There are several types of savings account in Malaysia. Depending on your daily usage, some accounts may be better for you than others. However, regular transaction of savings account is like save money, monitor bank transactions, pay bills, transfer money and online banking.

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Here are Things You Need to Check Before Opening a Savings Account?

Find out what the minimum amount is required. Make sure you have the minimum amount you need to enter and the minimum amount that you need to have in your account over time.

  • Learn about the interest rates you will get. Some savings accounts offer different interest rates depending on your account balance.
  • Ask if there are additional fees incurred in different situations, such as account closure fees, if you plan to close accounts in the future or online transaction fees.
  • Take a look at the different types of savings accounts offered such as savings accounts for children or senior citizens.
  • Learn about the online facilities provided by banks.

Standard Process Opening New Savings Account

The process of opening a new savings account is quite similar for all banks in Malaysia. Here is the standard process:

  • First select a bank that offers the facility you want, the best rates and benefits for you.
  • Then you have to go to any branch to fill out an opening account form. please bring IC or passport.
  • There you will be asked to verify your fingerprint to protect your identity and prevent illegal activity.
  • Depending on the situation, you may be required to submit other documents such as Employment Letter.
  • You will be asked to provide a minimum amount for admission according to bank policy requirements.
  • Finally, you will be given ATM card and PIN numbers before you can activate your card and account.

Once you have successfully opened your savings account, remember to keep your PIN and account statement in a safe place. Make sure you have not recorded PIN numbers in the open. Also, be sure to notify the bank if you lost your ATM card, or find a suspicious transaction or mistake in your statement.

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