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)