To open a Halal savings account with Maybank Singapore, specifically the Savings Account-i (a Shariah-compliant option based on prior details), visit any Maybank branch in person as the primary method, since online applications for Islamic accounts are limited or unavailable for new customers.
Eligibility Requirements
Singapore Citizens or Permanent Residents need a minimum initial deposit of S$500, while foreigners require S$1,000; a monthly fee of S$2 applies if the average balance falls below S$500 (or higher for non-residents). Existing Maybank customers can convert a conventional account to Savings Account-i at a branch without changing the account number. Note that some products like Ar Rihla Regular Savings Account-i may allow digital applications for eligible ASEAN nationals, but confirm via branch for Halal specifics.
Required Documents
Bring your original NRIC (front and back) for Singaporeans/PRs or passport for foreigners, plus proof of address like a recent utility bill or bank statement from a Singapore bank (dated within 3 months). An initial deposit cheque from a personal Singapore bank account is ideal; joint applicants provide matching documents for both parties. Secondary proofs such as a driving license, employment letter, or credit card may be requested.
Step-by-Step Process
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Locate a nearby Maybank branch (over 20 island-wide, e.g., head office at 2 Beach Street #01-01).
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Complete the application form on-site, specifying Savings Account-i for Shariah compliance under Commodity Murabahah principles.
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Submit documents and deposit; receive your ATM card, PIN, and passbook immediately upon approval.
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Activate 24/7 access via Maybank ATMs, Maybank2u app, or online banking for transactions and profit tracking.
Key Features and Benefits
This account combines savings and current functionalities without riba, offering ATM access, chequebook options, and integration with atm5 network. Profits are Shariah-determined, with no maintenance fees if balances are maintained, suiting users in ICT or facility management needing ethical liquidity. For Hajj savings, consider Ar Rihla as an alternative with lower entry (S$10 for locals).