What is the AmBank Islamic Basic Savings Account-i Plus?
It is a Shariah-compliant savings account that comes with a passbook, a debit card, and access to AmOnline Internet Banking, the AmOnline app, and AmBank's e-Banking Centres. The profit return you earn is paid out under the Commodity Murabahah (Tawarruq) contract rather than as conventional interest.
Beyond Shariah compliance, there's no annual account fee and no annual debit card fee for as long as it stays your primary account. Card issuance is free, and withdrawals at AmBank and AmBank Islamic branches and ATMs have no monthly cap. You also get a free monthly hardcopy statement on top of the standard free eStatement.
Your deposits are also protected by PIDM up to RM250,000 per depositor.
What is the profit rate?
AmBank Islamic pays a flat Effective Profit Rate (EPR) of 0.25% p.a. on the Basic Savings Account-i Plus, computed daily on your closing balance and credited monthly.
Who can apply for this Islamic savings account?
Any Malaysian citizen or Malaysian permanent resident aged 18 years or older is eligible to apply. Foreigners aren't eligible.
Anyone under 18 can still hold the account, but only through a custodial arrangement opened by a parent or legal guardian.
You will only need a minimum deposit of RM20 to open an account and RM10 to maintain it.
What are the fees I should know of?
Below are a few fees that you should know:
- RM15 to replace a lost, stolen, or damaged passbook.
- RM12 to replace a lost, stolen, or damaged debit card, or one where you've forgotten the PIN.
- RM10 per withdrawal when using the card overseas through the Mastercard CIRRUS or Visa PLUS network.
- RM10 a year if the account goes dormant.
- RM20 if you close the account within three months of opening it.
For more details on the applicable fees, check out the fees and charges page.
