Bank Negara requires all banks offer annual fee-free bank accounts.
Requests to open a savings account at the bank with no yearly fee were denied? You have the option of filing a complaint with Bank Negara.
All banks must give Malaysians with annual fee-free savings accounts, according to Bank Negara. The Akaun Simpanan Asas, or Basic Savings Account, is a so-called annual fee-free savings account.
In general, domestic banks will provide two types of savings accounts: one with an annual cost of RM8 and the other with no annual fee.
Savings accounts, which generally have no annual fees, will be limited to eight withdrawals each month, with the ninth withdrawal incurring a 53 sen fee. You can choose a savings account with no yearly cost if you withdraw less than 8 times per month.
The Maybank Basic Savings Account is a no-fee savings account offered by Maybank. Users are limited to 8 ATM withdrawals per month, with the ninth withdrawal incurring a 53-sen tax. Users can only use over-the-counter services six times each month.
In addition, CIMB Bank (CIMB) has developed the CIMB Basic Savings Account 1, a fee-free annual account. Users can only use ATM withdrawals 8 times per month and counter services 6 times per month with this account. If this amount is exceeded, you will be charged 53 sen plus 5 RM 30 sen.
The Public Bank Basic Savings Account is a fee-free annual savings account offered by Public Bank. Users can make 8 ATM withdrawals and 6 counter services, much like at other banks, and penalties will be levied if they exceed the limit.
You can also open a RHB Basic Savings Account if you want to open an Industrial Bank (RHB) account. Each month, you are entitled to eight ATM withdrawals and six counter services. Users who use the service more than once will be charged a cost of 53 sen.
If you are informed there is no such account when you ask to open an annual fee-free savings account, show the counter staff the notice from Bank Negara Malaysia’s official website or the website of each bank’s annual fee-free savings account.
Bank Negara Notice: https://www.bnm.gov.my/-/banking-institutions-to-offer-basic-savings-account-and-basic-current-account
