000.

The Islamic bonds will mature in three years. Individuals can, however, redeem their bonds anytime within the bond’s three-year tenure.

The allocation of the bonds to the public will be on a first come first served basis and successful applicants will be notified by the banks where their purchases are made.

Profit payments will be made on a quarterly basis through the sukuk holders’ accounts with their bank.

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