BSN Basic Savings Account-i is based on the Shariah concept of Tawarruq (Commodity Murabahah)

Tawarruq consists of two sale and purchase contracts. The first involves the sale of an asset by a seller to a purchaser on a deferred basis. Subsequently, the purchaser of the first sale will sell the same asset to a third party on a cash and spot basis.

• Open to Malaysian Citizens and Permanent Residents.
• Open for Individual Account for ages seven (7) and above and as Trust Account for ages below seven (7) years old.
• Account opening can be done over the counter at any BSN Branch nationwide.
• Required documents:
  • Applicant’s identification document.
• Waiver of Debit Card issuance and annual fee. Debit Card is issued for ages 13 years and above.
• No minimum savings amount to be maintained. Withdraw up to your last cent at any time.
• Savings requirements:

• Withdrawal Limit at BSN Self Service Terminals:

• Profit rate calculated on daily rest:

• Cash withdrawals, cash and cheque deposits over-the-counter at BSN Branches nationwide are free of charge.¹
• No annual fees or maintenance fees are imposed.
• Cash withdrawals at BSN Self-Service Terminals are free of charge.²
• Bill payment, account enquiries and transfers within BSN via BSN Self-Service Terminals, myBSN Internet and myBSN Mobile App channels are free of charge.
• The first two (2) Interbank GIRO (IBG) over-the-counter transactions in a month shall be charged at RM0.50 per transaction, while each subsequent transaction in the same month shall be charged at RM2.00 per transaction.
• Interbank transfers, DuitNow transfers via over-the-counter, myBSN Internet Banking and myBSN Mobile App channels respectively are free of charge for transactions below RM5,000 in a single transfer. A fee of RM0.50 is applicable for any transfer amounting to RM5,000 and above in a single transaction.

NOTES:

1. Over-the-counter refers to transactions made through normal counter services at BSN Branches nationwide during normal banking hours.
2. Cash withdrawals at terminals are subject to the BSN ATM withdrawal limits stated above. Self-service terminals refer to BSN Automated Teller Machines (ATM), Cash Deposit Machines (CDM), and Cash Recycler Machines (CRM).

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Profit calculation for Basic Savings Account-i:

Scenario: Deposit placement for the month of January on a non-leap year.

1 – 12 January : RM10,000 balance
13 – 20 January : RM20,000 balance (customer deposited additional RM10,000 on 13 January)
21 – 31 January: RM15,000 balance (customer withdrew RM5,000 on 21 January)

Formula: Principal Deposit Amount x Effective Rate x (Tenure in days / 365 or 366 days)
For period up to 12 January, profit accrued daily as follows:
RM10,000 x 0.25% x (1/365) = RM0.07 per day
Hence profit accrual = RM0.07 x 12 days = RM0.84

For period up to 20 January, profit accrued daily as follows:
RM20,000 x 0.25% x (1/365) = RM0.14 per day
Hence profit accrual = RM0.14 X 8 days = RM1.12

For period up to 31 January, profit accrued daily as follows:
RM15,000 x 0.25% x (1/365) = RM0.10 per day
Hence profit accrual = RM0.10 X 11 days = RM1.10

Profit paid for on 31 January is equal to the total accruals for the month:
Profit for January = RM0.84 + RM1.12 + RM1.10 = RM3.06

Note: Illustration figures are rounded to the nearest cent.

Disclaimer:
This illustration is intended as a guide, and all information contained herein is for estimation and illustration purposes only. BSN is not responsible or liable for any losses that may arise from a decision that you make based on using the calculator.