AmBank is the sixth largest banking group in Malaysia, with over 160 branches and more than 600 ATMs nationwide, serving over 3 million customers. This article introduces four popular deposit accounts offered by AmBank, including Current Accounts, Savings Accounts, and Foreign Currency Accounts, detailing their opening requirements, processes, and associated fees.

AmBank Deposit Account Types

AmBank offers four popular deposit accounts that include options for current, savings, and foreign currency deposits, each with specific features and fee structures.

TRUE Transact Current Account

The TRUE Transact Current Account offers the following key features:

• Basic annual interest rate of 0.05%.
• Comes with a TRUE Savers savings account and a TRUE Mastercard debit card.
• Free ATM withdrawals up to 8 times per month at MEPS network ATMs.
• No minimum deposit required to open the account, no account maintenance fee.
• Annual fee of RM 10 for the debit card (first year waived).
• RM 10 per overseas withdrawal.

TRUE Savers Account

The TRUE Savers Account features include:

• Basic annual interest rate ranging from 0.25% to 0.75%, with potential to earn up to 6.50% based on savings, spending, and investment goals.
• Minimum deposit requirement of RM 20 to open the account, no account maintenance fee.
• Same RM 10 annual fee for the debit card.

eFlex

The eFlex account offers the following main features:

• Basic annual interest rate of 0.50%.
• Maintaining a balance of RM 20,000 unlocks an interest rate of 2.40% per annum, equivalent to rates offered by 3-month fixed deposits.
• Existing customers can easily open an account via the AmBank mobile app.
• Minimum deposit of RM 20 required to open the account (waived for online applications).
• No account maintenance fee or debit card charges.
• RM 1 or RM 4 per withdrawal at non-AmBank ATMs, RM 10 per overseas withdrawal.

Foreign Currency Current Account

The Foreign Currency Current Account supports multiple major currencies, including RMB and HKD, with the following features:

• Supports 10 major currencies, including Renminbi (RMB) and Hong Kong Dollar (HKD). 

• Allows for fixed deposits, with the highest interest rate of 0.45% for 5 currencies, with a minimum deposit equivalent to MYR 10,000.
• No minimum deposit required to open the account, annual maintenance fees vary by currency.

AmBank Account Opening Requirements

Different accounts have specific opening requirements:

• TRUE Transact Current Account and Foreign Currency Current Account can only be opened at branches, with no minimum deposit requirement.
• TRUE Savers Account and eFlex require applicants to be at least 18 years old, with a minimum deposit of RM 20 for TRUE Savers Account.
• Malaysian citizens need to provide MyKad (National Identity Card), while foreigners require a passport and visa/residence permit.

AmBank Account Opening Required Documents

To open an AmBank account, prepare the following documents:

• For Malaysian citizens: MyKad (mandatory for online applications).
• For foreigners: Passport and visa/residence permit.

AmBank Account Opening Process

The process to open an AmBank account is as follows:

1. Choose Account Type: Select the desired AmBank account type based on personal needs, such as TRUE Transact Current Account or TRUE Savers Account.

2. Prepare Documents: Gather necessary documents based on the chosen account type, including identity proof (MyKad or passport) and address proof (utility bill).

3. Visit Branch or Use Mobile App: Visit the nearest AmBank branch to process the account opening or download the official AmBank app and follow the instructions for online applications.

4. Submit Application: Submit the account opening application at the branch or through the mobile app, providing personal details and account preferences.

5. Identity Verification: Depending on requirements, scan identification documents and undergo facial recognition to verify identity.

6. Sign Documents: Sign all necessary account opening documents at the branch; for online applications, electronic signatures may be required.

7. Activate Account: Follow instructions to make an initial deposit (if required) and activate the newly opened AmBank account.

8. Receive Bank Card: Upon successful account opening, AmBank will send the debit card or passbook to the registered address.

9. Set Up Online Banking: If needed, set up and activate online banking services for electronic banking transactions.

In conclusion, AmBank offers a diverse range of deposit options tailored to different financial needs and interest rate preferences. Whether it's savings, current, or foreign currency accounts, AmBank provides flexible account opening processes and fee benefits, ensuring convenience and choice for its customers.