The Advantages And Disadvantages Of Securing Money In Domestic Bank Account
Advantages of Placing Money in Domestic Bank Account
Placing money in domestic bank account has some advantages to the saver from any income groups in every country.
The advantages of placing money in domestic bank account are:
1. Money in Domestic Bank Account are Insured
The money in every saver account in domestic bank is insured by most of the bank around the world according to the legislation term of every nation. In Malaysia, according to Perbadanan Insurans Deposit Malaysia (PIDM) all commercial banks licensed under the Banking and Financial Institutions Act 1989 and all Islamic banks licensed under the Islamic Banking Act 1983, including foreign banks operating in Malaysia are member institutions of PIDM. Membership is compulsory as provided under Akta Perbadanan Insurans Deposit Malaysia (PIDM, 2014).
2. Open a Bank Account with Low Amount of Money
A consumer can open an individual account with any of domestic bank with the lower amount of money. In Malaysia, according to the MAYBANK Berhad term and regulation, an individual can open the savings bank account with the minimum deposit RM 250 (Malayan Banking Berhad, 2011).
3. Debit Card Services for Saving Account
Domestic bank around the world are use debit card services to make it the consumer transaction easier in their country. It was an additional services provided by the bank for the convenience of the consumer (The National Association of State Treasurers Foundation, n.d). This is an advantage to consumer
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