What is the Junior Wadiah Savings Account-i?
RHB Banking Group is one of the most versatile banks available to us in Malaysia, with services for banking, insurance and much more. It also understands the need for the younger generation to learn responsibility by way of saving money.
The Junior Wadiah Savings Account-i is a savings account open to only our junior savers, who are 17 years old and below. There are technically two forms this account can take, depending on the age of the applicant, but both have the same practice and intention.
Who can apply for this account?
It is a junior account, open to anyone under the age of 18. This account can be opened as an Individual Account or a Trustee account. If your child is 12 years old and older, then they can register for the account themselves making it an Individual account. This means that they will have full access to the account, by way of a Debit/ ATM card for all their transactions.
The other option is to have a Trustee account, for applicants under the age of 12. Which means they have to open the account with a parent or guardian registered as well. With this type of account, the applicants will be given a passbook, to monitor their account activity, but will not be able to withdraw or deposit funds without their parents present at the bank.
Is this a Syariah compliant account?
Yes, it is. Therefore, you will need to take note of the Syariah contract attached to the account. The contract attached to this account, is Wadiah which translates loosely to Custodianship. In looser terms it would give RHB the power to use your funds in an emergency. However, you can withdraw them at the drop of a hat if you want to.
What are the account opening requirements?
There aren’t many. Basically, you will need to have with your NRIC or birth certificate, for applicants under the age of 12. Parents and guardians will also need this information for registration purposes.
The minimum amount required for the account opening is only RM1. So, have fun saving.