General Terms and Conditions
Effective Date: 1 January 2025
SECTION A - GENERAL TERMS FOR ALL PRODUCTS
General Construction
Understanding the Terms. You must read and understand these terms and conditions as may be amended from time to time (these General Terms) before applying for or using any of our accounts, facilities, products or services (each, a Product). You must seek clarification from us by contacting us if you have any queries in respect of these General Terms. By applying for or using any of our Products, you confirm you have read, understood, agreed to and accepted these General Terms and agree to use our Digital Banking Services in a responsible manner.
Definitions. Defined terms used are set out in Section C (Definition) below.
Banking Agreement. These General Terms apply to every Product and each time you use any of them. These General Terms are to be read together with the following additional terms and conditions (collectively, the Banking Agreement):Specific Terms and Conditions governing the specific Product offered by us alone or by us together with third parties (Specific Terms);
Terms of Use governing your use of our Digital Banking Services via our digital banking channels to access any Product (Terms of Use);
any other terms and conditions governing the services on our Digital Banking Services which are made available to you using a third party’s system or infrastructure (Other Terms);
our Privacy Notice (also known as Notice to Customers in relation to the Personal Data Protection Act 2010), which sets out the terms on which we collect, store, process and disclose your personal data. Your continued use of any of our Products amounts to your consent to such processing, and your confirmation that all personal data provided by you is accurate; and
any other document or agreement governing your relationship with us including any regulatory disclosure or notices made available to you,
each as may be amended or modified from time to time, and made available at https://rytbank.my/terms-and-conditions, and which collectively constitute the Banking Agreement between us and you.
Changes and Amendments
We may, from time to time, amend, modify or supplement the Banking Agreement by giving you at least 21 days’ prior notice of the proposed change(s).
You will receive and find the prior notice of the amendments or a set of the revised terms and conditions on our Platform, via publication through any media, or any other mode as we may reasonably choose.
Upon such notice or publication, you are considered to have been notified of such amendments and variations. You are advised to check the Banking Agreement from time to time for the latest applicable terms.
Your continued use of any Product after such notification means you have agreed to all such changes or amendments.
If at any time you no longer agree to the Banking Agreement (including any changes or amendments), you must immediately take positive action to cease using such Product, close the affected Account and terminate the Services before the changes or amendments become effective. You remain liable for all transactions before the closure or termination.
Inconsistency. In the event of any conflict or inconsistency between:
the English version and any translation of the Banking Agreement, the English version will prevail;
provisions in the following documents, the provisions in these documents will take precedence in this order, to the extent of such conflict or inconsistency:
the Specific Terms;
these General Terms;
the Terms of Use;
the Other Terms (if any); and
any provision in the Banking Agreement and any direction, regulation, standard and/or guidance of Bank Negara Malaysia to which we are subject, such provision will be deemed to be superseded by the relevant regulatory requirement of Bank Negara Malaysia.
Establishing Banking Relationship with Us
We have discretion whether to accept you as a customer. You must provide any document and/or information required by us to commence and maintain our banking relationship. We may accept or reject your application at our discretion without specifying any reason, unless we are legally obligated to do so. We may choose to terminate and cease to provide any Product to you at any time without giving you any reason, and even if all your representations are true. Unless prohibited by Applicable Law, we will give you notice before such termination.
You must not be subject to Sanctions, involved in Financial Crime or restricted by law. You acknowledge that we may not transact with anyone who is subject to Sanctions, involved or suspected to be involved in Financial Crime or is a person deemed connected with the Bank. You must promptly notify us if you become subject to a Sanction, involved in Financial Crime or a connected person to the Bank.
Information must be accurate. All information you provide us must be complete, accurate, and truthful at all times. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents. We will not be responsible for any loss arising out of your failure to do so, or our reliance on the information you have provided to us.
Security and customer due diligence checks. We are required by law to perform certain security and customer due diligence checks on you before providing any Product to you. In some circumstances, we may need to also perform checks on any party involved in your transaction.
You agree:to comply with any request from us for further information and/or document and provide such information to us in a format acceptable to us within the required time period;
that we may make, directly or through any third party, any inquiry we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your accounts with us or in the event of a dispute relating to these General Terms, terms of the Banking Agreement and/or activity under your accounts;
that we may disclose your personal data to any credit reporting agency in order to obtain a credit report for these purposes.
Consequence of failure to provide information. We have the right to close your Accounts, and/or terminate, suspend or limit access to your Products in the event we are unable to obtain or verify your information, including without limitation, disallowing any transaction by you. We may exercise this right without prior notice.
Updating your information promptly. You agree to promptly notify us of any changes in your citizenship, tax residency, residential and correspondence address, contact details, mobile phone number and/or email address or any other information that you provided to us, in writing or via any channels made available by us. Where applicable or upon our request, you agree to furnish us with a new and valid US’s Foreign Account Tax Compliance Act (FATCA) and/or Common Reporting Standards (CRS) self-certification within thirty(30) days of such change of information. Until you do so and after we have had a reasonable opportunity to act on such notification, we will rely on the information on our records.
Terms of Use and Instructions
Access through Digital Banking Services. You may access or use our Products through our Digital Banking Services or other means as we stipulate.
Products accessible only by persons in Malaysia. We provide the Products to persons in Malaysia. The Products are not intended for distribution to or use by any persons in any jurisdiction where such distribution or use is restricted. We do not represent or warrant that the Products are appropriate or permitted or available for use outside Malaysia. If you access the Products outside Malaysia, you are solely responsible for compliance with all Applicable Laws and relevant restrictions.
No passbook. No passbook will be issued in respect of any Product.
Authorisations / Approved Persons for non-individuals (as applicable)
If you are not an individual, you may appoint Approved Person(s) (either alone or collectively) to act on your behalf to operate or give Instructions on any of your Accounts or use any Product. If you do, you should be aware of the risks involved, including the possibility that such Approved Person(s) may act without first consulting you. You should consider seeking independent legal advice before appointing such Approved Person(s). Where you appoint such Approved Person(s), you must provide us in writing with their name(s), scope of mandate or authority, their specimen signature(s) and other document or information as we may so require. We will inform you if we are unable to accept any Approved Person(s) due to any Applicable Laws or our policies.
You are responsible for ensuring that each Approved Person understands and complies with the Banking Agreement for anything an Approved Person does in connection with the Banking Agreement, your Account(s) and/or the Products. You must ensure that each Approved Person is given a copy of the Banking Agreement that applies to any Product that such Approved Person accesses or uses.
You will ensure that your Approved Person(s) is given the appropriate authorisation and that each Approved Person acts within this authority to operate or give Instructions on any of your Accounts and/or use of any Product.
You agree that you solely bear the risk of all consequences arising from, and will bear sole responsibility and be liable for all acts and transactions of your Approved Person(s) in relation to any Product (including any of your Accounts).
Where you have appointed an Approved Person, you consent to us disclosing any account information or any other information relating to your banking transactions to such Approved Person.
We are authorised to act on Instructions given by any of your Approved Person(s) in respect of your Product until we have received written notice of any change of Approved Person(s) or mandate and have had sufficient opportunity to act on the same.
