Why should I open a Current Account-i with Al Rajhi Bank?
Unlike most current accounts in the Malaysian banking market, Al Rajhi Bank does not require you to maintain a minimum balance, and interestingly, not charging a Service Fee for it.
Other than that, your principal will be guaranteed under the Qard principle, as well as by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000.
You also have the option to deposit in other currencies, with the minimum initial deposit of US$1,000 or its equivalent required. For deposit in local currency, only RM500 in initial deposit is needed.
What do I get with Al Rajhi Current Account-i?
As usual, this Islamic current account will be accompanied with a checking facility at a small issuance cost. On top of that, you will receive an ATM / debit card that are accepted at over 35 million retail outlets worldwide.
You will also have a 24-hour access to Al Rajhi Bank’s ATMs and ATMs displaying VISA PLUS or MEPS signs. To keep track of your past transactions, you can choose to have the annual e-statement to be delivered by monthly, quarterly or half-yearly.
Who can apply for this current account?
Any individuals aged 18 years old and above can apply for Al Rajhi Current Account-i. To open a joint current account, maximum 2 persons are allowed to do so. Non-individuals can apply too.
What are the fees and charges?
These are few but significant fees and charges you should be aware of:
- Half yearly Service Charge: RM10, if average balance falls below RM1,000
- Cheque Book Issuance: Free, except for a Stamp Duty of RM0.15 per leaf
- Dishonoured Cheque: RM100, due to insufficient funds
- Stop Payment Cheque: RM15, upon request.