Tell me about this Savings account.
RHB’s Basic Savings account is one that comes with the least hassle and no frills attached. It is meant for the everyday user that needs to both save money and have a platform to make transactions both online and offline.
How does this account work?
Since it is in fact a regular savings account, you need only deposit money in it as you please, and as long as there is a minimum balance of RM20, the account will remain open to you. Similarly, if you wish to open the account, you will need to deposit a total of RM20 into the account.
Remember to bring along your IC, for registration to open the account. If you are a non-Malaysian then please be aware that this account is only open to Malaysian citizens and Permanent Residents. If you fall into that category remember to bring along the appropriate documentation including your passport and a confirmation letter from your employer.
Do I get to earn interest?
Yes, like most savings accounts, this one comes with a nominal interest rate as well. Although the minimum amount to open the account is RM20, regardless of how much you put in between RM1 and RM50,000 you will earn an interest of 0.25% p.a.
Increase your balance to more than RM50,000 and raise your interest rate to 0.28% p.a. The interest earned will be calculated daily and will be credited into your account every 6 months.
What do I get with this account?
You will, of course, get an ATM card with the account for your daily transactions. You can also open up an account online with RHB online banking for all your online transactions. It could be useful for the management of your account as well, with it being at your fingertips all day, every day.