Attention! If there is no transaction record in the bank savings account within one year, it will be regarded as an inactive savings account, and RM10 will be charged annually.
Many people open savings accounts in different banks for different purposes. For example, students need to open a specific bank account when applying for student loans and credit cards. A lot of people just forget their bank accounts.
If a bank savings account has no transaction record for more than one year, it will be regarded as an inactive bank account. The so-called “no transaction” means that there is no record of account entry or withdrawal, while some banks specify that users should conduct withdrawal transactions at least once a year.
If there is no transaction in your bank savings account for more than one year, the bank will start to charge an annual RM10 fee, and the deposit in this account will not be transferred to the unclaimed property department of the Malaysian Accounting Office until the seventh year. If the savings account is deducted within seven years, the account will be automatically closed.
However, individual banks will deal with inactive bank accounts in different ways, so you can check with their own banks for details.
