Purchased 5 grams
Updated price at http://www.maybank2u.com.my/mbb_info/m2u/public/treasuryRates.do?chCatId=/mbb/Personal/INV-Investment&programId=INV03-Gold&cntTypeId=0&cntKey=INV03.03
Gold Savings Passbook Account
An investment account that lets you make deposits and withdrawals in gold based on daily gold prices at any Maybank branch
Minimum deposit:5gm
Trading unit:
Minimum 5gms in multiples of 1gm
Fineness:
999.9 gold
Benefits
- Convenience of deposit, withdrawal and closing of GSPA account at any Maybank branch in Malaysia
- Introduced by the country's largest bank, 100% backed by physical gold and in collaboration with the World Gold Council
- Cheaper as gold prices quoted are pegged to international gold prices without additional charges
- Ability to build a personal gold portfolio by purchasing gold in small amounts (minimum 5gms) regularly over a period of time
- Opportunity for capital gain if the price of gold appreciates
- Possible hedge against inflation
- Easy access to account details and transaction history via Maybank2u.com for GSPA individual / joint account holders with Maybank2u.com access.
Who can apply
- Individuals
- Joint account – maximum 4 persons
How it works
The Gold Savings Passbook Account (GSPA) is an account that lets you invest in gold in a convenient, more secure and cheaper way. You can purchase gold in 999.9 fineness at all Maybank branches at daily quoted gold prices for 1gm in Malaysian Ringgit. All transactions will be recorded in your GSPA passbook.Whenever you need to, you may conveniently withdraw from the GSPA to be exchanged with cash. The amount of gold holdings can be converted to Ringgit Malaysia (RM) equivalent at the prevailing market (gold) price.
Gold Savings Passbook Account
Will the gold price quoted daily be better than at goldsmith shops?
The price of gold quoted daily will be pegged to the international gold price and will definitely be better than goldsmith shops without the usual "workmanship" charges.Why is interest not paid for GSPA?
When you purchases gold through GSPA, this is recorded into a passbook. The Bank actually keeps the gold in safe custody for you, and as such, interest is not paid.Is there a minimum balance I need to keep at all times?
Yes, you must maintain a minimum balance of 1gm at all times.Will the gold price quoted daily be better than at goldsmith shops?
The price of gold quoted daily will be pegged to the international gold price and will definitely be better than goldsmith shops without the usual "workmanship" charges.Why is interest not paid for GSPA?
When you purchases gold through GSPA, this is recorded into a passbook. The Bank actually keeps the gold in safe custody for you, and as such, interest is not paid.Is there a minimum balance I need to keep at all times?
Yes, you must maintain a minimum balance of 1gm at all times.Will the gold price quoted daily be better than at goldsmith shops?
The price of gold quoted daily will be pegged to the international gold price and will definitely be better than goldsmith shops without the usual "workmanship" charges.Why is interest not paid for GSPA?
When you purchases gold through GSPA, this is recorded into a passbook. The Bank actually keeps the gold in safe custody for you, and as such, interest is not paid.Is there a minimum balance I need to keep at all times?
Yes, you must maintain a minimum balance of 1gm at all times.- Will the gold price quoted daily be better than at goldsmith shops?
The price of gold quoted daily will be pegged to the international gold price and will definitely be better than goldsmith shops without the usual "workmanship" charges. - Why is interest not paid for GSPA?When you purchases gold through GSPA, this is recorded into a passbook. The Bank actually keeps the gold in safe custody for you, and as such, interest is not paid.
- Is there a minimum balance I need to keep at all times?
Yes, you must maintain a minimum balance of 1gm at all times. - When is the right time to purchase gold?
The recommended time would be when the price of gold is low. - Will the Bank accept deposits in gold e.g. gold jewellery?
No, the Bank will only accept gold wafers purchased from the Bank.
