What can I get from Public Bank Basic 55 Current Account?
This current account gives you the access to basic banking services at minimal cost. There are free services within Public Bank that you can utilize via this current account, such as account enquiries and in-house fund transfers via ATM, internet banking and mobile banking.
That’s not all, you will be issued with a cheque book for free of charge. The only fee you are subjected to is the cheque processing fee.
The freebies don’t end just there as you will also get 16 free over-the-counter visits per month to perform all sorts of services.
Is this an interest-bearing current account?
Unfortunately, it is not. As this is a basic current account, you will also not be offered an overdraft facility. Moreover, no ATM / debit card will be given to you.
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, regardless of amount of daily balance
- Early Account Closure: RM20, if closed within 6 months of opening
- Cheque Processing Fee: RM0.53 per leaf, plus RM0.15 Stamp Duty
- Dishonoured Cheque: RM150, due to insufficient funds
- Stop Payment Cheque: RM21.20, upon instruction
- GST: 6%, where applicable
Is it safe to keep my money in this current account?
You can rest assured that your money in this current account is protected for up to RM250,000 under the Perbadanan Insurans Deposit Malaysia.
Who can apply for this Public Bank current account?
This basic current account is catered to the senior segment of the society aged 55 years and above. Just prepare an initial deposit amount of RM500 to open this current account.
How to open a Public Bank current account?
To open a current account with Public Bank, you need to have an introducer who maintains a current or savings account with Public Bank for more than 12 months and not a bankrupt person.
When opening the current account, your introducer must sign the application form. You are also required to bring along the following documents:
- MyKad or Passport
- For a non-resident individual, he/she must produce a valid work permit or a student pass/letter of referral from a college/institute.
For Self Employed
- MyKad or Passport
- Business Registration Certificates (Form A & B)
- Business License (Form D)
- Certificate of Incorporate
- Business License
- Memorandum & Articles of Association
- Latest Form 24 & Form 49 (Companies Act, 1965)
- Resolution of the Company's Board of Directors (duly certified by the Chairman and the Secretary of the Company)