Bank of China Basic Current Account

What do I need to know about the Bank of China Basic Current Account?

This is a standard Ringgit Malaysia (MYR) current account, essential for daily financial management. It’s non-interest bearing but offers flexible payment options like a cheque book and the internationally accepted Great Wall International Debit Card. Most importantly, it includes optional overdraft services for liquidity.

Am I eligible to apply for the Bank of China Basic Current Account?

You must be a Malaysian Citizen or Permanent Resident aged 18 years and above. You can open the account with a minimum initial deposit of just RM500.

What benefits can I get from the Bank of China Basic Current Account?

You gain control over your spending with a cheque facility and an international debit card (MasterCard/MyDebit/UnionPay). You also benefit from unlimited free ATM withdrawals at Bank of China ATMs and 2 free monthly ATM withdrawals at any other local bank ATM. Seamless digital access is provided via BOCnet (online banking) and the mobile app.

Do I get a free cheque book and debit card?

No, both services incur a one-time fee upon issuance/renewal. The Great Wall International Debit Card has an initial/annual fee of RM8.00. A cheque book requires an issuance fee of RM50.00 plus the statutory stamp duty of RM1.00 per cheque leaf.

What are the key fees and charges I should know?

Does the Basic Current Account issue bank statements?

Yes, for easy record-keeping and financial tracking, the account offers a choice between receiving a monthly hardcopy bank statement or opting for the convenient, digital e-Statement.

Are overdraft services provided for the Basic Current Account?

Yes, Bank of China provides an optional Overdraft Facility. This provides a safety net, approved subject to the bank's terms. The interest rate for any temporary overdrawn amount is typically BLR + 3.50% p.a., with a minimum monthly charge of RM5.00.

How do I apply for the Basic Current Account as an individual?

Application is done in person. Simply visit any Bank of China (Malaysia) Berhad branch, ensuring you bring your valid NRIC/MyKad (for citizens/PR) and any necessary supporting documents for address verification.

Is my money protected under PIDM?

Absolutely. Your deposited funds are secured by Perbadanan Insurans Deposit Malaysia (PIDM). This protection covers your deposits up to RM250,000 for each depositor.