Public Bank Basic Savings Account

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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.

 

 

Bank Negara New Limit Loans

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Recently Bank Negara Malaysia announced that the maximum limit of repayment for property would be at 35 years and personal loan would be capped at 10 years.

This move is related to recent numbers of house hold debts in Malaysia which has reached a horrifying figure. The latest move has made a significance impact in the loan industry in Malaysia.

 

 

 

 

 

House Hold Debts in Malaysia

debt-service-ratio-small

 

Malaysians have long been using mortgages to sustain their needs. The few factors debts are common house and car purchase. While low interest and requirement has boost house purchase and push house prices beyond affordability, Malaysians are known to pay the highest prices for vehicle ownership in the world.This would be sustainable as long as interest rates remains low.

 

 

RHB Easy Loan

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RHB Easy Loan
From 13.47% interest rates
Form RM 2,000 to RM 150,000 financing available
1 to 7 years repayment
Aged from 21 years to to 58 years old
Minimum repayment of RM78.01
Malaysian Citizens and permanent residents only
8 minutes processing

RHB Banking Group strengthens its service when they introduced easy banking concept called ‘Easy’ for its branches. It could be used for daily banking operation and every operation through this system take at least 8 minutes to process. This is very beneficial for borrowers who need cash urgently. Whereas customers have to manage their activities using application form as usual, the Easy RHB only needs the customers’ MyKad. The Easy concept provides personal loan products, savings and insurance services with an offer for the Amanah Saham Nasional Berhad (ASB) savings and Employees Provident Fund (EPF) kiosk.

 

 

easy-rhb

Easy-Express Loan is a convenience personal loan without any collateral where interest will be charged upfront to the amount of loans approved and interest will be calculated in advanced for the entire tenure based on the “Rule of 78” (Rule 78 is a concept or a method of calculating the principle rate (total amount) and interest where interest will be in a greater percentage at the early stage of monthly instalment payment period).

Moreover, the loan has a maximum tenure up to 5 years for government employees, employees of private sector organizations or self-employed individuals. The minimum installment amount is RM57.74e per month with financing amount of RM 2,000 with 60 months repayment period.

Interest Rates

The interest rates of RHB Easy starts from 8.31% to 13.47% Flat p.a. which translates to around 15% to 24% EIR . The rates vary based on income of the applicant, amount of financing and tenure of financing. Basically you can enjoy better interest rates when you have higher salary and borrow larger amount over longer period of time.

Fees and charges

There is a 6 months lock in period for the loan where you will be sujected a RM 200 termination fees if you settle your loan during the period. There is a Personal Smart Sheild (PSS) insurance which is optional.  This insurance will cover your loan in case of any unfortunate event that happens to you. There is a 1% penalty for late repayment while bank can also gradually increase your interest if you fail to pay consecutively after 3 months.

Eligibility

This loan is available for Malaysian citizen only, aged between 21 to 55 years old, and have a total personal income not less than RM18,000 per year or RM1,500 per month.

Document

For salaried workers;

  1. A photocopy of MyKad (front and back)
  2. Payslip or salary statements 
  3. Updated bank statements (1 month for public or private sector)  
  4. EPF statements ( Minimum 6 months) 

For self-employed workers and commission earners;

  1. A copy of MyKad (front and back)
  2. Business or company registration certificate
  3. Commission statements for commission earners
  4. Bank statements for the last 6 months that shown the income of business or company(6 months for business owners and commission based)
  5. Latest B or BE form together with payment or receipt confirmation slip from Domestic Institution (LHDN)

Pro

  • On the spot renewal and disbursement , this comes in hand for those who are in urgent need of cash

Cons

  • Very high interest rates effectively at 24% (EIR) , flat 13% if your loan is little.

Repayment Table

If you are interest, you can download the repayment table at

Easy Pinjaman Ekspres