Recently, Maybank launched “Maybank Investment Silver Acccount (MSIA)” which provide an opportunity to investors to invest in precious materials without the hassle of keeping it. Maybank is the first bank in the country to offer a silver investment passbook account, allowing deposits and withdrawals in silver at a daily price in ringgit at any of its branches nationwide.
When investing is precious metals, some people believe that silver investment is better than gold investment due to the fact that silver is more widely used for an industrial purpose than gold and currently the silver production unable to cope with the demand. MSIA will give an opportunity for the investor to take advantage of the situation. Also, when compared to gold investment, silver is more affordable as the price per gram is much lower.
The features of Maybank Silver Investment Account are,
|Minimum Initial Purchase||20 gram|
|Minimum Subsequent Purchase/Sale||10 gram in multiples of 1 gram|
|Minimum Balance in the Account||5 gram|
|Silver Purchase Price||Based on the Bank’s prevailing silver SELLING price quoted in RM per gram|
|Mode of payment||Cash, debiting of current/savings account maintained with the Bank or house cheque|
|Silver Sale/Withdrawal||Based on the Bank’s prevailing silver BUYING price quoted in RM per gram|
|Mode of Withdrawal||Cash or crediting of current/savings account maintained with the Bank|
|Mode of Operation||Passbook|
|Interest||No interest payout|
|Stamp Duty Fee on Agreement||RM10|
|Replacement of Lost / Spoilt Passbook||RM15 (inclusive of Stamp Duty for Letter of Indemnity)|
|Eligibility||Individuals aged 18 years and above|
Please bear in mind that the Maybank Silver Investment Account is not insured by Perbadanan Insurans Deposit Malaysia (PIDM).