Your Instructions
All Instructions must be given through our Digital Banking Services or via channels made available by us. Unless otherwise specifically agreed by us, you must not send us Instructions by any other medium of communication (including without limitation, facsimile transmission, email, or scanned instructions contained in email).
You authorise us to act on any Instruction that is given or appears to be given by you:
without further reference or notice to you or confirmation from you. These Instructions, once given to us, are conclusive and binding on you. You agree not to dispute any Instructions so given except in the case of manifest or clerical error;
even though it is in conflict with other Instructions or mandates previously given by you to us; or
even though the Account may become or remain overdrawn as a result of your Instruction.
All Instructions carried out in good faith by the Bank shall remain effective for the protection of the Bank in spite of your death, bankruptcy, winding-up, insolvency or the revocation of such Instruction by you, until written notice with documentation evidencing such death, bankruptcy, winding-up, insolvency or revocation of Instructions is received by the Bank and we are given sufficient opportunity to act on such written notification.
Your responsibility. You are solely responsible for:
the accuracy and completeness of all Instructions;
ensuring that all Instructions are given in a manner that complies with our internal processes and requirements;
ensuring that you maintain the minimum balance amount required if any minimum balance requirement applies to a Product. We may, from time to time, vary the minimum balance amount;
ensuring that the Instructions do not result in your Account being overdrawn, or your overdraft limit, line of credit or facility being exceeded;
only using the same signature or, if not an individual, authorised signatories, for all Products;
ensuring that the Instructions are not changed or cancelled after they have been received or processed by us;
following our directions in connection with the Products and complying with all Applicable Laws;
giving us all documents and information and help we may need;
ensuring Product(s) are used in accordance with the foreign exchange policy requirements applicable to you. You agree that we may not effect any Instruction if we are not satisfied that effecting such Instruction is in compliance with the foreign exchange policy applicable to you;
ensuring that there are clear and sufficient funds available in your Account(s) to perform any transaction from your Account(s); and
all Instructions effected through the Digital Banking Services or the use of your Security Code(s), whether in fact authorised or not, and you acknowledge in this regard that only you, and not us, are in a position to ensure that all Instructions effected through the Digital Banking Services or the use of your Security Code(s) are authorised solely by you.
We are not bound to make any enquiry as to the accuracy of the information contained in any Instruction.
Our right to disregard or delay Instructions. We can disregard any Instruction, delay acting on an Instruction or refuse to provide or allow you to use any Product without prior notice or providing any reason, including (without limitation) if:
we are of the reasonable opinion that the Instruction is inconsistent, incomplete, incorrect, misleading, unclear, conflicting, fraudulent or not given in a manner specified by us;
it is unreasonable and impracticable for us to do so;
it is against our business practice or any internal policy or procedure;
it may be against any Applicable Law (including any economic and trade sanctions imposed by any regulator in any jurisdiction where we operate in or by any supranational organisation, official body including, without limitation, the United Nations and the European Union);
it results in an Account being overdrawn or category limit on the Account or the transaction limit for any Product being exceeded;
if a minimum balance requirement applies to the Account and the Instruction would cause the Account balance to fall below that minimum balance;
circumstances beyond our control prevent your Instructions from being carried out; or
you have not provided us with all documents, verification and/or information we require.
Timing.
We do not guarantee that an Instruction will be carried out within a particular timeframe or in any particular order; and there may be a time lag between the time you provide an Instruction and the time the Instruction is carried out by us.
Outward remittances are subject to the Bank’s daily cut-off times. Any Instruction received after the cut-off time will only be processed on the next Business Day.
We will not be liable for any failure or delay in acting on any Instruction due to any reason beyond our control (e.g. any delay or error in transmission beyond our control or where the remittance is dependent on the processing by other intermediaries or institutions). You remain solely responsible for monitoring and checking that your Instruction has been duly processed whether or not we may notify you of the same.
We may:
rely and/or act on any Instruction we believe in good faith has been given by you;
rely and/or act on incomplete, unclear, conflicting or multiple Instructions if we reasonably believe we can correct the information or determine the order of acting without referring to you;
from time to time require the use of Access Procedures, specify additional conditions, or change or implement new security procedures for accepting Instructions;
disregard, refuse to act on any Instruction, suspend, delay, cancel or reverse any Instruction if we deem that action to be necessary, desirable or appropriate such as those set out in Clause 3.6 (Your responsibility) above;
refuse to act on any Instruction that would result in transaction limits being exceeded;
cancel or reverse any action taken on the basis of an Instruction, demand refund, debit an Account, cause the amount to be unavailable for withdrawal or treat the applicable Product as overdrawn or exceeding its limits, if:
we need to correct any error or omission;
we are required to return funds to the payer;
we have not received cleared and unconditional funds in full or in time;
our internal checks indicate that the Instruction was not from you; or
we have reasonable grounds to do so for any other reason whatsoever;
refuse to act on an Instruction to cancel or vary an earlier Instruction, or agree to the variation or cancellation of any prior Instruction on conditions we require. We may have fully executed the Instruction already, have insufficient time or we may not be able to cancel or amend an unexecuted or partly executed Instruction for any reason. We will try to stop a transaction when instructed but we will not be responsible for any Loss you incur if we cannot do so;
determine the order of priority in effecting any Instructions, and other existing arrangements you have made with us;
in the event of any changes notified by you, continue processing your Instructions in accordance with the mandate given to us prior to such notice of change while pending completion of our processing of such notice of change; and
where applicable, if a remittance Instruction has to be effected through a payment or clearing system operated by a third party, we may use any correspondent, agent, any other financial institution or payment system operator (each an Intermediary) to effect your Instruction. You agree and acknowledge that:
we may use an Intermediary to effect such Instruction;
neither we nor the Intermediary shall be liable for any failure, delay, error, omission or interruption due to the Instruction being sent or received through the Digital Banking Service when such failure, delay, error, omission or interruption is not caused by us or the Intermediary;
the provision of our Service will also be subject to the terms and conditions of the Intermediary; and
we do not control or operate an Intermediary (or its system). We shall not be liable for failure on the part of the Intermediary, its system or any other participant of its system, in effecting your Instruction.
You acknowledge and agree that our Access Procedures provide commercially reasonable security procedures to:
verify that Instructions originate from you;
verify that Instructions are not changed during transmission to us via the Digital Banking Services; and
indicate your intention in respect of the information set out in the Instructions, and that such Access Procedures are as reliable as appropriate for the purpose for which the Instructions are generated or communicated.
You agree that where any person uses the Access Procedures to use or access the Digital Banking Services or issue Instructions through the Digital Banking Services:
we shall regard that person to be you or, if you are not an individual, your Approved Person;
any such use or access of the Digital Banking Services shall be deemed to be use or access by you; and
any such Instructions shall be deemed to be instructions that were validly issued and authorised by you and shall be valid, binding and enforceable on you,
unless we in fact know that there is unauthorised use of the Access Procedures. Accordingly, we may act on such Instructions or allow any such person to use or access the Digital Banking Services without performing any further check on such person’s identity, the authenticity of any such person’s Instructions or such person’s authority to use or access the Digital Banking Services.
