Banking


Gold

There are a few ways to invest in gold. One of the most popular ways is via Investment or Savings account with a bank. The main benefit of this method is,  investor does not need to worry about keeping the physical gold by themselves.

Currently, there are 5 banks offer gold investment or savings account. Normally, banks will issue either passbook or statement to the depositors. Some of the banks do allow physical gold withdrawal.

Banks that currently offer these services are,

  • CIMB Bank – Gold Deposit Account (GDA)
  • Kuwait Finance House (KFH) – Gold Account – i (GAi)
  • Maybank – Maybank Gold Investment Account (MGIA)
  • Public Bank – Gold Investment Account (GIA)
  • United Overseas Bank (UOB) – Gold Savings Account (GSA)

The following table are the details comparison between 5 investment or savings accounts.

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Priority banking is a preferential treatment service granted to a select group of customers in a bank usually to high net worth personal. They are usually invited to enjoy this service based on amount of deposits, investments or housing loan with the bank.

Refer to table in the later section of this post to see the minimum deposit to be eligible.

Some of the benefits offer by Priority Banking are;

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PIDM

With effective from 31st December 2010, deposit insurance limit will be increased to RM250,000 from RM60,000 per depositor per bank. The new limit come into force after it was approved by Dewan Rakyat and Dewan Negara recently.

The new limit will protect 99% of retail depositors in full. In addition, the new bills will also includes foreign currency deposits under the deposit insurance protection.

The enhanced financial consumer protection package included the expansion of Perbadanan Insurans Deposit Malaysia (PIDM) mandate to include the administration of the Takaful and Insurance Benefits Protection System (TIPS).

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With Effective from 3rd January 2010, all RHB Bank and RHB Islamic Bank customers will be able to do banking transactions in all Pos Malaysia branches throughout the country.

At the beginning, 21 selected Pos Malaysia branches in the Klang Valley and Negeri Sembilan have been identified for the services. The same services will be available in all 300 Pos Malaysia branches in the later stages.

There are no fees or charges imposed for any banking transactions done over the POS Malaysia counter.

The following banking transaction can be performed at Pos Malaysia branches,

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Recently, CIMB Bank enable one of the most wanted features in CIMB Clicks, Instant Interbank Fund Transfer. As the name imply, the fund will be available immediately in the beneficiary account.

One of the best features is, upon keying in the beneficiary account number, the name of the account holder will be displayed. So you know the money is going to be received by right person.

You will be charged RM2.00 for one times instant transfer and RM4.00 for schedule instant transfer.

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