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What is a savings account and why do I need to open one?
A savings account is an interest-bearing deposit account which is held at a bank or other financial institution. It is easy accessible and provides convenience for making daily inflow and outflow transactions. Some of the providers offer debit ATM card which allows the account holders to enjoy greater benefits such as rebates and co-brand promotions.
What are the different types of savings accounts?
In general, savings accounts in Malaysia can be categorised by different age groups, resulting in junior, teenager, and senior accounts, which each has its own application requirements. You might also find a number of Islamic savings accounts available in the market that apply profit sharing instead of conventional interest earning which is prohibited by Syariah law.
Who is eligible to open a savings account?
A basic savings account often has a low barrier of entry where the minimum initial deposit amount can be as low as RM20, even lower at RM1 to open a junior savings account for kids. The minimum age to open a basic savings account is 18 years old.
How do I sign up for a savings account?
Traditionally, one must open a savings account over the counter at bank branches. In recent years, most of the banks provide secured internet banking service and so you can easily sign up online now.
What are the required documents to open a savings account?
Simply bring your minimum initial deposit amount and MyKad for Malaysians. For PR and foreigners, please carry your passport and student pass or employment pass, if applicable.
How many people are allowed on one savings account?
Savings accounts can be operated individually or jointly. The amount of people allowed on one savings accounts depends on the selected bank and the type of savings account, it can be from 1 to 4 individuals.
Is it safe to keep my money in a savings account?
PIDM keeps your money safe while you are preparing for the future. Islamic and conventional deposits are eligible for a separate RM250,000 deposit insurance protection limit per depositor per member bank.
What are the fees & charges?
Different types of savings accounts maintain different fees and charges. However, some of the costs such as interbank and intrabank fund transfer fees are rather standard in amount. The overview of options provided on our website will give an insight into the different fees and charges imposed by the various types of accounts and banks.
How is the interest on my savings account calculated?
Bank look at how much money deposited in the account on any given day. The interest rate is calculated on a daily basis and credited on a monthly basis. Some savings accounts offer bonus interest rates by fulfilling to certain conditions too.
How do I close my account?
You will just need to visit a branch and bring a proof of your identity. No extra charges will be applied.
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