What do I need to know about Bank Muamalat Basic Savings Account-i?
A basic savings account is required to be provided by all local banks in Malaysia to encourage Malaysians to enjoy basic banking service at a minimal cost.
And so, this is a very basic saving account that is based on the concept of Tawarruq, that allows you to save money by earning a profit from all your account balances.
What are the features of this Islamic savings account?
Despite being a basic savings account, there are tons of benefits offered here. Internet banking via iMuamalat allows you to make your banking transactions conveniently anytime, anywhere. You can also track your past banking transactions as well as having a passbook, if you wish to have one.
Finally, have the convenience of cash withdrawal from any ATM machine at any bank branch.
Am I eligible to open this savings account?
This is an account available for all Malaysians and permanent residents - you can open either a single or joint account. The minimum initial deposit is RM20.
What are the fees and charges?
The ATM / debit card issuance and replacement fees is RM12. The service charge for passbook replacement is RM5. If you decided to close the account within 3 months of opening, RM10 will be charged.
Is my money protected under PIDM?
Definitely. Your deposit will be eligible for protection by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000. Bank Muamalat also ensures that your principal and profit payments will be paid out accordingly under Tawarruq contract.