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BSA & BCA
Savings Account
 
 
Basic Savings Accounts (BSA) and Basic Current accounts (BCA) are offered at all banking institutions to all Malaysians and permanent residents. These accounts can be opened under individual or joint names at a minimal cost but with limited transactions.
 
 
     
   
 
Type
Basic Savings Account (BSA)
Amount charged
Basic Current Account (BCA)
Amount charged
   
  Service or
maintenance charge
   
   
   
   
   
   
   
  Replacement
of ATM card
   
   
  Closure of account
   
   
   
   
   
   
  Issuance of cheque book
   
   
  Withdrawals at ATM facilities owned by other banking institutions
   
   
   
   
   
   
   
   
     
  None.  
     
     
     
     
     
     
     
     
  Not more than RM12.  
     
     
     
  None. Except if the account holder closes the account within 3 months of opening the account (not more than RM20).  
     
     
  Not applicable.  
     
     
  Based on charges imposed by the Malaysian Electronic Payment System (MEPS) or HOUSe Network Sdn. Bhd. and the banking institution concerned. Total charge is currently RM1.00 per transaction.  
     
     
     
     
  None. Except for accounts with an average balance of less than RM1,000 during the half year, where a charge not exceeding RM10 may be imposed every six months.  
     
  Not more than RM12.  
     
     
     
  None. Except if the account holder closes the account within 3 months of opening the account (not more than RM20).  
     
     
  None. Except for stamp duty.  
     
  Based on charges imposed by the Malaysian Electronic Payment System (MEPS) or HOUSe Network Sdn. Bhd. and the banking institution concerned. Total charge is currently RM1.00 per transaction.  
     
     
 
     
  In addition to the above, a fee may be imposed on an account that has been inactive for a year as follows:  
     
 

For accounts with balances up to RM10, banking institutions may close these accounts and absorb these balances as a charge.
   

For accounts with balances of more than RM10, banking institutions may charge an annual service fee of not more than RM 10 until the remaining balance are sent to the Registrar of Unclaimed Moneys as per the Unclaimed Money Act 1965.
 
     
     
 
Your banking institution may offer you an additional option of paying certain annual fees that enables you to enjoy unlimited ATM withdrawals and over the counter transactions. The annual fee charged for this facility should not exceed RM8.00 a year. If you carry out a lot of banking transactions every month, you may like to consider this option.

In addition, if you are a senior citizen, you can choose to perform all your banking transactions via 16 over the counter visits.
 
     
     
 
Do you know that your deposits are now insured under a deposit insurance system established by the Government? Effective from 1 September 2005, your eligible deposits placed with member institutions (all the commercial banks and Islamic banks in Malaysia) are insured up to RM60,000 per depositor per member institution. In the unlikely event of a failure of a member institution, you will be promptly reimbursed on your insured deposits.

The deposit insurance system is administered by Perbadanan Insurans Deposit Malaysia (PIDM), a statutory body established under Akta Perbadanan Insurans Deposit Malaysia 2005. The deposit insurance coverage of RM60,000 per depositor per member institution includes both the principal and interest/return earned on the deposits. No application is required for deposit insurance coverage and the premium is paid by member institutions.
 
     
  To find out more about the deposit insurance system, you can:  
     

Call PIDM’s toll-free information line 1-800-88-1266 from 8.30 a.m. to 5.30 p.m. on Monday to Friday (excluding public holidays).
   
Email to info@pidm.gov.my.
   
Visit PIDM’s website.
   
Get a copy of PIDM’s public information leaflet from your nearest member institution branch.
     
 
If a banking institution refuses your application to open either a BSA or BCA, the banking institution must inform you in writing of its refusal and provide written instruction on how you may seek redress, via the banking institution's complaint unit and the complaint unit at Bank Negara Malaysia.