As a company owner, a banking account that offers services specific to business needs can be crucial. A business current account provides business owners with more scalability, supporting a larger volume of transactions compared to a regular bank account. Additionally, these accounts often come with solutions such as payroll payments, invoicing, and cash management tools.
Choosing a suitable business current account can streamline your financial operations and provide access to essential business solutions, including loan applications that could boost your company.
OCBC eBiz Account
The OCBC eBiz Account requires a minimum initial deposit of RM500, and its application process is fully online. Customers can access online banking via OCBC Velocity and utilise tools for cash flow management and e-invoicing. There is a service charge of RM10 per half a year for accounts with an average balance below RM1,000.
| Minimum Initial Deposit | RM500 |
| Minimum Monthly Balance | RM10 per half a year if average balance falls below RM1,000 |
| Monthly Maintenance Fee | None |
| Online Banking Features | Online banking via OCBC Velocity, cash management tools, e-invoicing, digital security token |
| Scalability | Online transaction: RM0.10 each Over-the-counter (OTC) transaction: RM0.30 each |
| Others | RM20 one-off charge for OCBC Velocity online training |
How To Open: Submit your application online and verify your identity using the OCBC SME eKYC app within seven working days.
Standard Chartered Business Current Account
The Standard Chartered Business Current Account is easy to open online with a minimum initial deposit of RM500. Account holders can access online banking services via Straight2Bank and receive support from experts in trade, wealth, and FOREX.
| Minimum Initial Deposit | RM500 |
| Minimum Monthly Balance | RM10 per half a year if average balance falls below RM1,000 |
| Monthly Maintenance Fee | None |
| Online Banking Features | Online banking via Straight2Bank |
| Scalability | Online Interbank GIRO transaction: Free OTC transaction: RM0.30 each |
| Cheque Option | Issuance of cheque book: RM7.50 |
How To Open: Download the SC Mobile Banking App and submit your application online.
Maybank SME First Account
The Maybank SME First Account offers an affordable and hassle-free setup with no introducer required and a minimum initial deposit of RM1,000. There is a service charge of RM10 per half a year for accounts with a balance below RM1,000, but no monthly fees. This account also offers interest on the balance with an indicative rate of 0.15% p.a.
| Minimum Initial Deposit | RM1,000 |
| Minimum Monthly Balance | RM10 per half a year if average balance falls below RM1,000 |
| Monthly Maintenance Fee | None |
| Online Banking Features | Online banking via Maybank2u Biz, dual control security with segregated access for a Checker and Maker |
| Scalability | Unlimited withdrawals at over 400 Maybank branches, complimentary Interbank GIRO transfer |
| Others | RM20 charged for early closure within 3 months of account opening |
How To Open: Submit your application form online and make an appointment at the nearest Maybank branch.
CIMB Business Current Account
The CIMB Business Current Account has a minimum initial deposit of RM3,000 (RM1,000 for clubs, associations, and societies). Applicants can get their bank account number the same day they complete their application at a CIMB branch. Manage transactions, fund transfers, and bill payments via BizChannel@CIMB.
| Minimum Initial Deposit | RM3,000 |
| Minimum Monthly Balance | RM10 per half a year if average balance falls below RM1,000 |
| Monthly Maintenance Fee | None |
| Online Banking Features | Online banking via BizChannel@CIMB, digital token |
| Scalability | Online Interbank GIRO transfer: RM0.10 each |
| Others | RM20 charged for early closure within 3 months of account opening |
How To Open: Submit your application online and attend an appointment at a CIMB branch to verify documents.
RHB Business Current Account
Open the RHB Business Current Account with a minimum initial deposit of RM3,000. This account offers access to digital solutions on RHB Reflex, including accounting and payroll software.
| Minimum Initial Deposit | RM3,000 |
| Minimum Monthly Balance | Without overdraft facility: RM5 per half a year if average balance falls below RM1,000 With overdraft facility: RM10 per half a year if average balance falls below RM1,000 |
| Monthly Maintenance Fee | None |
| Online Banking Features | Online banking via RHB Reflex, accounting and payroll software |
| Scalability | Without bankcard: – 6 complimentary OTC visits per month, thereafter at RM0.50 per transaction – 8 complimentary Automated Teller Machine (ATM) cash withdrawals per month, thereafter at RM0.50 per transaction – First 2 GIRO transactions at RM0.50 per transaction, thereafter at RM2.00 per transaction With bankcard (annual fee of RM8): – Unlimited complimentary ATM cash withdrawals and OTC transactions – First 2 GIRO transactions at RM0.50 per transaction, thereafter at RM2.00 per transaction. |
| Cheque Option | RM20 per cheque |
| Others | Within 6 months of opening: RM20 charged for early closure After 6 months of opening: RM10 charged for early closure |
How To Open: Submit your application online and visit the nearest RHB branch to verify your identity and submit documents.
Read Also: Guide To Multi-Currency Accounts And Wallets In Malaysia
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