What is this Savings Account about?
This India International Bank Savings account is an international savings account open to all individuals, trustees, societies, clubs, associations and non-business organisations. It is easy to open as it does not require an introducer.
The minimum age required to open an individual basic savings account is 12 years old. For minor below the prescribed age, you need to setup a Trust Account with a parent or guardian. Joint accounts are also available.
What benefits can I get from this savings account?
As the name implies, a basic savings account provides you with the essentials of money management tool such as cheques and cash deposits, ATM withdrawals, fund transfers, statement, online banking facility, debit card (with or without Annual Fee options) and statement among others.
You can also be sure of the cash in your account, as this account is eligible for PIDM Protection.
How can I track my cash flow?
You can choose to keep track of all your transactions, spending, fund transfers etc via a passbook or statement.
For the former, you can perform all your banking needs over the counter at the branch, whereas the latter gives you the flexibility to do so anytime and anywhere, as long as you have a device that connected to internet, or have it delivered to your mailbox over a charge, however.
What happens if my account is inactive for too long?
Dormant accounts for 12 months with balance of below RM10 will be closed automatically after 2 reminders, with the balance to be absorbed by the bank. If you have more than RM10 in the dormant account, India International Bank will levy a portion of it as an annual service fee.