That’s why at Citi, we have a wide range of deposit accounts to suit your needs. 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. 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. Check out savings account interest rate! A savings account is a financial product offered by a bank to keep your money safe, while earning interest. The procedure can differ depending on the bank… A savings account is not only designed to keep your money safe, but also grow too as banks will pay interest or profit on top of your savings. 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 Resolution of the Board of Directors to open and operate the account. 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. An online savings account that provides the convenience of opening, accessing and closing your account without visiting a branch. Furnish the particulars required to open the account and declare that all the information is correct. Open a savings account with Hong Leong Bank that offers high interest savings account. unit trust, securities trading account). 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. During the incorporation of a company in Malaysia, the investors will also need to open a bank account for their company. Minimum Initial Deposit: RM250 Minimum balance to enjoy interest: RM2,000 Minimum balance to maintain: RM250 * Eligible for protection by PIDM Benefits 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. Minimum of RM200 to open the account. Complimentary cash withdrawal at more than 20,000 Citibank ATMs worldwide. Undertake to inform the Bank of any changes to your details. So, if you want to open an account, you need to prepare the following items: 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. You will be rejected or disallowed to opening account in local banks of Malaysia. Finding the right bank account for your personal needs is important. 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. What is a savings account? Looking for the best savings plan? 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 Emergency cash withdrawal of up to USD 10,000 at any Citibank branches worldwide. 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