What is Bank Muamalat BeeSTAR-i Savings Account?
This Islamic savings account for children aged 18 and below. BeeSTAR-i Savings Account encourages children to start savings for as low as RM20 and earn profit.
Effective May 2017, BeeSTAR-i savings account follows the principle of Qardh based on Tawarruq contract. Young savers will experience earning profits from account balances shared with the Islamic bank.
There are benefits tied with this junior savings account - your child will have a 1-year free coverage of Takaful Personal Accident and Khairat (Funeral expenses) plan when signing up.
Other features of this Islamic junior savings account?
Junior savers get to hold their own debit card that allows them to make cash withdrawals from the ATM machines.
Children also get to enjoy free cash withdrawal up to 5 times per month, but only if you have an account balance of at least RM5,000.
Am I eligible for BeeSTAR-i Savings Account?
First and foremost is you must not be more than 18 years old to open this Islamic savings account. With that said, children aged 12 years and below will be placed in a trust account with initial deposit of RM100.
What are the fees and charges?
The debit card issuance fee and annual fee is RM12. In the event that you want to make a card replacement, the bank will charge you RM12 too.
The passbook replacement is only RM20 per replacement, with a service charge of RM5. If you want to close the account within the first 3-months of opening, you will be charged RM10.
Bank Muamalat also charges GST of 6% where applicable.