In Malaysia, choosing a suitable bank to open an account is crucial for the financial management and investment activities of individuals and enterprises. This article will conduct a detailed comparison of the account opening processes, required documents, suitable investor types, account opening times, handling fees, and the feasibility of online account opening for the five major banks in Malaysia (Maybank, Public Bank, RHB, CIMB, and Hong Leong Bank), helping you quickly identify the bank that best suits you among numerous options.

I. Maybank Account Opening Guide

(I) Account Opening Process

• Offline Account Opening: Bring the required documents to a Maybank branch, fill out the application form, submit the documents, and wait for review.
• Online Account Opening: Existing account holders can log in to the Maybank2u website, click on "Applications" in sequence, select the corresponding account type (such as Maybank2u.Premier Current Account, Maybank2u Savers Savings Account, etc.) to apply; new users or those who need to open other accounts can go to a nearby branch to handle it. For the MAE account, you need to download the Maybank2u's MAE application from the app store. After launching it, select "Apply for a MAE Account", enter the information, take photos, create an ID, and activate the account according to the steps.

(II) Required Documents

• Identity Documents: Valid documents such as a Malaysian identity card or passport.
• Proof of Address: Documents that can prove the residential address, such as utility bills and lease agreements.
• Recent Photo: A recent passport photo that meets the specifications.
• Proof of Occupation: Documents that prove the occupational identity, such as a letter of introduction issued by the employer and a business license.
• Proof of Income: Materials that can reflect the income level, such as payslips and tax bills.

(III) Suitable Investor Types

• Smart Investment Account: Tailored for investors pursuing asset appreciation, it provides channels to purchase a variety of wealth management products such as stocks and funds, is equipped with real-time market quotation inquiry tools and professional financial advisor services, helping investors accurately grasp market dynamics and make informed investment decisions.
• Commercial Corporate Account: Specifically designed for small and medium-sized business owners and freelancers, it is equipped with powerful financial management tools, supports functions such as batch transfers and electronic invoice issuance, meets the capital receipt and payment and financial management work in the daily operation of enterprises, and helps the efficient operation of corporate financial processes.

(IV) Account Opening Time and Handling Fees

• Account Opening Time: Offline account opening generally takes 1 - 2 working days to complete, and online account opening is convenient and efficient, taking only about 15 minutes.
• Handling Fees: The basic savings account is free of annual fees and has no minimum balance requirement; the management fee of the smart investment account depends on the investment product; the commercial corporate account may involve account maintenance fees, transaction handling fees, etc., but there are often preferential activities such as exemption from account maintenance fees.

(V) Online Account Opening Support

Online account opening is supported, and you can easily open an account anytime and anywhere through the MAE App.

[Related reading] How to Open an Account Online in Malaysia Maybank?

II. Public Bank Account Opening Guide

(I) Account Opening Process

• Offline Account Opening: Bring the documents to a Public Bank branch, fill out the application form, submit the documents, and wait for review.
• Online Account Opening: Apply for some account types that support online account opening through online banking or the mobile banking application, complete identity verification, information filling according to the prompts, and transfer the initial deposit.

(II) Required Documents

• Employed Individuals: The latest month's payslip, EA statement, EPF statement or employment verification letter, employer confirmation letter, etc.
• Self-Employed Individuals: The tax return/tax receipt for the most recent year. Company directors also need to provide the company's CASA statement for the most recent 6 months.
• Individuals with Irregular Income: The overtime income certificate for the most recent 6 months, commission statement/voucher, expense statement/voucher, as well as the dividend statement/voucher and interest statement/voucher for the most recent 3 years.
• Individuals with Other Income Sources: Lease agreements, pension statements/vouchers or annuity statements, etc.
• Individuals with Overseas Income: 3 months' payslips. Singapore residents need the Singapore assessment notice/IRBA form/IBRE form for the most recent 2 years. Brunei residents need a payslip deposit account statement reflecting the salary credited in the account for the most recent 3 months, as well as an employment verification letter.

(III) Suitable Investor Types

• It provides a variety of savings accounts and current accounts, covering junior savings accounts, professional savings accounts - i, etc., to meet the diverse needs of individual investors of different ages, occupations, and income levels.
• Corporate investors can choose current accounts and Islamic current accounts, etc., and enjoy convenient fund management services, easily coping with corporate fund flows and daily operation needs.

