Page 23 - MAYBANK vs EPF

• Liquid assets. It can be easily converted into cash as account holder does not

have to issuing cheques for withdraw or deposit the money.
• Low requirement. People can open savings account as low as RM10. But it
depends on financial institutions as Maybank require RM20 as minimum

deposit.

The disadvantages of savings account are:

• Low interest rates. Account holder will get lower interest rates than other
types of account.

• Access and availability. As it easy to withdraw and deposit the money, the
account holder may not have savings for long term period.

• Rates can change. Interest rates are not fixed as financial institutions are free
to change the interest rates.
• Federal withdrawal limit. Account holder cannot withdraw money more than

6 times in a month according to regulation.

b) Current Account

The current account or else can be called as checking account is required in the matter
of importing and exporting goods and services, made payments to foreign investors,

received payments from abroad and made transfers such as foreign aid and
remittances. There are three types of current account under Maybank which are Basic
Current Account, Personal Current Account and Current Account-i.

Basic Current Account refers to a straightforward of non-interest bearing checking

account. This account required customer to place a deposit of RM500 and no minimum
balance to maintain in the account. Among the interests that customers will get are
checking facility, no charges will be incurred on cheque book except stamp duty and

the statement of current account will be provided monthly with free of charge.

The difference between Basic Current Account and Personal Current Account is in

terms of minimum deposits which Personal Current Account have minimum deposit of

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