1.0 Al – Wadiah Principle
1.1 I / We hereby agree that the money deposited into my/our Savings Account is for the purpose of safe keeping based on the Islamic principles of al-Wadiah ( safe custody) and I / we hereby give my/our consent to the Bank to utilise use or invest the whole or part of any monies standing to the credit of my/our account in the manner that the Bank shall deem fit.The Bank guarantees payment of the whole of such or any part there of standing to the credit of my/our account upon demand.
2.0 Opening of Account
2.1 I / We am/are required to make the application to open Savings Account in person and I/We shall be bound by the Rules and Regulations Governing the Operations of Al Wadiah Savings Account in force from time to time.
2.2 I / We am/are required to furnish the specimen signatures or right thumbprints , latest address and other personal particulars to the Bank.
The minimum amount that may be deposited at any time shall be RM10.00.
4.1 I / We shall present my/our passbook together with a withdrawal slip duly completed and signed for making any withdrawal.
4.2 I / We shall not withdraw a sum smaller than RM1.00 unless the account is to be closed.
4.3 The Bank shall not be responsible for any unauthorised entries in the passbook. I / We shall therefore carefully examine the entries in the passbook and notify the Bank of any unauthorised entries before leaving the Bank’s premises.
4.4 If I / We withdraw the whole balance in the account, the account shall be deemed to be closed.
5.1 I / We shall keep the passbooks under lock and key at all times. The Bank shall not accept responsiblity for any loss caused by my/our negligence where any person shall obtain possession of the passbook of the passbook and fraudlently withdraw any sum belonging to me / us from the passbook.
5.2 The Bank will replace the passbook with a new one. If my/our passbook shall be worn out or defaced.
5.3 I / We shall immediately notify the Bank in writing on the loss or destruction of my/our passbook. The bank shall issue a new passbook upon my / our production of such evidence and execution of such Imdemnity Letter as the bank may require.
5.4 I / We shall bring the passbook to the nearest Branch for updating purposes if any previous transaction without the passbook occurred.
6.0 Statement of Account Balance – Savings Accounts
6.1 For savings account without a passbook, quarterly statement will be issued and sent by post to the account holder. Request by the account holder for statement over the counter (OTC) and statement printing machine are subject to payment charges (auto deduction): RM5 per page (OTC) and RM1 per request (statement printing machine).
6.2 The savings account statement will be issued to account holder based on the following:
i.Customer’s transactions must be equal or exceed 30 transactions within 3 months (exclude transactions on the Bank’s profit)
ii. Savings account with minimum balance of RM500 at the end of the statement period.
iii. Statement for savings account with average balance more than RM10,000 at the end of the statement period will be automatically generated regardless frequency of transactions.
6.3 The Bank may not send the account statement if the account is dormant or inactive for a period as determined by the Bank. The Bank may also discontinue sending the account statement if the statement is unclaimed or undeliverable for any reason.
7.1 All cheques, banker’s cheque, bank draft, Negotiable Islamic Debt Certificate, money orders, postal orders, warrants and other instruments deposited, which have been dishonoured shall be returned by hand or by registered post to me / us at the address last registeredwith the Bank at my / our own risk and expences.
8.0 Declaration of Account Holder
8.1 We hereby confirm and agree that ALL of us shall operate the Al Wadiah Savings Account * (except for account under clause 8.2)
8.2 We hereby confirm and agree that the EITHER / ANY of us shall operate the account from time to time. EITHER / ANY signature(s) on any acknowledgement receipt or in any other documents whatsoever given to the Bank is valid and effective as a discharge to the Bank in respect of all funds and matters relating to our Al Wadiah Savings Account. In the event of death of any one of us, the Bank is authorized to pay the survivors any balance remaining in credit of this Joint Account as a trustee to the deceased’s beneficiary.
9.0 Dormant Accounts and Unclaimed Money
9.1 I / We shall transact at least once a year. Bank shall consider my / our account as domant if the account is not active for a period of 1 year from the last transaction date.
9.2 If the account is inactive for 7 years, balance from the account shall be deemed to be as Unclaimed Monies and shall be transferred to the Unclaimed Monies Registrar after such period underthe Unclaimed Monies Act 1965.
9.3 For savings account with balance less than RM5, the credit balance in the savings account will be deducted as service charge and the savings account thereafter shall be closed.
10.0 Freezing and Closing of Accounts
10.1 In the event of death, insanity or bankruptcy, and upon service of actual notice, the Bank shall immediately freeze the account .For Joint Individual Account ( of item 8.1), the account shall be frozen if any one of us is insane or adjudged bankrupt.
10.2 The Bank has the right to close the customer’s(s’) account if the Excess amount remain unpaid for more than a period determined by the Bank from time to time.
10.3 In the event the Bank suspects that the customer’s account is being used for or implicated in fraud or suspected fraud activities, the Bank shall issue a written notice to the customer to explain/ confirm the transactions. If the Customer fails to provide such explanation satisfactory to the Bank, the Bank reserves the right to close, freeze or otherwise deals with the customer’s account as deems fit by the Bank.
11.0 Goods and Services Tax (GST)
11.1 The fees/charges are inclusive of 6% GST where applicable.
12.0 Changes to the Rules and Regulations
12.1 The Bank reserves the right to add, delete, amend or alter any of these Rules and Regulations, including the profit sharing ratio at any time. Such changes shall become effective upon being displayed of such notices in the Bank’s premises or by any other mode of communication which the Bank may deem fit.
13.0 Change of Address
13.1 If there is any change in my / our address, I / we shall notify the Bank immediately. This is important to ensure that all communications reach me/us promptly.
Eligible for protection by PIDM