What is the Wadiah Savings Account-i about, generally?
This Islamic savings account from Bank Islam is based on a Wadiah contract that offers Hibah profits to the account holders. The hibah, also know as a token, is given away every month at the bank's descretion. It is a conventional savings account which allows for money safekeeping and easy withdrawals anytime.
Any stand-out features for this savings account?
Yes, there are a few that might get your attention! The most interesting feature would definitely be the TAP Mobile Banking-i, which utilises chip that transform your phone's screen into a banking menu - saving your the trouble of remembering keywords or take up space by downloading applications. With this, you will be able to enquire about your balance, carry out fund transfers, top up your prepaid plan, and also bill payments.
Not to forget, you will be equipped with an ATM card, which also doubles as a debit card - the Bank Islam Visa Debit Card-i once you have opened an account. If you prefer a physical copy of your passbook or quarterly statement, you can certainly request for one from the bank to keep track of your past banking transactions. To make sure that you are always informed, you will also receive SMS transaction notifications if you wish.
Wow, that's awesome - can I apply?
Anyone can apply for the Bank Islam Wadiah Savings Account-i, however, children below 13 years old are required to open this savings account with an adult, particularly their parents or legal guardians. If you wish to have a joint account with another person - the answer would be a "Yes" from the bank.
But don't forget, you will need an initial minimum deposit of RM100 to open this savings account, and maintain at least RM10 per month.
What are the fees and charges?
The replacement card will costs you RM12 each. Any over-the-counter ( OTC) requests will costs you RM5 per page and RM1 per request.