The history of Public Bank begins in Kuala Lumpur, Malaysia. Founded by Teh Hong Piow to provide financial services for the country and region beyond its shores – it has since grown into one of the largest banks in Southeast Asia.
They provide various types of financial products and services, from personal banking, general insurance products to gold investment and management of the unit trust. Public Bank has a simple strategy – focus on what they do best, grow with it! The industry-leading retail banking business is centred around providing quality services for consumers and SMEs.
What is a Gold Investment Account (GIA)?
Gold investment accounts allow you to invest in gold without having any physical assets. At present, only certain banks in Malaysia offer these accounts, and they can be beneficial if you want more than just cash or shares on the stock market and have some exposure to precious metals like gold!
About Public Bank Gold Investment Account
The Public Bank GIA account is an excellent way to buy gold. Customers can purchase the purest available commodity in 99% fineness at daily prices Ringgit Malaysia (MYR)
The passbook is only applicable for individuals, but you can still expect to receive a monthly statement with all transactions recorded
Why should I choose a Public Bank gold investment account?
You can earn potentially higher returns from appreciation in the gold price
It is convenient to invest in gold as trading is carried out through branches or online
The difference between selling and buying price is less
Initial payment and subsequent payment are affordable
Invest in gold without keeping it physically
Gold value will rarely drop against inflation
Diverse your portfolio
Who can open a Public Bank gold investment account?
Individuals aged 18 and above
Children below the age of 18 must have their guardian open an account with them
Non-individuals (companies, associations, etc.) are required to register for PBe when opening the GIA
What do I need to know before opening a Public Bank gold investment account?
You need to have a savings or current account with the bank
The minimum initial purchase is 5 grams
The minimum balance in GIA is 2 grams
The maximum transaction limit is RM50k per GIA per day, including both purchases and sales
What are the risks of having a gold investment account?
Gold can be a good hedge against inflation, but it’s not without risks. Before investing in gold, make sure you understand that the return from such investment will depend on market forces and volatility, which means your gains may also suffer substantial losses if things go wrong, for instance
A gold investment account is not protected by Perbadanan Insurans Deposit Malaysia (PIDM)
What is the minimum purchase for a Public Bank gold investment account?
The minimum initial purchase is 5 grams
The subsequent purchase or sale is 1 gram plus additional in multiples of 1 gram
What are the standard fees of a Public Bank gold investment account?
Individual
Annual service fees for gold quantity less than 10grams each year is RM10 per annum
Stamp duty is RM10 upon opening an account
Replacement of GIA passbook is RM10 plus stamp duty
Non-individual
Annual service fees for gold quantity less than 10grams each year is RM10 per annum
Stamp duty is RM10 upon opening an account
What is the process of opening a Public Bank gold investment account?
You need to reach the eligibility age (18 years) or get help from your family if you are below the age of 18
A minimum of 5 grams needs to be purchased, and your balance should have at least 2 grams
What are the common terms of gold investment?
Minimum initial purchase
The amount of gold you need to start an investment account. It depends on the bank and type, but it can be as little as 1 gram or more!
Minimum balance
The minimum amount of gold needed to maintain your gold investment account.
Minimum subsequent purchase/ sale
The minimum amount of gold you must involve in any transactions when buying or selling via your gold investment account.
Buy-sell spread
The difference between a bank’s selling price and buying price for gold investments account. For example, you get gold at RM200, and the bank repurchases it at RM190. The buy-sell spread is RM10 (RM200 minus RM190).
