Basic Banking Services Framework

Basic Banking Services Framework

Introduction

  • Bank Negara Malaysia introduced the "Basic Banking Services Framework" on 14 December 2004.
  • All commercial banks and finance companies are required to offer one basic savings account (BSA) and one basic current account by 1 February 2005.

Objectives

  • To ensure that the banking public has access to the commonly used banking services to meet their general needs at minimal costs.
  • In line with the expectations that banking institutions should play a more effective role in meeting social obligations.

Basic Savings Account / Basic Current Account

Features Basic Savings Account
(BSA)
Basic Current Account
(BCA)
Type of deposit account to be offered Savings account (Conventional) Current account (Conventional)
Product Code SABSA, SABSA1 CABSA, CABSA1,
CABSA_SME, CABSA1_SME
Eligibility

All Malaysian citizens and permanent residents shall be entitled to 1 BSA singly or jointlyper banking institution

Note:

  1. No introducer is required for opening of account
  2. Societies/ associations/ institutions are not eligible
  3. Individual Account (applicant aged 12 years and above)
  4. Minor Account (Applicant aged below 12 years). For minor account, it is to be opened jointly with and operated only by the parent or guardian.
  5. For joint account with both to sign condition, the Bank shall disclose to customers upfront there are no Bankcard issued and thus not eligible to BSA/ BCA.
  6. A mandate Cum Indemnity for Joint Account form must be completed to operate all new and existing joints accounts. This is to enable the Bank to accept Account Payee Cheque(s) payable to either one of the account holders

All Malaysian citizens and permanent residents and SMEs shall be entitled to 1 BCA singly or jointly per banking institution

Note:

  1. Applicant has to be at least 18 years old and must have an introducer
  2. Period for an accountholder to qualify as an introducer is 1 year.
  3. A mandate Cum Indemnity for Joint Account form must be completed to operate all new and existing Joint Accounts. This is to enable the Bank to accept Account Payee Cheque(s) payable to either one of the account holders.

Definition of SME:

  1. Primary Agriculture
    A small and medium enterprise in primary agriculture is an enterprise with-full-time employee not exceeding 50 or annual sales turnover RM5 million
  2. Manufacturing-Related Services (MRS)
    A small and medium enterprise in manufacturing (including agro-based) and MRS is an enterprise with full-time employees not exceeding 150 or with annual sales turnover not exceeding RM25 million
  3. Services (including ICT)
    A small and medium enterprise with full-time employees not exceeding 50 or annual sales turnover not exceeding RM5 million
Features and minimum level of services
  • Cheques and cash deposits
  • Withdrawals via ATMs and over the counter (OTC)
  • Fund transfer between accounts
  • Cheques and cash deposits
  • Withdrawals via ATMs and over the counter (OTC)
  • Fund transfer between accounts
  • Issuance of cheques
  • No overdraft facility
Initial deposits to open basic bank account RM20.00 RM500.00
Interest rates
  • As per the Bank's prevailing rates
Non interest bearing
Cash deposits charges (including coin deposit)
  • Free on cash deposit machine
  • Free OTC deposits transaction and be excluded from the OTC limit if cash deposit machine is not available.
Service Fee No service or maintenance charge to be imposed RM10.60 will be charged on every June and December if the average balance over last 6 months is less than RM1,000.00 

Number of free transactions per month

(Bankcard issuance is necessary on all BSA/ BCA accounts except for SME accounts)

Option 1 (Product Code: SABSA1, CABSA1 & CABCA1_SME)

  1. 8 OTC visits at branch – 9th visit and onwards: No fee until further notice
  2. 8 ATM cash withdrawals at branch. No fee shall be imposed for non cash withdrawal transactions (e.g. balance enquiry or fund transfer within the same bank) – 9th withdrawal onwards: RM1.06 per withdrawal
  3. GIRO transactions – First 2 GIRO transaction is charged RM0.53 per transaction. 3rd transaction onwards will be charged RM2.12 per transaction

OR

Option 2 (Product Code: SABSA, CABSA & CABCA_SME)

  1. Annual ATM fee of RM8.48 for unlimited OTC & ATM withdrawals
  2. GIRO transactions – First 2 GIRO transaction is charged RM0.53 per transaction. 3rd transaction onwards will be charged RM2.12 per transaction
Internet Banking

Free of charge

  • Fund transfer facility (except GIRO facility as stipulated in the framework);
  • Online bill payment facilities within the bank; and
  • Account enquiries
Issuance of cheque book N.A.
  1. Stamp duty – RM0.15 per leaf
  2. Courier charges of RM5.30 per
    cheque book delivered
  3. No refund of the courier charges of RM5.30 per cheque book destroyed if customer fails to collect/ receive the cheque book within 14 days from date delivered.
Minimum balance
(to be maintained)
RM10.00 N.A.
Account statement Monthly statement. Monthly statement.
Closure of BSA The last sen in the account can be withdrawn upon closure
Dormant account 
(No financial transactions for a period of 12 months or more)

<RM10.00

  1. No charge on activation of the account.
  2. Monthly balance less than RM10.00, system will auto close the account and absorb the balance after 2 reminders

>RM10.00

  1. Accounts with more than RM10.00, annual service fee RM10.00 will be levied (w.e.f 20 June 2010)
Other fees and charges
  1. Replacement of ATM/ bankcard – RM12.00
  2. Early closure of BSA/ BCA if it is closed within 3 months of account opening – RM20.00
  3. Cash withdrawals at ATM facilities owned by other BIs (MEPS charges) – RM1.06
  4. Existing charges on transactions/ services above the minimum threshold as set out by BNM – as per the bank’s existing tariff of charges
  5. Transaction-specific charges (e.g. charges on telegraphic transfer, stop payment instruction, outport cheque commission etc.) – as per the bank’s existing tariff of charges

Retail Internet Banking

Corporate Internet Banking

Contact Us

Call Centre
03-5522 3000

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