Our discretion to accept your Instructions. We shall in our discretion agree to accept Instructions when you:
give Instructions to us in such mode or manner agreed by us from time to time; and
electronically sign such Instruction or otherwise electronically confirm your intention in respect of such Instruction in accordance with the Electronic Commerce Act 2006 and/or Digital Signature Act 1997. In this connection, you consent to and authorise us to collect and link your signature with the relevant Instruction in electronic form, using an electronic signature pad or other Equipment capable of collecting, recording and/or storing information and signatures in electronic form, in a manner which complies with our internal processes and requirements.
The Instruction, together with your electronic signature or electronic confirmation so collected and linked, are collectively referred to as the Electronic Signature Instruction.
You agree that such signature of yours collected, received and/or stored in such electronic form shall be taken to be equivalent to your signature in hard copy for all purposes provided that your identity has been verified in a manner which complies with our internal requirements. You further agree that the Access Procedures applied to verify the Electronic Signature Instruction are commercially reasonable, secure, and reliable as appropriate for the intended purposes.
You agree that the Electronic Records maintained by us or on your behalf (including, without limitation, each Electronic Signature Instruction), which fulfil our internal processes and requirements, shall be deemed to be valid, accurate and authentic, and given as if such Electronic Records were written and signed between you and us in hard copy.
We will not be responsible for any Loss to you that results from us exercising our right of action under this Clause 3 (Terms of Use and Instructions).
We may suspend your access. If you become bankrupt, lack capacity, or pass away or become insolvent or in the event of your winding up, judicial management or receivership, we may freeze or suspend operations on any Product, not act on any instrument presented or any Instructions received, and refuse access to the Products (including funds in any Account), without being responsible for any Loss thereby incurred by you, your successors or anyone else until we receive, to our satisfaction, evidence of the person(s) who have the legal authority to operate the Product.
You must give us Instructions when you want to: (a) change or cancel the operating mandate; or (b) change any signature; and/or (c) modify any authorisation given to Approved Person(s). We are entitled to a reasonable period to process the change or cancellation. Any such Instruction submitted to us will be effective only upon our written confirmation to you that your Instructions have been accepted by us.
We may honour, in our sole discretion, any payment, all Instructions given and instruments signed in accordance with the previous operating mandate if these Instructions and instruments are dated before, but presented after, we have received and accepted your instruction in accordance with Clause 3.16 (We may suspend your access) above.
Communications and Transaction Alerts
Communications. You must:
give us your identification and contact information (including your mobile number, address and email address) so that we can send you notices and other communications in connection with the Products;
ensure that all your identification and contact information are correct and up-to-date at all times. You must promptly inform us of any change to your information we have on our records (including information relating to your Approved Person(s)) and give us reasonable time to effect the change. If you fail to inform us promptly of any change to your information, we will not be responsible for any Loss or other consequence which you may suffer as a result of your failure or delay; and
take all steps necessary to allow Digital Banking Services to send Push Notifications or other transaction notification alerts to your Equipment and send notifications via the App; including enabling Push Notifications on your Equipment. You are solely responsible for opting in to receive all transaction notifications for all outgoing transactions of any amount made from your Account, and to monitor the transaction notifications sent to you in App and/or to your contact details provided. We are not required to provide reminders or repeat notifications.
Mode of communication. Notices, information, documents and communications will be sent in the manner we deem appropriate, including via the Digital Banking Service, and/or through Push Notifications sent to your Equipment (whether or not you are logged into the Digital Banking Service).
Effective communication. You agree that unless otherwise expressly provided in writing, any notices, information, documents and communications sent by us to you via the Digital Banking Services will be deemed effective or received by you at the time and date it is despatched to you.
Communication risks and vigilance. You shall:
bear all risks for the notices, information, documents and communications made by you to the Bank and by the Bank to you. You shall not hold us liable in the event that any notice, information, document or communication is delayed, intercepted, lost or failed to reach you during delivery, transmission or dispatch, or if the content of such notice, information, document or communication is disclosed to any third party during transit, except where you have conclusively established in the courts of Malaysia that such delay, interception, loss or failure to reach you or disclosure to any third party was due solely to our gross negligence or wilful default; and
exercise vigilance in dealing with emails, websites, SMS, messages, automated voicemails, voice calls, or other alerts which may be fraudulent, fake and disguised to be a genuine communication from the Bank and you must not provide or disclose any Security Code(s) relating to your Product to any third party;
Transaction alerts. Where required by Applicable Laws, we will send you transaction alerts for outgoing transactions occurring on your Account. You agree that:
unless otherwise specified by us, transaction alerts will be sent via SMS or any other text messaging services to the mobile number you provided to us, via email, or in-App notifications;
while we generally send such transaction alerts on a real-time basis or as soon as practicable for each outgoing transaction, it may be possible that they may be sent and/or received some time after the relevant transaction or there may be delays in such sending and/or receipt;
if your contact information in our records is not complete, accurate or up-to-date, you will not be able to receive the transaction alerts;
you accept all risk of not receiving transaction alerts promptly or at all for any reason. We will not be liable for any delay, breakdown, error or failure in the transmission or receipt of the transaction alert for any reason;
you will notify us immediately upon receiving a transaction alert if the transaction was unauthorised or suspicious; and
you will notify us when there is a change in your contact number or email address that receives transaction alerts.
You are solely responsible for activating or enabling transaction alerts on your Equipment which is used to receive transaction alerts from us, for opting to receive all transaction alerts for all outgoing transactions (of any amount) made from your Account, and for monitoring the transaction alerts. You are also solely responsible for ensuring that your Equipment and email inbox are able to receive transaction alerts from us. You understand that if your email inbox is full, you will not be able to receive the transaction alerts we send via email. You must promptly inform us if you do not receive any transaction alerts.
Electronic Statements and Records
Electronic statements and transaction records. Where we issue statements, confirmation advice and/or transaction records in electronic form (collectively, the Electronic Statements), you agree that:
Electronic Statements may be made available to you through the Digital Banking Services, by email, or by any other methods as we may determine and give reasonable notice to you of;
you must provide your email address or mobile number of which you are the registered or authorised user, or such other information we request to make the Electronic Statements available to you;
we are not liable for any non-receipt of the Electronic Statements, whether resulting from our mode of delivery, or an invalid or incorrect email address or mobile number provided by you; and
we may continue to make available the Electronic Statements through the Digital Banking Services or such other channels as we may designate from time to time even if your email address or mobile number in our latest records is invalid.
You get a periodic Electronic Statement. Where applicable, an Electronic Statement will be made available to you monthly or at such other intervals as may be determined by the Bank. If there is no transaction for a particular month, such Electronic Statement may not be made available for that month. If however your Account is dormant, no such Electronic Statement will be made available.
