MSIA – an account that allows you to invest in 99.9% fine silver at a daily-changed price using Ringgit Malaysia (RM). The advantage is without the hassle of storing physical silver. The return on investment depending on the silver spot price fluctuations. Transactions (buying and selling) would be recorded in a passbook.
The procedure is fairly simple. You step in to any Maybank branch and tell the staff sitting on front table that you want to open the Maybank Silver Investment Account, you do not need to take a number and queue, you will be redirected to one of the officers.
Once the officer attend to you, you will be given a form to fill up:
It is a long document. Most people do not bother to read it. 16 pages printed front and back. If you do want to take a look at this document, you can view it here. Here is something I found totally shocking:
11.1 The Bank shall not be under any duty and/or liability in any circumstances to appropriate set aside and/or allot any silver for the time being from time to time held by the Bank to me/us and/or any of my/our MSIA and I/we shall have no right and at no time be entitled to demand and/or request such appropriation setting aside and/or allotmentIn Malay language, it is stated as following:
11.1 Pihak Bank tidak mempunyai apa-apa kewajipan dan/atau liabiliti dalam apa-apa keadaan untuk mengasingkan, memperuntukkan dan/atau memperuntukkan mana-mana perak yang pihak Bank pegang pada masa itu, dari semasa ke semasa, untuk saya/kami dan/atau mana-mana MSIA saya/kami dan saya/kami tidak berhak dan tidak layak pada bila-bila masa untuk menuntut dan/atau meminta pengasingan, peruntukan dan/atau peruntukan seumpamanyaIf you do not understand what that means and want to have an explanation in layman terms, I suggest you join my Malaysia Silver Investor Membership. I explained what exactly an investor is getting into by opening the Maybank Silver Investment Account. Once you fully understand the context, it is will be your decision whether you would like to proceed. Here are some of the basic details you might want to take note before opening a Maybank Silver Investment Account are as following:
- For first time opening account, you need to purchase minimum quantity of 20 gram.
- For first time opening account, you need to pay RM10 of Stamp Duty Fee.
- You need to maintain 5 gram as minimum amount in the account at all time.
- Minimum purchase for each transaction is 10 gram.
- Silver price is changed daily.
- You cannot buy or sell silver using Maybank2U. You must perform you transaction over the counter. All transaction is done through the passbook.
- The buying and selling price can be seen here. (silver price at the bottom)
- There is no annual fee and no transaction fee to be charged on you.
- You receive no interest on the silver you have purchased.
- Replacement of lost / spoilt passbook will cost you RM15.
However, Maybank Silver Account is a very convenient method for Malaysians to start investing in silver. If you are looking for a simple and easy channel to kick start your silver investment, the account offered by Maybank this is something you should consider.
In the eBook Practical Guide For Investing Silver In Malaysia, you will DISCOVER many other options for silver investment. You will learn a complete understanding about the silver market in Malaysia and how you can make maximize your profit.