(IV) Account Opening Time and Handling Fees

• Account Opening Time: The account opening time at bank branches depends on the actual situation; after the online account opening application is successful, you need to go to the branch to activate the account within 30 days, otherwise it will be automatically closed. Although you can log in to online banking and mobile banking before activation, you cannot perform transaction operations.
• Handling Fees: If a savings account such as the RHB basic savings account is closed within 3 months of opening, a fee of RM20 will be charged; for a current account such as the RHB basic current account, if the average daily balance is lower than RM1,000, a fee of RM5.00 will be charged per month; for a current account with an overdraft function, if the average daily balance is lower than RM1,000, a fee of RM10.00 will be charged every six months; for the MaxCash account, if the free withdrawal/debit limit is exceeded, an additional fee of RM5.00 will be charged for each additional operation; for the My1 account, an annual fee of RM15.00 will be charged 3 months after opening.

(V) Online Account Opening Support

Online account opening is supported, and you can conveniently apply through online banking or the mobile banking application.

[Related reading] Public Bank: A Guide to Online Account Opening with Public Bank Malaysia

III. RHB Account Opening Guide

(I) Account Opening Process

• Offline Account Opening: Bring the documents to an RHB branch, fill out the application form, submit the documents, and wait for review.
• Online Account Opening: Some savings accounts (such as the RHB Maxsave Account, RHB Savings Account - i) and current accounts (such as the RHB Smart Account, RHB Smart Account - i) support online account opening. Log in to the RHB online banking or mobile banking application to submit the application.

(II) Required Documents

• Personal Identification: The original and a copy of a valid identity document.
• Proof of Address: Documents issued within the most recent 3 months, such as utility bills and bank statements.
• Household Register: Required when the applicant and the spouse are Malaysian citizens.
• Tax or Temporary Residence Certificate: Non-Malaysian citizens need to provide a tax certificate or temporary residence permit in Malaysia.
• Other Documents: Documents that may be used, such as marriage certificates and birth certificates.

(III) Suitable Investor Types

• It has a rich variety of Islamic financial products. Its Islamic savings accounts, Islamic current accounts, etc. strictly follow Islamic law, providing professional services for investors with relevant beliefs and needs and meeting their financial needs under religious principles.
• The professional savings account - i is specifically designed for IPTA students, helping students easily start a savings plan and cultivate good financial management habits.

(IV) Account Opening Time and Handling Fees

• Account Opening Time: Opening a savings account usually takes 1 - 2 working days; the account opening time for current accounts and fixed deposit accounts depends on the bank's processing efficiency, generally taking 1 - 3 working days to complete.
• Handling Fees: If a savings account is closed within 6 months of opening, a fee of RM20 will be charged; if a basic savings account is closed within 3 months of opening, a fee of RM20 will be charged.

(V) Online Account Opening Support

Online account opening is supported for some accounts, and you can conveniently handle it through the RHB online banking or mobile banking application.

[Related reading] Malaysia RHB Bank Account Opening Guide

IV. CIMB Account Opening Guide

(I) Account Opening Process

• Offline Account Opening: Go to a CIMB branch, bring the documents, fill out the application form, submit the documents, and wait for review.
• Online Account Opening: Customers who have already opened an account with CIMB and registered for the Maybank2u service can log in to the Maybank2u website, click on "Applications" in sequence, select the corresponding account type and submit the application; customers who have not opened an account need to go to a branch to handle it.

(II) Required Documents

• Identification: Valid documents such as a passport and an identity card.
• Proof of Address: Documents issued within the most recent 3 months, such as utility bills and bank statements.
• Proof of Occupation and Income: Materials that can reflect the occupation and income level, such as employment verification letters and payslips.
• Enterprise-Related Documents: Enterprise business licenses, articles of association, etc. (applicable for corporate account opening).

(III) Suitable Investor Types

• The savings account, withits convenience and diversity, provides a convenient savings channel for individual investors' daily fund management, meeting the needs of personal daily fund storage and small-scale financial management.
• The current account has complete functions, providing services such as chequebooks and overdraft limits for individual and corporate investors who conduct frequent fund transactions, helping with the flexible allocation and efficient operation of funds.