Your obligation. You must:
carefully check and reconcile the contents of each Electronic Statement and transaction record from the Bank with your own records for completeness or accuracy as soon as you receive it;
promptly report to us any missing information, discrepancy, irregularities, mistake, inaccuracy or fraudulent or unauthorised transaction. Unless otherwise stated in our Banking Agreement, you must report any mistake or inaccuracy as soon as practicable and in any case no later than 14 days from the Electronic Statement date. If notice is received by the Bank after this time period, the Bank will not be responsible for any Loss resulting from your delay in providing such notice; and
if you do not receive or are unable to access any Electronic Statement, promptly report to us as soon as practicable and in any case no later than 14 days from when you usually receive it.
Undelivered Electronic Statement. If any Electronic Statement is returned undelivered, we may not send you any statement in future until you confirm or update your contact details with us.
Variation of transaction dates. The date appearing on a transaction record may vary from the date appearing on the statement or confirmation advice, as transactions completed after cut-off times or on non-Business Days may be processed at a later date.
Destruction of records. We may destroy, erase or stop maintaining any record (whether in paper, electronic, data or other form) after such time as permitted by Applicable Law.
Rectification. Nothing in this Clause 5 (Statements and Records) will prevent us from rectifying any errors or omissions in any statement, confirmation advice or transaction record. We will notify you after any rectification in any statement, confirmation advice or transaction record has been made, and if you do not raise any objection to such rectification within 14 days, any such amended statement, confirmation advice or transaction record will be binding on you.
Conclusiveness of records. You agree that, in the absence of manifest error and subject to rectification in Clause 5.7 (Rectification) above:
the Electronic Statement will as between us be conclusive evidence as to the balance shown therein and that the Electronic Statement will be binding on you, and you will be deemed to have agreed to waive any rights to raise objections or pursue any remedies against us in respect thereof;
all Electronic Records are final, conclusive and irrefutable evidence of the instructions, communications, acknowledgments and agreements contained therein; and
our records (in any form) of an instruction, report, statement or communication, including any certificate we issue, or decision we make, shall be final and conclusive, and the same will be binding on you for all purposes.
Storage and admissibility of Electronic Records. The Electronic Records and all our records shall be stored in accordance with Applicable Laws and the standards and practices of the banking industry. All Electronic Records and all our records that comply with the Electronic Commerce Act 2006 are relevant and admissible in evidence.
No dispute on validity or accuracy of Electronic Records. You shall not dispute the validity, accuracy or authenticity of the contents of any such Electronic Records and all our records that comply with the requirements of the Electronic Commerce Act 2006 merely on the basis that such records were produced by or are the output of a computer system.
Customer's Representations and Warranties
Representations. You represent, warrant and undertake, at all times, that, unless otherwise agreed in writing with the Bank:
Capacity
You have full legal capacity, power and authority to open, maintain and operate all Products you have with us, and to give us all Instructions in connection with the foregoing, and to comply with your obligations under the Banking Agreement.
If you are an individual:
you are at least 18 years of age;
you have not been determined to be incompetent, of unsound mind or otherwise incapable by reason of mental or physical disorder to manage and administer your property and affairs or to perform your obligations in connection with the Products;
you are not subject to any Sanction, not involved or suspected to be involved in Financial Crime or prohibited by Applicable Laws to be a customer of the Bank;
you are not an undischarged bankrupt, there is no bankruptcy proceedings against you and you have not committed an act of bankruptcy within the preceding six (6) months;
If you are not an individual:
you are duly organised, incorporated, established and validly existing under the laws of the jurisdiction of your organisation or incorporation and, if relevant under such laws, in good standing;
there are no legal proceedings and/or winding up or insolvency proceedings threatened or pending against you. You have not been wound up, you are not insolvent nor have you entered into or proposed to enter into any voluntary arrangement with your creditor(s). There is no receiver and/or manager appointed to take over your assets and/or your business. There is no application made or pending by any person for an order for you to be placed under judicial management or for the appointment of a judicial manager. There is no form of arrangement or composition (voluntary or otherwise) entered or proposed to be entered into by you with your creditor(s);
your acceptance, signing, delivery or performance of the Banking Agreement, and any Instructions given by you does not and will not contravene or constitute a default under, or cause to be exceeded, (i) any law applicable to you or any of your assets; (ii) your constituent documents; or (iii) any agreement which is binding on you.
Authority. You have obtained or will obtain all authorisations, consents, licences, or approvals necessary to agree to the Banking Agreement, and you will ensure the same is maintained in full force and effect;
Valid, binding and enforceable obligations. Your obligations under the Banking Agreement are valid, binding and enforceable and the entering into and performance of such obligations will not breach any agreement, authorisations, consents, licences, or approvals or Applicable Laws;
No violation of law. You will not use any Product in a manner which would contravene any Applicable Laws, the Banking Agreement, or such other guidelines or requirements as the Bank may otherwise specify;
Sanction. You are not (i) subject to any Sanction; or (ii) resident in a country or territory that is subject of Sanction. If you are not an individual, you further represent and warrant to us that your directors, partners, officers, employees and authorised representatives are not (i) subject to any Sanction; or (ii) located, organised or resident in a country or territory that is the subject of any Sanction;
Compliance with Anti-Corruption Laws and AML Laws. You are compliant with the Anti-Corruption Laws and AML Laws;
Acting as principal. You are acting for your own account and all Products belong to you as principal unless otherwise disclosed to us and agreed by us and not as trustee, agent, or nominee. You shall not permit any other person to use or access any Product unless disclosed to us and agreed by us. All Products are provided to you for your sole and exclusive use. In this regard, you also acknowledge that we do not have to recognise any person other than you as having any interest in the Product;
No withholding of information. You have not withheld any information relevant to the establishment or maintenance of a banking relationship with us, and all information you provide to us is true, accurate and complete and if there is a change in the information provided, you will report the change as soon as possible to us in such manner as required by us;
Notification of change of information. You must immediately notify us of any change in your personal particulars and any other previously particulars disclosed to us including your residential and/or mailing address, your email address and your contact number(s);
No bribery. You will not (i) offer, promise or give; or (ii) agree to receive or accept, any bribe – and not use our Product to give or receive any bribe;
Compliance with law. You will comply with all Applicable Laws in all jurisdictions that apply to you or in relation to your use of the Products including reporting your worldwide income to any applicable tax authority;
Compliance with tax obligations. You will comply with your tax obligations that apply to you or in relation to your use of the Products (including, where applicable, the provisions of FATCA and/or CRS, reporting your worldwide income to any applicable tax authority, tax payment, filing of returns or other required information or documentation relating thereto) in all jurisdictions;
No immunity. You do not have any immunity on grounds of sovereignty or otherwise in any jurisdiction of any court or from any legal process in respect of your obligations arising hereunder and under the Banking Agreement;
Receipt and understood brochure on deposit insurance. You have received, read and understood the brochure on deposit insurance published by the Malaysia Deposit Insurance Corporation (Perbadanan Insurans Deposit Malaysia (PIDM)) and have been informed of the insurability of the Products;
Independent legal advice. You understand that you should seek your own independent legal advice on this Banking Agreement; and
Supervision by Authority. You are aware that your use of any Product provided by us is subject to the supervisory authority of Bank Negara Malaysia and other applicable Authorities.
