Malaysian National Savings Bank (BSN) offers a variety of flexible deposit products tailored to meet the financial needs of Malaysian citizens, permanent residents, and foreign nationals holding valid work permits.

Account Types

1. BSN GIRO Premium

• • Account Type: Current Account
  • Features:
    • Global usability with VISA debit card accepted at over 29 million merchants worldwide, facilitating international transactions.
    • No introducer required, simplifying the account opening process.
    • Accessible through branches, ATMs, and online banking for convenient fund management.
  • Fees:
    • Minimum initial deposit: RM500, suitable for high-demand daily banking operations.
    • Card issuance fee: RM12, annual fee: RM8.
    • ATM withdrawal fees: RM1 (MEPS), RM12 (global VISA), noting the variance in withdrawal charges.

2. BSN Basic Savings

• • Account Type: Basic Savings Account
  • Features:
    • Offers a stable savings yield with an annual interest rate of 0.25%.
    • Includes 6 free branch counter services and 8 free ATM withdrawals per month, ideal for managing daily expenses.
    • Free ATM mini-statements available, allowing customers to monitor account balances in real-time.
  • Fees:
    • Minimum initial deposit: RM20, minimum balance requirement: RM10, providing an accessible entry threshold.
    • Card issuance fee: RM12, annual fee waived, reducing customer usage costs.
    • ATM withdrawal fees: RM1 (MEPS), RM12 (global VISA), choose the appropriate withdrawal method based on usage scenarios.

3. BSN GIRO

• • Account Type: Savings Account
  • Features:
    • Provides a moderate savings yield with an annual interest rate of 0.25%.
    • Enables global usage with VISA debit card accepted at over 29 million merchants worldwide, ensuring a convenient consumer experience.
    • Different minimum deposit requirements based on age groups, catering to diverse customer needs.
  • Fees:
    • Minimum initial deposit: RM10 to RM50 (depending on age), offering flexibility to meet various financial reserves.
    • Card issuance fee: RM12, annual fee: RM8, maintaining an economical usage cost.
    • ATM withdrawal fees: RM1 (MEPS), RM12 (global VISA), providing diverse withdrawal options.

4. BSN GIRO eSaver

• • Account Type: Online Savings Account
  • Features:
    • Offers a competitive annual interest rate of up to 1.75%, maximizing returns for maintaining higher balances.
    • Grants an additional 5% interest bonus for balances exceeding RM5,000, incentivizing sustained deposits.
    • Provides online banking services for easy access to transaction details and real-time account information.
  • Fees:
    • Minimum initial deposit: RM500, minimum balance requirement: RM100, suitable for long-term savings and investment planning.
    • Card issuance fee: RM12, annual fee waived, reducing user costs.
    • ATM withdrawal fees: RM1 (MEPS), RM12 (global VISA), ensuring flexible fund management with enhanced returns.

BSN also offers international remittance services through Western Union and BSN Remit, facilitating global fund transfers to meet diverse cross-border payment needs.

Requirements and Procedures

To open an account with BSN, applicants must meet the following conditions and prepare the specified documents:

For Malaysian Citizens and Permanent Residents:

• Provide a valid National Identity Card (MyKad).

For Foreign Nationals (with valid work permits):

• Provide a passport and valid work visa or residency permit.

Required Documents for Account Opening:

• Malaysian Citizens and Permanent Residents: National Identity Card (MyKad).
• Foreign Nationals: Passport, valid work visa, or residency permit.

Additional Documents that may be required:

• Income proof, address proof, etc. (based on specific account type requirements).

Online Account Opening Process

Currently, BSN supports account opening only through its branches. Customers can visit the BSN official website to obtain detailed information about various account types and proceed to the nearest branch to complete the account opening process.

The process involves filling out forms, submitting identity proof, and making an initial deposit. Once the account is successfully opened, the debit card will be sent to the customer's address.

Upon activation of the debit card, customers can apply for myBSN online banking services, facilitating online fund management and transactions.

Account Opening Considerations

• Annual Fee Waiver: BSN Basic Savings and BSN GIRO eSaver offer annual fee waivers, helping customers save on yearly usage costs.

• ATM Withdrawal Fee Differences: MEPS network withdrawals incur relatively lower fees compared to global VISA withdrawals. Customers should choose the appropriate service based on their withdrawal habits and needs.

• Potential Additional Fees: In addition to the listed fees, customers may incur additional charges for specific transactions (such as cross-border transfers, special service requests, etc.). It is advisable for customers to thoroughly understand the relevant terms and fee information before opening an account.

In summary, Malaysian National Savings Bank (BSN) provides flexible and cost-effective banking solutions through its diverse deposit products and convenient service processes. These offerings cater to various financial needs and lifestyles, ensuring a comprehensive banking experience for all customers.