Public Bank Basic Savings Account is a savings plan that allows you to access banking services and facilities at a minimal cost. This savings plan is open to all Malaysian permanent residents.
Benefits
- Easy for you to open a personal or joint savings account with an initial minimum deposit of as low as RM20
- You only need to maintain a minimum balance of RM20 as your minimum balance requirement
- You will be provided with a free bank savings passbook to keep track of your savings
- The interest in this Public Bank Basic Savings Account plan is calculated on a daily basis and it is credited to your account on a half year basis
- The first deposit will be on 30th of June and 31st of December every year
- You will still earn interest regardless of the amount in your account balance
- It is easy to access your bank account through any of the Public Bank branches, ATMs and PBe
- There are also other free services that you can benefit from including cheques and cash deposits through deposit machines, account enquiries and fund transfers using the ATMs, online internet banking and mobile banking and pay your bills easily and conveniently using online internet banking and mobile banking
- Your savings account is eligible for protection by Perbadanan Insurans Deposit Malaysia (PIDM)
Types of Public Bank Basic Savings Account
There are two types of Public Bank Basic Savings Account and they are known as Basic Savings Account and Basic 55 Savings Account. The Basic Savings Account offers a waiver of the annual fee for your ATM card, gives you free 6 over-the-counter visits on a monthly basis and free 8 cash withdrawals from ATMs on a monthly basis. The Basic 55 Savings Account is for individuals aged 55 years old and above or at least of the individuals in the joint deposit account has to be 55 years old and above. You will get free 16 over-the-counter visits on a monthly basis but no ATM card will be given to you if you choose this savings plan.
Additional Fees
- There will be an additional RM1.06 inclusive of 6% GST withdrawal fee if you withdraw your money from any of the ATM machines with MEPS Logo
- There will be an additional RM4.24 inclusive of 6% GST withdrawal fee if you withdraw your money from any of the ATM machines with HOUSe logo
- There will be an additional RM12.72 inclusive of 6% GST withdrawal fee if you withdraw your money from overseas
- There will be an additional RM10.60 inclusive of 6% GST for early closure
- There will be an additional fee of RM1 on your next over-the-counter visit after you have exhausted all your free over-the-counter visits and this fee is applied similarly to your next ATM withdrawal after you have exhausted all your free ATM withdrawals limit
Interest Rates
- 0.25% per annum for savings accounts with a minimum amount of RM 20 to a maximum amount of RM30000
- 0.35% per annum for savings accounts with a minimum amount of RM 30001 to a maximum amount of RM50000
- 0.4% per annum for savings accounts with a minimum amount of RM 50001 to a maximum amount of RM75000
- 0.5% per annum for savings accounts with a minimum amount of RM75001 to a maximum amount of RM100000
- 0.6% per annum for savings accounts with a minimum amount of RM100001 and above
Other Banking Facilities
You can do your banking online through Public Bank’s smartphone app that is available on Google Play Store and Apple Store. As an alternative, phone banking is also available for these Public Bank Basic Savings Account plans.