Your undertakings. You undertake:
that you are liable for the authenticity, validity and accuracy of all Instructions given by you including the transaction(s) performed by you;
to comply with the Banking Agreement;
to reasonably provide us with any assistance, information, or documents that we may need from time to time (whether for us to comply with our obligations under all Applicable Laws, to act on your Instructions, for the operation of the Products, or otherwise);
to ensure that the Product will not be used in any way in contravention of any Sanction, Anti-Corruption Laws or AML Laws;
to accept any and all risks in connection with the access and use of the Products;
to take steps and reasonable precautions to prevent unauthorized access to an Account or the use of any Product; and
that you are responsible for maintaining the security of your data and ensuring that your data is adequately backed-up. You agree that in the absence of any wilful misconduct, gross negligence or fraud on our part, the Bank is not liable to you for any loss of your data;
Notify us of change immediately. You must immediately notify the Bank if any of the foregoing under Clause 6.1 (Representations) or 6.2 (Your undertakings) is no longer correct or accurate or if you are in breach of the foregoing or any of the terms of the Banking Agreement.
Access Procedures and Responsibility for Security
Issue of Security Code(s). We or any service provider on our behalf may issue to you one or more Security Codes in any combination of letters, numerals and characters. You agree to the use of the Security Code(s) to evidence your identity and provide Instructions as to the Products or any transaction by you.
Deactivation or revocation. We may deactivate or revoke the use of any Access Procedure with or without prior notice.
Security responsibilities. You will be responsible for taking reasonable security measures to prevent the unauthorised or fraudulent use of the Products. You must:
only use the Products in the manner specified by the Access Procedures and, where possible, follow all security and cyber hygiene instructions provided to you;
take all precautions and reasonable care to prevent loss, theft, forgery, fraudulent, illegal or unauthorised use of your Products and/or Security Code(s);
monitor your Account balance(s) and check your Electronic Statements regularly to detect any irregularity or unauthorised transaction;
with respect to any Equipment you use to access the Products:
update the Equipment's browser to the latest version available, where applicable;
patch the Equipment's operating systems with regular security updates provided by the operating system provider, where applicable; and
install and maintain the latest anti-virus software on the Equipment, where applicable;
keep your Security Code(s) confidential at all times. You must:
not disclose your Security Code(s) (except as instructed by us for any purpose including to initiate or execute any payment transaction involving the protected account), nor disclose it in a recognisable way on any Product, authentication device, or any container for your Product;
not allow any unauthorised parties (without exception) to use your Security Code(s);
select strong passwords for your Security Code(s) (where applicable), such as a randomised mix of uppercase and lowercase letters, numbers and/or symbols;
change your passwords used as your Security Code(s) (where applicable) regularly for protection and not set passwords that are similar or the same across various platforms or services (including third party platforms and services);
not write down or record your Security Code(s) in a manner that allows any third party to easily decipher or misuse a Security Code. If you keep any record of the Security Code(s), you should make reasonable efforts to secure the record, such as keeping the record in a secure electronic or physical location accessible or known only to you, and keeping the record in a place where the record is unlikely to be found by any third party; and
not leave your Equipment used to access the Products unattended while logged in to the Products or Services;
take reasonable efforts to avoid falling for online banking scams, including:
not clicking on links provided in text messages (whether sent via SMS or any other text messaging services) or emails that did not come from us;
verifying text messages (whether sent via SMS or any other text messaging services) or emails received by contacting our Help & Support Centre;
verifying that you are at the Bank's official website before making any transactions, or transacting through the App;
closely monitoring transaction alerts or other notifications; and
carefully reviewing and understanding the scam education alerts or other updates, notices or warnings that the Bank may send to you;
not impersonate any person or entity, upload, post, email or otherwise transmit any material that contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment used by us, interfere with, or disrupt, our servers or networks, or violate any requirements, procedures, policies or regulations applicable to the Products or Services or of any networks connected to the Products or Services;
cooperate with us in any investigation (whether internal or external) or legal proceeding, including permitting us or any supervisory or regulatory body to have access to your Equipment as we or the supervisory or regulatory body may request, and you shall cooperate in answering any of their queries in relation to any aspect of the Products; and
delete the history, cookies and all credentials stored on your Equipment used to access the Products or Services before disposal of such Equipment and immediately upon termination of the Products (including Account closure).
You must immediately report. You must immediately report to us if you:
suspect or become aware that your Equipment or Security Code(s) is/are lost, stolen, misused or tampered with;
suspect or become aware that a third party is aware of your Security Code(s);
suspect or become aware that there has been unauthorised access to or use of your Products, Equipment, or Security Code(s), and provide such information as we may require and take such action as we may reasonably request to protect you and/or the Bank; or
suspect or become aware of any fraudulent or unlawful activities in relation to your Products, Equipment, or Security Code(s).
Access Restriction. If you inform us that the security of your Security Code(s) (including any of your Unique Biometric Identifiers) have been compromised, we may take all reasonable actions, including suspending your Account, or requiring you to change the Security Code(s), re-registering your Unique Biometric Identifier or ceasing the use of the Biometric Access Services.
Further information. Upon your notification in line with Clause 7.5 (Access Restriction), you must, within a reasonable time and, on our reasonable request, provide us further information in relation to such report.
Your duty to notify payee. You are responsible for notifying any payee with whom there are standing payment arrangements on your Account as to termination of such standing payment arrangements. If you do not notify the payee as such and the standing payment arrangements are not terminated, we have the right to debit the amounts from your Account or any of your other Accounts.
Security of communication channels. You must exercise vigilance in dealing with emails, websites, messages (including text messages, whether sent via SMS or other text messaging services), automated voicemail, voice call, fake alerts disguised to be a genuine communication from the Bank and you shall not provide any Security Code(s) relating to your Product.
Assistance in investigation. You shall provide assistance and cooperation that we require in relation to any investigation of any unauthorised or fraudulent activity relating to your Product or Security Code(s) including, without limitation, where we require you to lodge a police report and you shall provide a copy of such police report to us within a reasonable time. We may require that you give us a copy of the police report before we begin any claims resolution process.
Cooling-off periods. As part of our ongoing efforts to combat fraud and enhance banking security, a cooling-off period may apply between the time you provide an Instruction and the time the Instruction takes effect or is carried out by us (e.g. new device binding, increase in transaction limits). This is to prevent any unauthorised transactions made on your Account if your device has been stolen, compromised or tampered.
Payment Responsibilities
Your responsibility to pay. You are responsible for:
making payments of all fees, charges, costs and expenses under the Banking Agreement or as notified to you (including bank charges, administrative charges, interest and fees charged by any party in connection with your use of the Products, and for handling garnishee orders, injunctions or other court orders, judgment or proceedings relating to your Product or the monies in the Account). Any fee, charge or interest paid by you is not refundable unless we agree otherwise;
ensuring there are sufficient and available funds to meet all payments as and when such payments become due and payable. If you are required by law to make deductions or withholdings, you must ensure that the amount we receive is equal to the amount payable to us. Otherwise, you authorise us to debit such amounts from your Account(s);
paying all taxes (including all sales and service tax and stamp duties) imposed on or payable in respect of any amount incurred on or debited to the Account or on your Products. You authorise us to debit the amount of such costs and expenses from your Account. You must reimburse us if we are required by law to collect and make payment in respect of any taxes (other than income tax) in relation to the Products you use;
ensuring that all payments to us are received by us on the due date in full and in the currency in which they are due.
