Is this an interest-bearing current account?
Unfortunately it is not. Bank of Nova Scotia Basic Account is a basic checking account that can be opened with a minimum deposit amount of RM500.
To open this basic current account, you need to at least 18 years old and above with a valid identification card and an introducer, who must be an existing current account holder with the bank and has not less than 6-months satisfactory conduct of account.
What are the fees and charges I should know?
These are few but significant fees and charges you should be aware of:
- Half yearly Service Charge: RM10.60, if average credit balance falls below RM1,000
- Early Account Closure: RM20, if closed within 3 months of opening
- Cheque Issuance Fee: RM0.53 plus Stamp Duty of RM0.15
- Dishonoured Cheque: RM100, due to insufficient funds
- Stop Payment Cheque: RM100, with insufficient balance
- GST: 6%, where applicable
Is it safe to keep my money in this current account?
You can rest assured that your savings in this basic current account is protected for up to RM250,000 under the Perbadanan Insurans Deposit Malaysia.