Maybank targets $10M investment in silver account product

Maybank aims to attract US$10 million investment on its "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.

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," said Deputy President and Head of Community Financial Services Lim Hong Tat about silver's appeal among investors.

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.

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