MALAYSIA: New Maybank savings plans for seniors

. KUALA LUMPUR, Malaysia / Business Times / May 21, 2009 Maybank has introduced two new savings accounts, the Golden Savers Account and Golden Savers Account–i, for senior citizens of age 50 and above as well as retirees or those who plan for early retirement. The savings accounts offer more free services and discounted rates on products that tend to be of greatest interest to seniors. "We have noted that senior citizens are very interested in savings products, which offer higher interest/dividend rates, yet allowing them to use their savings on a daily basis," Maybank head of consumer banking, Lim Hong Tat said in a statement today. "With this in mind, we deem the introduction of the Golden Savers Account and Golden Savers Account-i as a timely move, given both allow daily withdrawals and yet offer higher returns/dividend rates compared with normal savings accounts," he added. The Golden Savers Account is available through conventional banking while Golden Savers Account-i is based on the Shariah principle of Mudharabah (profit sharing) with a minimum deposit of RM1,000. Maybank said that senior citizens can look forward to higher returns/ dividends of up to 1.70 per cent as their account balance grows. Under the multi-tiered system, interest/dividend rates will be calculated daily and credited monthly. Accounts can be opened either on a personal or joint basis with a maximum of four account holders. In conjunction with the launch of the Golden Savers Account, customers are also entitled to 2,000 treats points for every RM10,000 deposit for the first three months from April 13-July 12. Account holders can also enjoy a free service charge for foreign telegraphic transfer transaction of less than RM5,000. -- BERNAMA Copyright © The New Straits Times Press (Malaysia) Berhad