What is Bank Rakyat Nuri Savings Account-i?
This is an Islamic children's savings account from Bank Rakyat - kids can enjoy earning interest on their savings, and the opportunity for account holders to join the Nuri Club. Of course, kids being kids, the adult will be the one in charge of the account as a trustee.
An account statement and passbook will be provided by the bank to help the kids keep track of their past banking transactions. However, on the downside, withdrawals are only allowed over-the-counter (OTC) and are limited to one per month.
How old does my child need to be to open this account?
All children 12 years old and below will be eligible for the Bank Rakyat Nuri Savings Account-i - both Malaysian citizens and foreigners are welcome to apply!
What do you actually need? An initial deposit of RM20 is required to open this savings account.
What are the fees and charges I need to pay?
If you lose your passbook, it will cost you RM16, while it is RM5 for a damaged passbook. Besides that, if you choose to close your savings account within 3 months after the activation date, you will be charged RM10.
