RHB Bank Berhad is one of Malaysia's largest banks, headquartered in Kuala Lumpur. With over 180 branches nationwide, the bank offers a wide range of banking products and services to individuals and SMEs, including Islamic banking solutions.

This article provides a detailed overview of four types of accounts offered by RHB Bank - current, savings, and multi-currency accounts - covering account opening requirements, procedures, and associated fees.

Types of Accounts and Fee Comparison

RHB Bank offers various deposit products, including current accounts, savings accounts, fixed deposits, and multi-currency accounts. As a licensed Malaysian bank, RHB Bank provides deposit protection of up to RM250,000. Below is a detailed comparison of the features and fees of four popular accounts:

Basic Current Account

• • Features: Provides free monthly statements, debit card and chequebook usage, with no interest on deposits.
  • Fees: Free for 6 counter transactions and 8 ATM withdrawals per month. Debit card annual fee of RM8. Minimum opening deposit of RM500 and a minimum balance requirement of RM1,000 (otherwise RM10 service fee every six months).

Smart Account

• • Features: High-interest current account with free monthly statements and debit card (0.5% cashback on overseas transactions). Unlock up to 2.85% annual interest by fulfilling various criteria such as savings, spending, bill payments, and investments.
  • Fees: RM15 issuance fee and RM12 annual fee for debit card, RM1 ATM withdrawal fee (MEPS), 1% foreign exchange fee.

Bonus Saver Account

• • Features: Regular savings account with free monthly statements and debit card (0.5% cashback on overseas transactions). Maintain a monthly deposit of at least RM500 to earn up to 1.4% annual interest.
  • Fees: RM15 issuance fee and RM12 annual fee for debit card, RM1 ATM withdrawal fee (MEPS), 1% foreign exchange fee.

Multi Currency Account

• • Features: Holds up to 32 currencies, offering notice or fixed deposits with interest rates up to 5.65% (depending on the currency).
  • Fees: RM20 annual fee for debit card (waived for the first year with an initial deposit of USD200), RM1 ATM withdrawal fee (MEPS), 1% currency exchange fee.

Account Opening Conditions

Below are the account opening requirements for each type of account:

RHB Basic Current Account:

• Available to Malaysian citizens and permanent residents aged 18 and above, as well as SMEs.
• Joint accounts are allowed with a minimum deposit of 500 MYR.

RHB Smart Account:

• Available to individuals aged 18 and above, not eligible for joint accounts.
• Minimum deposit requirement of 1,000 MYR.

RHB Bonus Saver Account:

• Available to individuals aged 18 and above,
• Joint accounts allowed with a minimum deposit of 500 MYR.

RHB Multi Currency Account:

•  Available to individuals, non-profit organizations, clubs, associations, and societies aged 18 and above, requiring an existing RHB current or savings account.

Required Documents for Account Opening

To open an account with RHB Bank in Malaysia, the following documents are required:

1. For Malaysians: National identity card (MyKad) for online applications, proof of mobile number, and additional supporting documents such as income proof.
2. For Foreigners: Passport (valid for at least 6 months), valid visa or residency permit, proof of mobile number, and additional supporting documents such as MM2H approval letter.

Online Account Opening Process