Current Account

A current account is a deposit account available at all banking institutions in Malaysia and can be used for either personal or business purposes. As a current account holder, you are allowed to use cheques as a way to make payments.

However do be sure that you are well informed of the things you need to know about using cheques before making any payments. Different banking institutions have different requirements for opening a current account. The product features also vary amongst the banking institutions; e.g. some banking institutions offer interest bearing current accounts while some do not.

Therefore, it is advisable that you seek and compare what each bank has to offer before opening up a current account.

When you open a current account, your banking institution will require you to provide a specimen signature. This is for the banking institution to compare your signature on the cheques against the specimen signature you have provided. If the signature differs from the specimen signature, your bank has the right to decline your payment and will return the cheque.

As a current account holder among others, you will be able to make:

• Cheque payments

• Cheque and cash deposits

• Account enquiries

• Withdrawals

• Funds transfer within the same banking institution

• Bill payments

• Inter-bank transfers (IBG GIRO)

• Online banking for banking institutions that has this feature

You will also receive free monthly statements delivered to you. These statements will help you keep records of all deposits and withdrawals that you’ve made to calculate the current balance.

undo Other Banking Products