We may demand from you at any time an immediate repayment of any amount you owe us.
Liability for Transactions
Unauthorised payment transactions. Subject to the Specific Terms that apply (if any), we are not liable for any and all payment transactions involving your Account initiated without your actual or imputed knowledge, or implied or express consent (each an Unauthorised Payment Transaction), unless such Unauthorised Payment Transaction arises from our fraud or negligence.
Your obligation in respect of Unauthorised Payment Transaction. You must report any Unauthorised Payment Transaction to us (in the manner prescribed in Clause 9.3 (Report Unauthorised Payment Transaction)) as soon as practicable after receipt of any electronic alert for any Unauthorised Payment Transaction. Where you are unable to report the Unauthorised Payment Transaction to us as soon as you receive any electronic alert for any Unauthorised Payment Transactions, you must provide us with reasons for the delayed report. For the avoidance of doubt, this includes time periods or circumstances where you would not be reasonably expected to monitor electronic alerts, such as late at night or early morning.
Report Unauthorised Payment Transactions. You may report any Unauthorised Payment Transactions to us by calling our 24-hour Help & Support Centre, or as we may allow you to do so from time to time, via our Platforms. We will provide you with a written acknowledgement of your report via SMS (or any other text messaging services) or email.
Your undertakings. You undertake to provide us with the relevant information (as may be requested by us from time to time) on the Unauthorised Payment Transaction within a reasonable time period, including:
the Product affected;
your identification information;
the type of Security Code and Equipment used to perform any transaction (if any);
your name or identity in respect of the Account;
whether an Account or Security Code was lost, stolen or misused and if so:
the date and time of the loss or misuse;
the date and time that the loss or misuse was reported to us (if applicable); and
the date, time and method that the loss or misuse was reported to the police;
where any Security Code is applicable to the Account:
how you recorded the Security Code; and
whether you had disclosed the access code to anyone;
information that we reasonably require to determine if you were reckless or negligent; and
any other information about the report that is known to you.
Making police report. If we request so, you must make a police report on the Unauthorised Payment Transaction to facilitate our claims investigation process, and to give us a copy of the police report. We may require that you give us a copy of the police report before we begin any claims resolution process.
Provision of information by us. If you request so, and subject to Applicable Laws, we will endeavour to provide you with relevant information that we have of all the Unauthorised Payment Transactions which were initiated or executed from your Account.
Liability for Losses. Without prejudice to Clauses 13 (Fees, Charges, Interest) and 14 (Indemnity), unless otherwise specified in our Banking Agreement, you are liable for any and all direct, indirect or consequential Losses suffered or incurred by you, us and/or any other person if they are caused by you, whether alone or with any person, acting fraudulently, negligently or in breach of the Banking Agreement or any Applicable Laws.
Your liability. Subject to and without prejudice to any Specific Terms that apply or any other liability as you may incur or owe to the Bank or any other person, and to the extent permitted under all Applicable Laws, you acknowledge that you are liable for the following transactions that occur on your Account:
transactions carried out with your knowledge and consent;
transactions carried out using a Security Code that is linked to your Account (unless we have received notice from you to cancel that Security Code). This includes any transaction which is carried out by someone other than you with or without your knowledge and consent, and applies even if you have complied with our requirements regarding safeguarding Security Codes;
transactions conducted (whether or not using our Digital Banking Services) which are not in fact authorised by you, including without limitation Unauthorised Payment Transactions, or such transactions where you have acted fraudulently, or negligently such as failing to properly safeguard or prevent unauthorised access to a Security Code, or not notifying us if a Security Code is breached, lost or stolen; or
any other transactions specified in the Specific Terms that you are liable for.
Our Rights of Set-Off and Consolidation
Bank may set-off, combine, consolidate or merge Accounts. If you owe us any monies (in your sole capacity or jointly with another accountholder) that are due and payable to the Bank (Outstanding Amount), and this Outstanding Amount remains unpaid, you agree that we have the right to:
combine or consolidate the credit balances in all your Accounts (whether matured or not) with us;
if applicable, make the necessary conversion at our prevailing currency exchange rate;
place a hold on such amount of credit balances which we estimate in good faith to be sufficient (including any interest or charges or earmark such amounts expected to be credited);
at the end of 7 days’ prior notice to you, debit and apply such amount of credit balances towards the Outstanding Amount, in any proportion and priority of the different debts (if any) comprising the Outstanding Amount;
where applicable, any remaining credit balances must be held on the same terms as before the consolidation or on such terms we consider reasonable and appropriate in the circumstances.
You will bear our costs and expenses. In the event:
we accept or incur liability, whether on your Account or in respect of any activities or transactions in connection with or in your Account (regardless of whether or not you have knowledge of such activities or transactions), whether or not at your request, whether the liability is incurred in Malaysia or elsewhere, present or future, actual or contingent, liquidated or unliquidated, primary or collateral, several or joint either alone or jointly with any other person;
you fail to make payment of any amount due to us;
you fail to return to us any amount which has been wrongly credited to your Account through any means or correctly credited but subsequently defaulted by the remitting or paying party;
of your death, incapacity, winding-up, bankruptcy, insolvency, judicial management or receivership; or
you breach any provision of the Banking Agreement,
you will bear all costs, charges, expenses or any losses directly or indirectly related to any of the actions taken by us in Clause 10.1 (Bank may set-off, combine, consolidate or merge Accounts) and will immediately upon demand from us pay us such amount.
Right not affected by your death or insolvency. Subject to Applicable Law, our right and authorisation under this Clause 10 (Our Rights of Set-off and Consolidation) will not be affected by your death, bankruptcy, insolvency, composition with other creditors or any legal proceeding (including execution proceedings) against you.
Discharge of Our Payment Obligation
Any sum(s) owing by us to you can be paid: (a) in any manner which we reasonably deem fit and reasonably notified to you; or (b) by complying with your Instruction (if we grant you the option to choose how we may pay such sums owing to you), either of which will be considered as good and sufficient discharge of our payment obligation to you.
Availability and Suspension of Products
Bank may impose restriction. We may at any time, by giving you at least 21 days’ prior notice:
change the operating hours or the time period during which any Product may be available;
set or change the frequency or manner of use of any Product;
limit, cancel or suspend the operations or use of any Product;
refuse to re-issue, renew or replace any Product; and
revise the terms and conditions applicable to any Product.
No guarantee on availability of, and access to, Product. We do not guarantee that the Products and/or your access thereto will always be available and/or uninterrupted.
No liability. We are not liable for any Loss if we limit, cancel or suspend the operations or the use of any Product whether due to:
any force majeure, calamity, act of God, industrial actions, pandemic, power failure, computer breakdown or sabotage, or any cause beyond our control;
the unavailability of or inaccessibility to your records or the Products; or
any other reason we believe is necessary, desirable or appropriate.
