MBSB

MBSB Cheeky Savings Account-i

You are never too young to start saving! This Islamic savings account is opened to all youngster below the age of 17 with only a minimum deposit of RM20.

    • Islamic account
    • Phone Banking Service
    • Free Passbook
    • Account Statement

Features

What would make it different?

Fees & Charges

There are always fees but how much are they?

MEPS Withdrawal Fee
RM1.06
HOUSe Withdrawal Fee
RM4.24
Overseas Withdrawal Fee
RM12.72
Early Closure Fee
RM10.60

All fees & charges are inclusive of 6% GST if applicable

Requirements

Are you eligible for this account?

Minimum Age
12 years old
Maximum Age
17 years old
Minimum Initial Deposit
RM20

Frequently Asked Questions about MBSB Cheeky Savings Account-i

Things you might want to know

What is the Cheeky Savings Account-i?

MBSB understand the inherent benefits of saving money, therefore offers everyone the fair chance to start saving. The Cheeky Savings Account-i is an account meant for all the junior savers who want to have a head start in life. It is not easy to save money, ask any adult and they will concur with you, but if the habit is cultivated at an early age, then the task becomes easier and the benefits better.

Who can apply for this account?

As it is a savings account meant for juniors, the age band set on the account is for anyone below the age of 17. This also means, applicants are technically not of age yet and need to have a legal guardian sign up with them, making it a trustee account.

So parents or guardians, need to be present and have with them their NRIC and proof of relationship document with the applicant. Applicants will also need both their NRIC and their birth certificate depending on their age, for registration.

The minimum amount required to open this account is RM20 only.

How is this an Islamic Account?

The Cheeky Savings Account-i is a Syariah compliant savings account. Therefore, it will also adhere to a Syariah contract of Wadi'ah Yad Dhamanah. This does not however limit the account applications to Muslims only.

MBSB intends for this account to be open to all people of all walks of life.

What do I get with this account?

Upon registration you will be given a passbook, to monitor your account deposits and withdrawals. Since this is a junior account, the activity will most likely be limited to the consent of the parents or guardians as well. So, a passbook will be more necessary compared to a Debit card.

However, once you have reached a maturity of 18 years old, applicants can move all their funds into a regular savings account with a debit/ ATM card at your disposal.

Since, this a a Syariah compliant account, there isn’t much to go on with regards to a profit rate. Be ensured that there is a rate, and you will be given particulars upon registration. That being said, you might receive a Hibah (gift) for your efforts, at the banks discretion.

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