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In order to diversify our products and services and at the same time to cater for the various needs of the public, Wadiah Savings Account-i which is in accordance with the principles of Shariah is offered to the public.
The account offered to the public is based on the principles of Al-Wadiah Yad Dhamanah (Deposit with Guarantee) with the following concepts:-
- The depositors deposit the goods with the Bank for safekeeping and grant permission the Bank to utilise their funds for whatever business activities permitted by the Shariah.
- The entire deposit amount is fully guaranteed and payable on demand.
- The depositors are not entitled to any share of the profits earned from the bank trading activities but the Bank may give Hibah (portion of the profits) as a token of appreciation having utilised the funds for maximum advantage.
- The bank will charge a specific sum as service charge, stamp duty and maintenance fees (known as AL-UJR) to meet the expenses of the Bank for maintaining the account and exposure to the risk of being entrusted to keep the monies.
- Types of fees permitted under Shariah are:
- Cost of book-keeping
- Administration costs
- Maintenance costs
- Processing Fee
| First RM2,000 or part thereof |
RM20-00 |
| Every subsequent RM1,000 or part thereof |
RM10-00 |
Here's what Wadiah Current Account-i offers you:
- Ease of opening an account for individuals, joint and sole proprietorships with an initial deposit of RM3,000.
- Ease of opening an account for partnerships, corporate entities associations, clubs or societies with an initial deposit of RM5,000.
- No service charge if your average account balance for the last 6 months is above RM3,000 for individuals and RM5,000 for non-individuals.
- A monthly statement, making it easier for you to keep track of your expenditure.
- Cheque encashment that can be made at any Public Bank branch nationwide.
- Easy access to your account through any Public Bank branches, ATM's, PB Telebanking or PBeBank.com.
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