What do I get from Maybank Basic Current Account opening?
Maybank Basic Current Account is no-frill checking account that you can open with a minimum initial deposit of RM500 and a presence of an introducer.
Once you have registered, you will be issued a cheque book for free of charge. However, you only need to cover the stamp duty fee for cheque book issuance.
Another freebies you will get with this basic current account is monthly statement by mail. If you want to forgo RM8 debit card annual fee, you can opt for “pay-as-you-go” which gives you:
- 6 free OTC visits
- 8 free ATM cash withdrawal
- Free first 2 GIRO transactions via OTC
- RM0.10 GIRO transactions via M2U internet banking, M2U Mobile and MyMobile.
Who can apply for this basic current account?
All Malaysian individuals and permanent residents above 18 years old are welcomed to open a Maybank Basic Current Account.
All you need to have is RM500 in initial deposit, an introducer and an original MyKad to begin with.
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, if average balance falls below RM1,000
- Early Account Closure: RM20, if closed within 6 months of opening
- Dishonoured Cheque: RM100, due to insufficient funds
- Stop Payment Cheque: RM10, due to insufficient funds (upon presented)
Is it safe to keep my money in this current account?
Absolutely, compared to keeping them in your piggy bank at home. Your saved money will be guaranteed under PIDM for up to RM250,000.