What is the Cash Rich Savings Account-i?
There are savings accounts and then there are Islamic savings accounts. This Cash Rich Savings Account-i is a Shariah-compliant savings account made for you to earn more on every ringgit saved.
Since the name itself is a giveaway, you can be sure that with this account, you will get to earn more profit on your balances compared to other regular savings accounts.
Who can apply for this account?
Unlike other savings accounts available in Malaysia, this one is open to more people and more than just people.
Individual and joint account applications are both welcome for registration of this account. The perks will remain the same for both of you.
On top of that, this account is also open to clubs, societies, and associations as well. As long as you meet the requirements, you can pick up this account and enjoy its benefits.
On that note, all Malaysians, Permanent Residents, and even Non-Residents are eligible for the Cash Rich Savings Account.
What does it mean for this account to be Shariah-compliant?
Since this is Savings Account-i, it is classified as Shariah-compliant with there being a Shariah contract element to the account. In this case, the contract is Tawarruq.
Along with that, applicants might also be given a Hibah (gift), at the banks discretion.
What are the account requirements?
To open the account, you will first need to meet the age band of 18 years and older. Since citizenship is not an issue, you can go ahead and make your application right now.
The initial deposit required to open this account is RM100 only.
