What do I need to know about Bank Muamalat Al-Wadiah Savings Account-i?
This is an Islamic savings account based on Islamic contract of Al Wadiah that refers to a contract between the depositor and the bank for safekeeping, which also allows the bank to invest your deposits according to Syariah laws. Your account balances are entitled to profit earnings and is protected by PIDM.
You will get a passbook, and an ATM card upon request - all can be done with a minimum deposit of RM100.
What are the benefits of this savings account?
The bank offers convenience by providing the iMuamalat online banking service that allows you to make banking transactions and to track your banking transactions from days gone by! Other than that, there are of course ATM facilities available, along with additional corporate terminal services for corporate customers.
Am I eligible for this account?
This is a savings account for individuals aged 12 and above. Children below 12 years old are allowed to open this savings account, but it will be treated as a trust account which is mainly held by the parents, legal guardians or close family members.
What are the fees and charges I need to beware of?
Once the ATM card is issued to you, the fee is RM8. You are also required to pay RM8 for the ATM card annual fee to enjoy unlimited ATM withdrawals. In case you want to make the card replacement, the charges is RM8.