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A savings account enables you to save or deposit your money into an account and receive certain interest with no stated maturity. Available at all the banking institutions in Malaysia, interest earned on your balance is normally credited to your account every month. The minimum deposit to open an account varies from one banking institution to another and can be as low as RM1. You can withdraw or deposit money into your savings account whenever you need.

You can also apply for an ATM card with a specific PIN number. This card allows you to withdraw money from the on-branch and off-branch ATMs of the banking institution as well as perform various other transactions.

To keep track of your banking transactions and interest earned, you can choose to receive either a passbook or a statement. You will need to use your passbook for over the counter transactions. However, some banking institutions allow over the counter transactions with only your ATM card and identity card.
 
 
Some of the common transactions you can perform as an account holder are:
 
Withdraw money, either over the counter or from ATMs

Deposit money, either over the counter or through mechanism such as cash
deposit machines
Make account enquiries
Transfer funds within the same banking institution
Bill payments
Inter-bank transfers (GIRO)
Online banking for banking institutions that has this feature
 
As an account holder, you are responsible to:
 

Always keep your account numbers and PINs that have been issued to you confidential

Always keep your account statements, passbook and ATM card in a safe and
secure place
Immediately inform your banking institution of any of the following
 
  - Any change of address or telephone number
  - Loss of ATM card or passbook
  - Any discrepancy in your bank statement
 
Besides savings, banking institutions also offer basic savings accounts (BSA) and basic current accounts (BCA), as well as current accounts to cater to your needs.
 
 
 
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