Attention! A bank savings account with no transaction record for more than a year will be considered as an inactive savings account and will be subject to RM10 fee per year.
Many people open bank savings accounts in different banks for different purposes, for example, students need to open a specific bank account when applying for a student loan, or a specific bank account when applying for a credit card, etc. Many people just forget that they have a savings account in a specific bank. Many people just forget about the bank accounts they have.
A bank savings account is considered inactive if it has no transaction records for more than a year. By no transactions, we mean that there is no record of deposits or withdrawals, and some banks require users to make at least one withdrawal transaction in a year.
If there is no transaction in your bank savings account for more than one year, the bank will start to levy a fee of RM10 per annum until the seventh year when the deposits will be transferred to the Unclaimed Property Department of the Malaysian Accounting Office. If the savings account is fully debited within this seven year period, the account will be automatically closed.
However, the way in which inactive bank accounts are handled will vary from bank to bank, so you can check with your respective bank for details.
