Savings Account

A savings account enables you to save or deposit your money into an account and receive certain interest with no stated maturity. Available at all the banking institutions in Malaysia, interest earned on your balance is normally credited to your account every month. The minimum deposit to open an account varies from one banking institution to another and can be as low as RM1. You can withdraw or deposit money into your savings account whenever you need.

You can also apply for an ATM card with a specific PIN number. This card allows you to withdraw money from the on-branch and off-branch ATMs of the banking institution as well as perform various other transactions. To keep track of your banking transactions and interest earned, you can choose to receive either a passbook or a statement.

You will need to use your passbook for over the counter transactions. However, some banking institutions allow over the counter transactions with only your ATM card and identity card.

Withdrawals from a savings account are occasionally easy, and they are more time-saving than withdrawals from a fixed deposit account. Saving accounts do not limit withdrawals if the withdrawals are done in home branch.

Some financial institutions in Malaysia are now offer online savings accounts. These usually without pass book and transaction can be done online or over ATM. An online savings account provides the convenience of opening, accessing and closing your account without visiting a branch.

Some of the common transactions you can perform as an account holder are:

• Withdraw money, either over the counter or from ATMs

• Deposit money, either over the counter or through mechanism such as cash deposit machines

• Make account enquiries

• Transfer funds within the same banking institution

• Bill payments

• Inter-bank transfers (GIRO)

• Online banking for banking institutions that has this feature

undo Other Banking Products