1. What is net Current Account-i (nCA-i)?
nCA is an online current account that comes with a cheque book and which gives full access to ATM. It pays dividends with no minimum balance.
2. What is the basis of nCA -i
Conceptually, nCA is based on the Islamic concept of mudharabah (profit sharing).
3. What are the basic requirement to open a nCA - i?
a - Resident of Malaysia or non-resident with a working permit
b - Minimum age of 18 years
c - Complete online application form
d - Pay initial deposits
4. Who can open a nCA - i ?
a - Individual aged 18 years and above
b - Residents and non-residents with a working permit
c - Joint account up to maximum of four(4) persons with any one signatory allowed
5. Can a company open a nCA - i ?
No. nCA - i can only be opened by individuals either as a single account or as a joint account with a maximum of four individuals.
6. What do I get when I open a nCA - i ?
Physically, you will be given a Maybankard for access to ATMs. You will also get a cheque book for making payments and for cash withdrawals. There shall be no passbook for this account. Monthly, your account earns dividends depending on balances maintained in the nCA.
7. If I have a joint account of 2 or more signatories, how many Maybankards will be issued?
If the condition for operating the account authorizes either accountholder to sign, then every accountholder gets one Maybankard each for access to ATM. If the condition authorizes 2 or all to sign jointly, then there will be no Maybankard issued. This group of PMA accountholders shall be given a cheque book only.
8. If there is no passbook issued, how would I know how much money I have in my account?
You can make balance enquiries through the ATM, through Maybank Auto Phone Service or through internet via maybank2u.com.
9. Is there any limit for withdrawal from the nCA?
a- At the counter - unlimited withdrawals can be made at the Maybank branch you maintained your account (home branch). However, a withdrawal at other Maybank branches is limited up to RM10,000 only.
b - Via ATM - limited to RM5,000 per day.
10. When and how are the dividends on nCA paid?
The dividends are calculated daily on the entire balance and credited into the account on a monthly basis. For example, if the daily balance of RM10,000 is maintained for 1 month, dividend before tax for the month is calculated as follows :-
| RM10,000 X declared dividend rate X no. of days in the month365 days |
11. What happens if my nCA is inactive for a long time?
The account is classified as “dormant” after 1 year and any available funds will be transferred to Public Trustee under Unclaimed Monies after 7 years
12. If I close my account in the middle of the month, do I get any dividend for the month?
Yes, up to the date preceding the date account is closed.
13. What is the difference between Current Account-i and net Current Account-i?
|
Current Account - i |
net Current Account - i |
| Concept |
Wadiah Yad Dhamanah |
RM15,000 |
| Initial deposit |
RM1,000 for individuals RM2,000 for other accounts |
RM500 |
| Introducer |
Required |
Not Required |
| Eligibility |
Individuals, Companies, Associations, Clubs |
Individuals |
| Dividend payment |
No |
Yes |
| Takaful Personal Accident Coverage |
No Takaful coverage |
Coverage up to RM50,000 |
| Medical benefit |
No medical benefits |
Medical benefits up to RM1,500 |
