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,
| Features | Description |
|---|---|
| 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).
More information
1. Maybank Silver Investment Account page.
2. Latest Silver Rate
Hi there,
I heard Silver price is very volatile compared to other precious metals. Is it safe to invest on silver? Will we be getting returns just like gold investment?
Regards,
Thiagu
Good Morning Thiagu,
I am a newbie in silver investment scheme. Please advise if I were to buy physical silver which is better:- coin or bar form?
Thanks
@Thiagu: There isn’t any investment which is purely safe. The safest is Fixed Deposit but still has minimal risk as well. Nothing is certain in an investment.
@Chua Chin Aik: You buy physical ones, it will be a hassle. Where to keep it? If you keep it in the bank safebox, it is also a hassle as you need to go to the bank and do all those procedures. The best and easiest is to buy through banks. Easier to purchase and sell without much hassle.
Just my 2 cents! 🙂
@Thiagu, for the past 10 years, silver did bring better ROI compare to gold. We can expect the similar for the coming years. The volatility is high, that’s why the return is high. Investment advice 101, high risk high return.
@chua chin aik, silver coin is subject to import tax. You typically would buy with additional 15% from the vendor because the vendor has paid 15% as tax in advanced for the coin (legal tender). For bar, it is a more value for money investment. Usually cheaper than coin unless you are buying numismatic bar that come with nice packaging including a certificate.
Hi there,
for the silver investment, it can or cannot buy or sell silver via online ??or it must proceed to Maybank??
Besides, is it all the branch provide silver investment or just some branch only??
Regards
Net CHong
@Net Chong, you cannot buy / sell silver online with Maybank. You must transact it over the counter. As far as I know, you can open an account and trade silver in all branch.