Tell me about the ICBC Savings Account.
This is a hassle-free and easy to open basic savings account from ICBC- no service fees or maintenance charges, as long as you maintain a balance of RM20 in your account.
You will earn high interest rate on your balances and have the option to use electronic banking to manage all your financial needs
Do I need to pay a fee for withdrawing cash at the ATM?
You will not be required to pay a fee at ICBC ATM’s when making a withdrawal. However you will need to pay a fee if you withdraw cash from any other ATM. The fee will be between RM1.06 and RM4.06 depending on the ATM used.
Any hidden fees and charges I need to be aware of?
There is one that you should be aware of. If you choose to close your ICBC Savings Account within 3 months of the opening date, you will need to pay a penalty of RM20. Other than that, there is just the ATM fee for non ICBC withdrawals.
Who can apply for this savings account?
All Malaysians and permanent residents who are 18 years and older can apply for this account with ICBC. All you really need is an initial deposit of only RM500. Of course, there are documents that you will need to bring along, such as:
- MyKad (IC)/Police or Armed Forces ID Card
- Birth Certificate and MyKid (for trustee accounts)
- Passport for non-Malaysians
Other supporting documents:
- Valid Passport (if IC is used as a Primary document)
- Valid driving license
- Utility bills
- Letter of employment