Maybank is further expanding its retail store by being the first local bank to provide a ‘Silver Investing Account’. The bank will offer silver investment passbooks that will enable account holders to deposit or withdraw silver at a daily price from Ringgit Malaysia (RM) at any of its branches across the country without having the stress of carrying physical silver.
The Deputy President & Head of Community Financial Services, Mr Lim Hong Tat, stated that investing in silver is luring as it is a highly valued metal in industrial applications and jewellery industries. Another advantage is that silver is valued irrespective of the economic scenario. The returns on the silver accounts would be based on the fluctuating silver prices in the industry. And would update all transactions in the passbook for maintenance and transparency.
The minimum investment for the account is 20 grams, and a balance 0f 5 grams has to be maintained to keep the account active. The subsequent minimum amount for sale or purchase is 10 grams with an additional amount in 1gm denomination.