You undertake to keep the Bank fully indemnified against any claim for Losses which may be made against the Bank by any other person by reason of such suspension.
New, additional, enhanced Product. If we provide and you use any new, additional or enhanced Product, the terms and conditions governing the new, additional or enhanced Product will be binding on you.
We may suspend Products. We may, at our discretion and by giving notice to you, refrain from effecting or carrying out, or restrict your right to effect, any Product or transaction in respect of your Account(s), including (but not limited to) crediting or debiting your Account. We will do so upon the occurrence of any of, but not limited to, the following events:
when we have been notified or become aware that you have committed an act of bankruptcy and/or petition for winding up or for bankruptcy has been presented against you or any of your directors/partners (for corporate and partnership accounts) or upon the Bank’s being served with any notice under Section 466 of the Companies Act 2016 presented against you;
upon our being notified and/or requested by any Authority including but not limited to Bank Negara Malaysia, the Royal Malaysia Police, the Government of Malaysia or any other statutory or governmental body to refrain from permitting any transaction under your Account(s);
when we have become suspicious of any fraudulent activities concerning the Account(s) and pending receipt of information by us from you with regards to such activities and until received and verified thereof to the satisfaction of the Bank and/or the relevant Authorities;
in the event of your death, insanity or other cause of incapacity, where you are an individual, or is an authorised signatory to operate Accounts for a partnership, company or any such legal entity, we will continue to freeze the Account(s) until a new mandate or a fresh authorised signatory is given to us;
when we deem necessary for our compliance of, or when mandated pursuant to or by virtue of, any laws, directions, court orders, regulatory requirement from an Authority;
when you are in breach of any Banking Agreement;
when you have provided false, incorrect, incomplete, forged or misleading information or documents to us;
when you misrepresented us;
when you fail to promptly provide information or documents requested by us (including without limitation for tax compliance or information in relating to any Instructions);
when you do not accept any change and variation to the Banking Agreement;
when we have reason to doubt the authenticity and/or authority of your Instruction or Electronic Signature Instruction;
when you do not have the minimum balance amount in your Account(s);
when there are changes in law or regulations or new industry guidelines or codes of practices that affect the Product or Services we offer;
when allowing you access to the Product may cause us to be in breach of any Applicable Law or regulation.
Unable to provide reasons. You acknowledge that there will be instances where the Bank is unable to provide reasons for exercising its discretion to suspend the Product or Account due to legal and/or regulatory restrictions.
We determine when suspension ceases. The suspension of any Product will be lifted when we deem the reason for the suspension ceases to exist or has been remedied. Examples (without limitation) are the following:
in respect of the insolvency matters, we are satisfied with the evidence you have provided that (i) the petition for winding up or for bankruptcy has been validly withdrawn or dismissed or struck out by the Court or (ii) where anyone or more of your director is adjudicated bankrupt, we are served a mandate as to the change of signatories of the Account(s) and is satisfied that such fresh mandate is duly authorised by the board of directors;
when the suspension was mandated by, or required pursuant to any, law or by an Authority, upon us being served with the appropriate court order or any direction of an Authority that required the suspension sanctioning the lifting of the suspension of the Account(s);
in respect of death of a sole account holder, upon presentation to the Bank of a grant of probate or letters of administration by the deceased’s personal representatives or any other related forms from the Land Office and/or any other approved bodies under the relevant legislation prevailing at such time; or a fresh mandate with a new authorised signatory to operate the partnership and/or the company’s or such entity’s Account(s) is furnished to the Bank;
where there is a breach of a Banking Agreement, such breach is remedied;
when you have sufficiently provided information or documents requested by us;
Fees, Charges, Interest
Disclosure of Fees. Please see our Fees and Limits as set out at https://rytbank.my/fees-and-limits for details of the applicable fees, charges, and default interest rates. The Bank has the right to impose and/or revise, from time to time, such fees and charges in accordance with Clause 1.2 (Changes and Amendments).
Pay fees, charges, interest. You acknowledge that the applicable fees and charges form part of the Banking Agreement. The fees, charges and interest payable by you will be determined by us.
Fee for low balance. We are entitled to impose a fee if you fail to maintain the minimum balance required for the Account(s) or if the Account(s) remain inactive or dormant until the remaining credit balances are sent to the Registrar of Unclaimed Monies pursuant to the Unclaimed Monies Act 1965.
No refund. There will be no refund of any fee, charge or interest payable upon the termination of the Product.
Right to Debit. You agree and authorise us to debit any Account at any time for any fee, charge or interest due and owing by you to us even if the Account would be overdrawn as a result.
Interest. If any sum due and payable by you is not paid on the due date, you will be liable to pay default interest on such unpaid sum. Default interest will be calculated in accordance with our usual practice and will be payable before and after judgment. The amount of default interest will be added to the unpaid sums, and the total amount will bear interest until all the sums you owe us are paid in full.
Indemnity
You shall keep us fully indemnified at all times and hold us harmless from all Losses which may be brought against or suffered, paid, incurred by us directly or indirectly under, out of or in connection with us providing the Products, performing our obligations hereunder or accepting Instructions received from or purportedly given by you, including but not limited to, by way of the Digital Banking Services, and acting or failing to act thereon or in connection with any breach of any warranty given by or obligation by you under the Banking Agreement. Such indemnity will continue notwithstanding the termination of any (and every) Account. All such indemnified amounts may be debited from your Account.
Currency Conversion (Not Available at This Time)
Where applicable, we shall be entitled to convert one currency into another at our own rate of exchange then prevailing for any circumstances whatsoever, including without limitation the following:
conversion of any amount in any Account standing to your credit or any amount due from us to you to any other currency for purposes of carrying out any Instructions, crediting of any Account or enforcing our rights under the Banking Agreement; or
conversion of any sum received by us (whether for credit into any account or in payment of any sum due to us) in any currency into the currency of the Account or the currency in which payment is to be made, as the case may be.
