Basic Banking Services Policy Document

Having a bank deposit account is key to gaining access to financial services. This basic first step provides a platform for households and enterprises to receive and make payments, save money and perform other daily financial transactions.

Despite the digital advancements in the financial sector which have enabled the development of cost-effective financial services, challenges remain for some financial consumers, especially those in the unserved and underserved segments, to access essential banking services. Among the main challenges faced by these consumers include the relatively high entry barriers to open a current or savings account (CASA).

In line with Bank Negara Malaysia’s (BNM’s) aspirations in the Financial Inclusion Framework 2023 – 2026 to strengthen the role and capabilities of financial service providers (FSPs) in promoting financial inclusion in Malaysia, this Policy Document serves to ensure FSPs provide essential Basic Banking Services (BBS) at minimal cost, to cater to the needs of more vulnerable segments of financial consumers.

In this regard, this Policy Document aims to–
(a) ensure FSPs offer basic and low-cost deposit accounts to segments of financial consumers who have been identified as facing challenges in accessing FSPs’ own-brand CASA;
(b) simplify existing features of BBS and reduce any barriers that may prevent this segment of financial consumers from accessing BBS;
(c) enhance consumer awareness on the availability of BBS offered by FSPs; and
(d) ensure FSPs abide by the requirements in this Policy Document through the submission of periodic self-assessment reports to BNM.

This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking