Kuala Lumpur: Malayan Banking Bhd aims to attract RM32 million investment on its latest precious metals product "Maybank Silver Investment Account" within the first year.Maybank is the first bank in Malaysia to offer the silver investment passbook account which allows deposits and withdrawals in silver at a daily price in ringgit Malaysia.
Deputy President and Head of Community Financial Services Lim Hong Tat said investing in silver was appealing since it was highly valued for jewellery and industrial practices.
"Silver will always be valuable regardless of the economic climate.
The returns on customers' investment are dependent on the silver price fluctuations and the transactions will be recorded in the customers' passbook for easy record and maintenance," he said in a statement Monday.
The minimum investment for the account is 20 grammes and the subsequent minimum purchase or sale is 10 grammes with an addition amount in one gramme denomination.
With this innovative option, Lim said Maybank was targeting 20,000 customers in one year.
In 1997, Maybank introduced the Maybank Gold Investment Account to enable customers to invest in this metal and currently it has a portfolio of more than 66,000 accounts with investments totalling more than RM650 million. - Bernama
