The differences between Basic Saving account and Al-Wadiah account





Savings Account
Maybank
Public Bank
Definition
·  A saving account with no service and maintenance charge.
·    A saving account that offers you basic banking services at minimal cost.
Features
  • ·         Available for 18 years old and above
  • ·         Minimum deposit RM 20
  • ·    Minimum balance of RM20 must be maintained
  • ·         Free mini statement
  • · View statement online via Maybank2u.com
  • ·        Initial deposit of RM20
  • ·  Minimum balance RM20 must be maintained
  • ·    Earn interest irrespective of account balance
  • ·      Easy access through any Public Bank branches or ATM
Interest / Profit / Hibah
Savings Band
                                  
Rates
Up to RM 1000
0.30 %
Up to RM 10,000
0.30 %
UP to RM 25,000
0.30 %
Up to RM 50,000
0.40 %
Up to RM 100,00
0.65 %
Up to RM 200,00
1.10 %
Up to RM 500,000
1.25 %
Above RM 500,000
1.30 %






Range
Rates
First RM 5000
0.00 %
Next RM 5000
0.10 %
Next RM 40,000
0.20 %
Next RM 100,000
0.30 %
Next RM 200,000
0.50 %
Next RM 300,000
0.70 %
Next RM 550,000
0.90 %
Thereafter
1.00 %





Fees & Charged
  • ·        Replacement of bankcard : RM12
  • ·      Early closure of account within 3 months of account opening: RM20
  • ·  Cash withdrawals at ATM facilities owned by other banks : RM1
  • ·     Replacement of lost passbook : RM10
  • ·         Closure of account within 6 months: RM10
  • ·     Hardcopy of monthly statement: RM1.06
  • · Issuance of Letter of Confirmation/Certification: RM10.60


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Wadiah Account
Maybank
Public Bank
Definition
·         A shariah-compliant savings account based on the ‘Al-Wadiah Yad Dhamanah” (guaranteed custody)
·         Simple, hassle free savings account under the Wadiah concept for general banking needs
Features
  • ·   Minimum initial deposit of RM1 for minor and RM250 for adult
  • ·  The bank may pay hibah to the depositors
  • · Can access online banking at Maybank2u.com
  • ·        Have ATM facility
  • ·       Initial deposit of RM250
  • ·      Hibah will be credited into the account
  • ·   Minimum balance of RM20 must be maintained
  • ·   Easy access via any Public Islamic branches and ATM
Interest / Profit / Hibah
Indicative Hibah rate: 0.40 % - 1.75 %


Range
Hibah
Up to RM 10,000
0.25 %
Up to RM 30,000
0.25 %
Up to RM 50,000
0.35 %
Next RM 75,000
0.40 %
Next RM 100,000
0.50 %
Thereafter
0.60 %





Fees & Charged
  • ·         Replacement of bankcard : RM12
  • · Replacement of lost savings passbook:RM15
  • ·      Early closure within 3 months of account opening : RM20
  • ·       Cash withdrawals at ATM facilities owned by other banks : RM1
  • ·     Annual service fee on inactive account:
 <RM10 –Account will be closed and the balances will be absorbed as a fee
>RM10 –RM10.60 is charged

  • ·       Replacement of lost passbook : RM10
  • ·       Closure of account (within 6 month) : RM1.06