What do I need to know about the Bank Rakyat Teen Savings-i Account?
As the name suggests, this is an Islamic savings account tailor-made for teenagers, aged 15 to 21 years old - the higher you deposit into the account, the higher your interest rate.
Youths are offered Internet banking via iRakyat and access to ATM facilities for cash withdrawals. Besides that, an account statement and a passbook will be handy for keeping tabs on your past transactions.
What are the requirements to open this account?
Both citizens and foreigners aged between 15 and 21 years old are eligible to open this savings account. You are required to deposit a minimum of RM10 for account opening.
What are the fees and charges I need to look out for?
An RM10 charge will be charged if you close your account within 3 months of the account opening date. Also, the ATM card replacement will cost you RM8. If you lose your passbook, you are required to pay RM16 for a replacement, or RM5 to replace a damaged passbook.
