What is Bank of China Savings Account?
This is an interest bearing savings account that allows the account holders to earn interest on savings. The passbook will be issued to you so that you can keep track of your cash flow. In addition, Bank of China also provides Internet banking and ATM facilities.
Am I eligible to open a savings account with Bank of China?
All Malaysians, permanent residents and foreigners aged 18 and above are eligible to open this savings account. In addition, this is an individual account that can be opened singly or jointly.
All you need to do is prepare an initial deposit of RM20 together with valid identification credentials and supporting documents, such as work permit or student pass and passport (for non Malaysians).
When you are all set with the required paperwork, make your way to any Bank of China branches for this savings account opening.
Are there terms and conditions I need to be aware of?
As this is a passbook savings account, you need to make sure your passbook is in a good custody because you may have to pay fees for the replacement costs. Also, if you decide to close your savings account within 3 months of account opening, you will be charged RM10.
Last but not least, you need to maintain RM20 in your account at all times to continue earning interest.