Savings and Current Accounts in Malaysia

Mostly, all banks in Malaysia offer a wide range of savings and current account facilities to their customers. Malaysian banking consists of basic accounts as well as Shariah-compliant accounts for customers to choose from. The difference between the two accounts basically lies in their usage and requirements.

Savings Account

This account allows you to deposit your money, withdraw it as well as perform other basic banking tasks – all these while enjoying a benefit from the accrued interest, albeit lower than the interest/profit accrued on a fixed deposit.

List Of Savings Account

Here’s a list of some popular savings accounts available in Malaysia.

Bank Name Minimum Deposit Amount Interest Rate
Maybank2u Savers RM2,000 2.10% p.a. to 2.30% p.a.
CIMB Basic Savings Account RM20 0.25% p.a. to 0.45% p.a.
Hong Leong Harvest Savings Account RM1,000 0.35% p.a. to 2.15% p.a.
Public Bank WISE Savings Account RM20 starting from 3.20% p.a.

Types of savings accounts

  • Basic Savings Account: This is a simple deposit account that anyone can apply. All Malaysian banks provide their customers with a basic savings account.
  • Senior Savings Account: Senior citizens (retirees and pensioners) can open this account to save their money.
  • Junior Savers Account: As a parent/guardian, you can open this account on the behalf of your child. This is a good way to start saving early.

Common Features

  • In Malaysia, savings accounts are covered by Perbadanan Insurans Deposit Malaysia (PIDM) protection.
  • Each bank offers its own interest rate.
  • You can access your account via nationwide branches, ATMs, internet banking and phone banking facilities.
  • You get a debit card and ATM withdrawal facility on your account.

Eligibility

  • You need to be a Malaysian citizen or a Permanent Resident.
  • You should be 18 years and above.

Current Account

Your current account allows you to deposit and withdraw money for your personal as well as your business needs. It is especially beneficial for businessmen as they can have ready access to their funds. Your current account allows you to make cheque payments, fund transfer, and interbank transfers.

List of Current Account

Here’s a list of some popular current accounts available in Malaysia.

Bank Name Minimum Deposit Amount Interest Rate
Maybank2u.Premier RM500 0.30% p.a. - 1.85% p.a.
CIMB Prime Account RM50,000 0% p.a. - 2% p.a.
Maybank Premier 1 Account RM1,000 0.55% p.a. - 1.90% p.a.
Affin Bank Current Account RM1,000 -

Prominent Malaysian banks offer the following types of current account:

  • Personal current account: You can open this account in your name.
  • Joint current account: You can operate this account along with others.

Common Features

  • A current account gives you cheque book facility.
  • You can get your monthly statements.
  • You can get access to internet banking facilities.
  • It provides overdraft facility as well.

Eligibility

  • In order to open a current account, your age should be 18 years and above.
  • A copy of your MyKad is also required along with an initial deposit amount.

FAQ’s

Q. Are their Islamic Current Accounts?

A. yes. Islamic current accounts are available and they work on the Shariah-compliant and are based on the concept of Wadiah. They also pay you Hiba where the bank shares their profits with you (instead of interest) from the deposit amount.

Q. Is there any difference between an Islamic savings account and a conventional savings account?

A. Yes. The major difference lies in the concept of profit sharing and interest earned. Given that Islamic savings account is based on Shariah concepts, profit sharing concept is prevalent - this means that the bank uses your money to earn profit through trade of goods and services. Whatever profit the bank earns, it shares with you. In conventional banking, the bank uses your deposit amount to lend to others in the form of a loan. With the interest thus earned on the loans, the bank pays you an interest as well.

Q. Are the current accounts in Malaysia PIDM protected?

A. Yes. They have PIDM protection.

Q. Do I have to pay any fees for requesting a monthly/daily statement?

A. Yes. Many banks charge you for requesting your statements. For example, Hong Leong Bank charges you RM21.20 every month for your weekly statement request. CIMB Bank also charges you for your current account statement - it charges RM21.20 per month for daily request and RM10.60 per month for a weekly request.

Q. How many types of accounts can I open with my savings/current account?

A. You can open the following accounts:

  • Personal account: This allows you to be the only account holder.
  • Joint account: This allows you to share the account with somebody else.

Q. How can I apply for a savings/current account?

A. You can apply in the following manner:

  • Online: You can apply online through the bank’s website.
  • Offline: You can visit the bank branch to apply.
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