All Malaysian citizens & permanent residents are entitled to 1 Basic Savings Account and 1 Basic Current Account per banking institution Customers other than Malaysian citizens and permanent residents are allowed to open accounts under Perks@Work Finding the right bank account for your personal needs is important. Barrier to open bank account in Malaysia: Opening a bank account whether corporate/ business account or personal account as foreign investor is not easier there. Minimum Initial Deposit: RM250 Minimum balance to enjoy interest: RM2,000 Minimum balance to maintain: RM250 * Eligible for protection by PIDM Benefits This experience took place in March 2018, but after coming back for a month in Malaysia, I was told by a friend that starting April 2018, most of China’s first-tier cities will increase the threshold for foreign bank accounts. Read on to find out more about savings accounts in Malaysia. Identity card/passport (if foreigner) of the proprietor/all partners and authorised signatories; Certificate of Registration/Business Registration Minimum of RM200 to open the account. So, if you want to open an account, you need to prepare the following items: Open a savings account with Hong Leong Bank that offers high interest savings account. Emergency cash withdrawal of up to USD 10,000 at any Citibank branches worldwide. Provide the Bank with all such documents/forms, as may be prescribed by the Bank, together with your specimen signature for sighting/verification by the Bank's authorised officer. Download Board Resolution; Initial deposit/placement of RM1,000 (upon opening of account) Sole Proprietorship and Partnership. What is a savings account? Generally, you are required to hold a work permit or to be in Malaysia under the MM2H program to be able to open a bank account. Check out savings account interest rate! In order to open a bank account in Malaysia, without holding a residency permit, you need a reference from either a Malaysian contact or your company. unit trust, securities trading account). During the incorporation of a company in Malaysia, the investors will also need to open a bank account for their company. Looking for the best savings plan? View your Citibank accounts across participating countries with a single login via Online Global View. (a) deposit account payable outside Malaysia; (b) deposit account held by a financial institution conducting Labuan banking business or Labuan Islamic banking business; (c) deposit account held by a non-deposit taking member; or (d) non-deposit account (e.g. Complimentary cash withdrawal at more than 20,000 Citibank ATMs worldwide. Basic Savings Account-i (Protected by PIDM up to RM250,000 for each depositor) In the provision of banking services, it is important to ensure that the Malaysian public, especially the low-income consumers, have access to basic banking services at minimal costs. Undertake to inform the Bank of any changes to your details. An online savings account that provides the convenience of opening, accessing and closing your account without visiting a branch. You will be rejected or disallowed to opening account in local banks of Malaysia. The procedure can differ depending on the bank… Resolution of the Board of Directors to open and operate the account. That’s why at Citi, we have a wide range of deposit accounts to suit your needs. Open a savings account with Hong Leong Bank that offers high interest savings account. Furnish the particulars required to open the account and declare that all the information is correct. 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