Tell me about Public Bank Wadiah Current Account-i.
Wadiah Current Account-i is an Islamic checking account follows the Shariah concept of safekeeping. To open one, you need to prepare an initial deposit of RM3,000 and bring along an introducer
Once you have accessed to this current account, you will be given an ATM / debit card (if you didn’t have one previously) for cash withdrawal and transaction purposes.
In addition, you can use cheque book facility to make important transactions. Besides, you can also set up a standing instruction to regulate your monthly bill payments.
The best part is that you don’t need to maintain a minimum account balance with this current 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 balance is less than RM1,000
- 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 the fruit of your savings labour in this current account is protected for up to RM250,000 under the Perbadanan Insurans Deposit Malaysia.
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)