(IV) Account Opening Time and Handling Fees

• Account Opening Time: It usually takes 1 - 2 working days.
• Handling Fees: The handling fees for different accounts vary. The savings account offers high cost-effectiveness, and some accounts are exempt from monthly fees. For example, the 50PLUS savings account is exempt from the management fee per month; for the PB MySalary savings account, the annual interest rate for the part of the account balance exceeding RM100,000 is 0.20%.

(V) Online Account Opening Support

Online account opening is supported, and customers who have registered for the Maybank2u service can log in to the website to apply.

[Related reading] How to Open a CIMB Account Online in Singapore?

[Related reading] CIMB Bank Malaysia Financial Products Explained: Savings, Current, Fixed Deposits, Credit Cards, etc. All in One

V. Hong Leong Bank Account Opening Guide

(I) Account Opening Process

• Offline Account Opening: Bring the documents to a Hong Leong Bank branch, fill out the application form, submit the documents, and wait for review.
• Online Account Opening: Malaysians who are 18 years old or above and have an account in other banks can use the Apply@HLB application program and complete the online account opening operation according to the instructions.

(II) Required Documents

• Online Account Opening: Malaysians who are 18 years old or above and have an account in other banks should prepare their MyKad (identity card), complete operations such as information entry, document scanning, and data filling through the Apply@HLB application program, create an HLB Connect account, and transfer the first deposit.
• Offline Account Opening: When going to the branch to open an account, you need to bring the account opening materials, fill out the paper application form, and submit it to the staff for review and processing.

(III) Suitable Investor Types

• Pay&Save Account: It has a multi-currency function, supporting the consumption and deposit of 12 foreign currencies, providing great convenience for investors with overseas travel, study abroad, and business needs, and easily coping with the use and management of funds abroad.
• Overseas Current Account: It is tailored for Malaysians working overseas, parents of children studying abroad, foreign nationals, and those engaged in business overseas, effectively avoiding the risk of exchange rate fluctuations and ensuring the stable appreciation of funds.

(IV) Account Opening Time and Handling Fees

• Account Opening Time: The processing time for the online account opening application is within 3 working days. After approval, the first deposit needs to be transferred within 7 days. The debit card will be mailed within 14 days, and the HLB Connect will be activated within 1 day after the first deposit is transferred.
• Handling Fees: The account opening threshold is low. Only RM20 is required to open an account. The debit card of the basic savings account is exempt from the issuance fee and the annual fee, reducing the account usage cost.

(V) Online Account Opening Support

Online account opening is supported, and eligible customers can conveniently handle the account opening procedures through the Apply@HLB application program.

[Related reading] Guide to Opening an Account with Hong Leong Bank Malaysia

VI. Summary and Suggestions

The five major banks in Malaysia each have their own characteristics, providing a rich variety of bank account options for different types of investors. Maybank has an extensive branch network and diverse financial products. Its smart investment accounts and commercial corporate accounts can accurately meet the diverse investment and management needs of investors; Public Bank has convenient online account opening and a rich variety of savings accounts, creating a flexible fund management platform for individual and corporate investors; RHB has obvious professional advantages in the field of Islamic finance. Its Islamic savings accounts and professional savings accounts - i meet the religious and educational needs of specific investor groups; CIMB has generous online account opening reward activities and a complete product line, bringing surprises to customers who pursue convenient services and preferential benefits; Hong Leong Bank, with its outstanding advantages in multi-currency accounts and overseas services, provides strong support for investors with overseas business dealings.

It is recommended that you conduct a comprehensive comparative analysis of the key factors such as the account opening conditions, service contents, and fee standards of each bank according to your own financial situation, transaction habits, investment objectives, and expectations of bank services, and make a rational decision. At the same time, actively pay attention to the online services and preferential activities launched by the bank to improve the banking experience and income level. If you have any questions during the account opening process or need to further understand the detailed information of the relevant banks, you can directly contact the bank customer service or go to a nearby branch for consultation to ensure a smooth and efficient bank account opening journey in Malaysia and get a good start for your financial management and investment activities.

[Related reading]A Complete Guide to Opening a Bank Account in Malaysia: Comparison of All Banks + Tips to Avoid Pitfalls When Opening an Account