eCurrent Account-i (eCA-i)

Savings

eCurrent Account-i (eCA-i)

Bank Rakyat is leading the transformation of Current Account with the latest electronic innovation in Malaysia that realizes the dreams and hopes of Current Account users who want a simple and fast banking transaction.

Concept

  • Tawarruq
  • Qard

Product Features

  • Transact online at any time
  • Monthly statements to all account holders is free of charge
  • Minimum balance to be maintained in the account is RM 0.01

Profit Rates/Historical Hibah Rates

Profit Rates (Tawarruq)

eCurrent Account-i (Individual) 

Amount (RM)

Profit Rates (p.a)

0 - 999

0.00%

1,000 - 99,999

1.25%

100,000 and above

1.50%

eCurrent Account-i (Non-Individual)

Amount (RM)

Hibah Rates* (p.a)

0 - 4,999,999

1.50%

5,000,000 and above

2.00%

Historical Hibah Rates (Qard)

eCurrent Account-i (Individual) 

Amount (RM)

Profit Rates (p.a)

0 - 999

0.00%

1,000 - 99,999

1.25%

100,000 and above

1.50%

eCurrent Account-i (Non-Individual)

Amount (RM)

Hibah Rates* (p.a)

0 - 4,999,999

1.50%

5,000,000 and above

2.00%

*IMPORTANT/ DISCLAIMER:

THE DISCLOSURE OF HIBAH RATE AS SHOWN ABOVE IS THE PREVIOUS HIBAH RATE PAID BY THE BANK TO DEPOSITORS AND SHALL NOT BE CONSTRUED IN ANY WAY AS AN INDICATIVE OR PROSPECTIVE RATE.

THE BANK IS NOT OBLIGED TO GRANT THE HIBAH TO THE DEPOSITORS AND DECLARATION OF THE HIBAH RATE DISPLAYED IS AT SOLE DISCRETION OF THE BANK.

Advantages

EFFICIENT PROCESS

  • NO PROBLEM MANAGING CHEQUES thus able to avoid loss and error in managing cheque
  • NO WORRIES as the use of electronic channel is safe and proven successful
  • NO RESTRAINTS in storage space as to minimize operating costs

GREATER FLEXIBILITY IN ACCOUNT MANAGEMENT

  • NO LIMITS in banking hour and location
  • NO ISSUES in managing funds because the account will be debited on the due date of payment
  • NO EXTRA COSTS for unproductive work such as delivery, parking and other costs

COST EFFECTIVE

  • NO DIFFICULTY and increase productivity through payment and receipt of funds efficiently and quickly
  • NO ACCOUNT RECONCILIATION PROCESS and avoid errors by reducing manual processes
  • NO COMPLICATIONS in fund management, account reconciliation process and review process via e-Statement

MAXIMUM CONFIDENTIALITY

  • NO LEAK in confidential information on the identity of the account holder/operator
  • NO DISCLOSURE of confidential information on the signature of the account holder/signatories
  • NO FRAUD related signatures and cheque duplication

PAYMENT METHOD THAT WORKS

  • NO DOUBT in using proven electronic banking channels and instruments
  • NO WORRY about payments' security because it is credited directly to the recipient's account
  • NO DISCRIMINATION because the facility i-Rakyat Commerce - Desktop Banking is open to all non individuals interested in enjoying the effective service

TRANSPARENT

  • NO HIDDEN COSTS because all costs are transparently disclosed 


Eligibility

  • Individual
    • 18 years and above
    • Not bankrupt
    • Minimum deposit of RM500 for account opening
  • Non-Individual
    • Companies, associations, clubs, societies, professional bodies and government agencies
    • Not subject to any winding-up order or court action
    • Minimum deposit of RM1,000 for account opening
  • An introducer is required for account opening

  • Required Documents

    FORM

    • Account Opening cum Specimen Signature Form
    • Customer Information Form (CIF)
    • Rules and Regulations (T&C)
    • The Board of Directors Resolution sanctioning the request to open account for the company
    • iRakyat Commerce Application Form
    • The Board of Directors Resolution sanctioning the request to open iRakyat Commerce

    DOCUMENT REQUIRED

    • Sole-proprietorship / Partnership – Borang A, D, B (if any), Certificate of Practice (Borang O) & Borang Q (if renewed)
    • Professional – Law Firm (Confirmation Letter from the Bar Council, Certificate of Practice), Accountant (Confirmation Letter from MIA, Certificate of Incorporation – SSM), Doctor (Confirmation letter from Medical Council, Certificate of registration from MMC)
    • Company – Borang 9, 24, 49 M & A, Board of Directors Resolution, Certificate of Practice (Borang O) & Borang Q (if renewed)
    • Co-operatives, Associations, Clubs, Societies, Religious Body Account – Certified copy of Rules and Regulations or By-Laws, Confirmation Letter from Jabatan Agama Negeri, Original Certificate of Registration issued by the Registrar of Societies, Certified Extract of the Minutes of Meeting approved by the Committee.
    • Verified copy of myKad/Passport


    Account Opening

    Individual: Minimum deposit RM500

    Non Individual: Minimum deposit RM1,000

    Representative to Operate Bank Account

    Fees & Charges

    ACCOUNT OPENING

    SERVICE

    TRANSACTION

    CHARGE

    CTOS Check

    All types of account

    Free

    SSM Check

    Company Account

    Free

    DEPOSIT

    Coin deposit

    Individual and Small and Medium Enterprises (SMEs) accounts

    Free

    Coin deposit

    For non individual accounts:   


    Coin deposit

    First RM1,000.00

    Free

    Coin deposit

    RM1,000.00 to RM5,000.00

    RM3.00

    Coin deposit

    More than RM5,000.00

    RM5.00

    Coin deposit

    Note: No fee will be charged for coin deposit via Coin Deposit Machine


    Postage Charges

    For mailing Image Returned Document (IRD) not collected after 3 days (by normal mail) to account holder    

    RM2.00

    WITHDRAWAL

    Exchange Of Coins

    Individuals and Small and Medium Enterprises (SMEs) account

    Free Of Charge

    Exchange Of Coins

    For non individual account:


    Exchange Of Coins

    Loose (RM200.00 and below)

    Free Of Charge

    Exchange Of Coins

    Bulk exchange for more than RM200.00

    RM7.00 for each bag

    DISCLOSURE OF CUSTOMER INFORMATION

    Ad Hoc Statement


    RM2.00 per page

    (minimum RM5.00)

    Audit confirmation


    RM30.00

    Bank confirmation (Account status confirmation/letter of reference)


    RM20.00

    CURRENT ACCOUNT STATEMENT

    Change in Frequency

    From monthly to bi-weekly

    RM5.00 for every month

    Change in Frequency

    From monthly to weekly

    RM10.00 for every month

    Duplicate Statement


    RM20.00 for every month

    CLOSURE OF ACCOUNT

    Closure within 3 months of Openinga


    RM20.00


    (For Account with balance below RM20, the Bank will absorb the remaining balance in the account as service charge)

    GENERAL

    Marked Cheque


    RM15.00 per cheque

    Bankcard (Kad ATM)

    Annual Fee

    RM8.00* every year

    Bankcard (Kad ATM)

    Card Replacement

    RM12.00

    Terms and conditions of eCurrent Account-i (eCA-i)

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