Opening a Business Current Account

1. What is a business Current Account?

A current account is the most suitable bank account meant for day-to-day business use. This account will help you manage your company’s operating cashflows i.e. payment to suppliers, receipts from customers etc.

You will receive a cheque book to help you make payments for large sums of money If you are in a partnership, you can also set up a joint current account. It works exactly like a current account except that each person will receive cheque book and ATM card.

2. What types of business Current Account products are suitable for me?

The most suited product would be Basic current account for SME. You can find out more about them here < Basic Current Account for SME > Alternatively feel free to drop by at any of our branches and speak to our friendly officers to get advice on the best solutions for you.

3. What do I get with the business Current Account?

  • Zero monthly fee
  • Free monthly settlement
  • Cheque book issuance
  • Overdraft facility
  • Maybank2uBiz* *Maybank2uBiz is an optional online banking solution that we strongly recommend. You can request this service when you open the account.

What is Maybank2uBiz?

Maybank2u Biz is an online banking tool to our business customers can access remotely without heading to the branch, allowing them to have better accessibility to their accounts and efficient financial control. Capabilities available under Maybank2UBiz include:

  • Transfers to own account, 3rd party & Instant Bank Guarantee
  • Foreign Telegraphic Transfer
  • Bill payments
  • Add favourite accounts & billers
  • Cheque services – Cheque status, stop cheque & request for cheque book
  • Bulk payment for payroll & transfers

4. Who can apply?

  • Malaysian Registered Companies under the customer segment of SME
  • Introducer is required

5. Do I need to place a deposit when I open a business Current Account? If yes, how much?

RM 500 is needed for initial deposit for opening of current account.

Initial deposit can be in the following form:

  • Cash
  • House Cheque
  • Local Clearing Cheque
  • Combination of the above

** You also can deposit the cash via Cash Deposit Machine (CDM)

6) Will I be charged any Service fees or any other miscellaneous costs?

  • Service charge RM10.00 if average 6 months balance is less than RM1,000.00
  • Early closure of account within 3 months of account opening: RM20.00
  • GST will follow the current charges (wherever required) as per existing GST guidelines.

7) How do I apply?

Select a Maybank branch to open your account Select your preferred branch. We call this your home branch as this is where your account will be maintained. We strongly recommend that you open your account at the nearest or most convenient branch. Selected administrative matters in your account maintenance may require periodic visits to your home branch.

8) Whom do I see when I get to the branch?

Upon arriving at the branch, please take the number from Queue Management System at the reception counter and the Financial Executive will entertain you.

9)What do I bring along?

a) Identification documents:

  • Original Identity Card (Mykad) for Malaysians
  • Passport (for Foreigners )

b) “Validation Form” from MaGIC

c) Documents for company/sole Proprietorship as stated in the application form here:

d) Deposit of RM500.00

10) Will my Current Account be activated immediately?

Yes. You can transact on your account immediately upon completion of the application process at your choice of branch. Cheque book will be ready 1-2 days after the application is processed. Branch will call you for the collection of the cheque book

11) I am a foreigner. Am I eligible to open this account?

The process of application is the same as local. However for the signatory, you must obtain the working permit/employee pass from the Immigration of Malaysia as one of the document required.

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