It is not a very easy task to select a bank or financial institution to open your savings accounts to get the maximum yield. You have to watch out for several parameters for such a selection because you are likely to sustain your bank savings account for your lifetime. You have to look out for monthly charges, minimum balance requirements, various limitations, terms, and conditions and most importantly, go through bank savings account promotions to select the best one. The following guide will help you to choose the best bank and you will also understand the procedure to open a bank savings account in Malaysia.
Things To Watch Out before Selecting A Bank –
If you are going to open a savings account, you can choose the financial institution to do so by watching out for the following parameters.
Promotions and Offers – You should select a reputable bank that is offering a good scheme for opening a savings account. Even though the basic interest rate may be low, the other perks must be good enough to offer a high interest rate like a certain affordable lump sum deposit every month and likewise. You can check out bank savings account promotions here for a better understanding.
Charges And Terms – There should not be any charge or monthly fee for keeping your money in your savings account. There could be negligible charges or no charge if you opt for add-on services like SMS, net banking, use of ATM cards and likewise. Furthermore, there should be no limit on how many transactions you can do in a month from your account including your ATM card and net banking.
Similarly, there should be very negligible minimum balance requirement so that you do not get charged often in case it falls below the limit. In some banks, there is no limit as they open the savings account with zero balance.
How To Open A Bank Savings Account In Malaysia?
All the banks have similar requirements for letting you open a bank savings account instantly. The following documents are required to open your savings account with your preferred bank.
You need to have the proof of your right to be in Malaysia. It could be your Visa documents, Residency permit, and various other documents as applicable for the specific bank.
You may need to show the details of your employment like a letter from your employer, business proof, work visa and likewise.
You will need photo ID like your passport or any legal document issued by the government. In some banks, fingerprint identification process is also done.
Apart from these, you have to provide the minimum deposit amount as applicable by your bank. If might take a few days to get the account activated due to the verification process. If you want a credit card, you have to do more paperwork to be eligible for it. You have to show your financial statements like pay-slips or ledgers. If you lack any document, you can always approach the manager to find out alternatives.