Exclusion of Liability
General. Subject to Applicable Laws, we will not be liable for any Loss you or any other person may suffer in connection with the Products howsoever arising, whether direct or indirect and whether reasonably foreseeable or not, even if we have been advised of the possibility of the Loss, including Loss from:
use (whether authorised or unauthorised), loss or theft of your Security Code;
unavailability or improper functioning of any Service;
any third party claims that our Products infringe their proprietary rights;
any delay, interception, loss, inaccurate or incomplete transmission, error or otherwise dealt with in any other manner by a third party in respect of any notices, information, documents or communications from us, or Instructions from you in any form;
any payment restriction due to any law, regulation and practice of any relevant country;
any incorrect interpretation by us of Instructions given by you;
any incorrect interpretation by you of any provision in the Banking Agreement or any document or explanation given by us;
the preservation or enforcement of our rights or exercise of our powers in connection with any Product or the Banking Agreement;
our refusal to act on any Instruction;
action taken by us which we deem necessary to meet any obligation, in any jurisdiction, or to prevent prevention of any unlawful activity;
any loss of or destruction to or error in our records;
the refusal of any Payee Corporation or financial institution or other party to process a transaction;
any defect, deficiency, performance or the quality of the goods or services supplied by any Payee Corporation;
any strike, default, neglect or insolvency of any Payee Corporation or financial institution;
any injury to your credit, character and reputation howsoever arising (whether reasonably foreseeable or not) in connection with the termination of any Account;
any limit, cancellation or suspension of the operations or the use of any Product or the unavailability of or inaccessibility to your records or any Product due to any force majeure, act of God, telecommunications failure, system disruption, industrial action, power failure, pandemic, Equipment breakdown or any other cause beyond our reasonable control or other causes;
any default by you in performing your obligations;
any act or failure to act by a third party beyond our reasonable control;
our limiting, cancelling or suspending the operations or the use of any Product in accordance with the Banking Agreement;
any other circumstances beyond our reasonable control;
any act or omission by us or our officers, employees or agents, other than as a result of our or their negligence, fraud or wilful default;
for any Loss you may suffer consequential to your breach of a Banking Agreement; or
the negligence, act or failure to act of any third party;
however, we will be liable for your direct Loss to the extent that such Loss is caused directly by our fraud, gross negligence or wilful misconduct. We are not liable to you or any other person under any circumstances for any loss of profit or interest, loss of goodwill, indirect or consequential loss arising from or in connection with any Account, Product or under the Banking Agreement.
We make no representation. We make no representation, warranty, or undertaking of any kind, whether express or implied, statutory or otherwise:
as to the accuracy, timeliness (owing to non-delivery or delayed delivery), completeness, security, secrecy or confidentiality of any notices, information, documents and communications, in any form, transmitted via our Services, through e-mail or by SMS or any other text messaging services;
that the Digital Banking Service (including without limitation the Biometric Access Service) or any Product will meet your requirements, or will always be available, accessible or function with any network infrastructure, system or such other services as we may offer from time to time;
as to the security of the Unique Biometric Identifier authentication function of any Equipment and whether it works in the way that the manufacturer of the device represents; and
that the functions contained in, or services performed or provided by, the Services will meet your requirements, that the operation or availability of the Services will be uninterrupted or error-free, or that the Services will be free from errors or defects.
Additional Digital Banking Services exclusions. We are not liable for any Loss you may suffer in connection with any Product or the Digital Banking Services as a whole whether direct or indirect and whether reasonably foreseeable or not, even if we have been advised of the possibility of the Loss, including Loss from:
any delay in acting or failure to act on any of your Instructions due to any breakdown, error, delay or failure in the transmission for any reason whatsoever;
poor or interrupted internet or mobile network coverage;
any inaccurate, incomplete or delayed Push Notification; or any reliance by you or any other party on the content of the Push Notification; or
any Malware which may interfere with any of our Digital Banking Services; or any breakdown or malfunction due to any cause whatsoever, of computer software or Equipment whether belonging to us or not, used in connection with any of our Digital Banking Services.
Your sole risk in respect of Digital Banking Services. Your access and use of the Digital Banking Services is at your sole risk. To the fullest extent permitted by Applicable Law, the Digital Banking Services are provided to you on an “as is” and “as available” basis.
Decrease or unavailability of funds. We are not liable when:
the value of funds in the Account decreases because of taxes, depreciation or fluctuation in exchange rates or any other reason;
we are not able to pay you the funds in the Account or interest on the funds in the Account in the currency you require; or
the funds are unavailable for any other reason beyond our control.
Conversion of your deposit. If an event described above in Clause 16.5 (Decrease or unavailability of funds) occurs, we may convert the currency of your deposit into any other currency without notice and recover from you any costs incurred.
No advisory duty. The contents made available through the Digital Banking Services are provided for general information only and should not be used as a basis for making any specific investment, business, or commercial decision. Unless we expressly agree in writing, we do not assume any advisory, fiduciary, or other similar duties to you. We assume and will rely on the assumption that you have taken the necessary independent legal, tax, financial, and other advice in relation to any Products or transaction.
Confidentiality; Disclosure
Disclosure of customer information. You authorise and consent to us, our officers, employees, directors, agents or any other persons who by reason of their capacity or work scope have access to or are required to have access to our records, correspondence, or any material relating to you or any Product you applied for, accessed or used, disclosing any and all information relating to you, including details of the Products you applied for, accessed or used, your credit standing and financial position, and to the following parties for the purpose of establishing, maintaining and/or operating your Product, providing any Product to you, effecting your Instructions (including in relation to any transaction), managing your banking relationship with us and/or any other purpose connected or relevant to our business (including operating internal controls and complying with Applicable Laws) and/or any of the purposes below:
to any person as may be required or permitted under the laws of Malaysia including, without limitation, Schedule 11 to the Financial Services Act 2013;
to any person providing electronic or other services to us, in any jurisdiction, and for the purpose of providing, updating, maintaining and upgrading the said services (including any investigation of discrepancies, errors or claims);
to any person in any jurisdiction, from or with whom we procure or work for or with in connection with certain functions, services or activities;
to any person for the purpose of creating, improving, administering and delivering our Products;
to any person for the purpose of processing or verifying any of your Instructions or transactions;
to any person for the purpose of verifying your identity and validating information;
to any person for the purpose of meeting our compliance requirements or carrying out our internal operational purposes;
to Bank Negara Malaysia, any authority, stock exchange, central depository, clearing house, credit reporting agency, credit references agency, self-regulatory organisation, trade repository, rating agency, Cagamas Berhad, Credit Guarantee Corporation Malaysia Berhad and any industry association which the Bank is a member of;
to our stationery printer, external printer, agent or storage or archival service provider (including but not limited to any provider of microfilm service or any electronic storage, archival or recording facility) for the purpose of making, printing, mailing, storage, microfilming and/or filing cards, labels, mailers or any other documents or items on which your name and/or other particulars appear, or any data or records or any documents whatsoever;
to credit or charge card companies in relation to credit or debit or charge card enquiries;
to other banks, financial institutions, credit bureaus (such as the Central Credit Reference Information System (CCRIS)) or credit reference agents, for the purposes of verifying the information provided by you for and ascertaining your financial situation;
to any person or organisation in connection with the marketing or promotion of any services or products provided by us and/or such person or organisation; or investigating any complaint or dealing with any query relating to the marketing or promotion of any services or products;
to any third party who may have introduced you to us and who may from time to time undertake advisory or marketing functions in relation to any transactions contemplated under the Banking Agreement;
to an administrator or executor of an Account, or to any person whom you have authorised the Bank to accept instructions from, on your behalf, in relation to your Account;
to any person, for the purpose of collecting and recovering for and on our behalf, or securing for your benefit or repaying on your behalf, any sums of money owing to us from you;
any person in compliance with, or whom the Bank in good faith believes is entitled to such relief pursuant to, the order, notice or request of any Authority, government agency or authority or courts in Malaysia or of a jurisdiction where any of our (or Affiliates) overseas branch offices or representative offices are situated or where we have assets;
(in the case of a trust Account, as applicable) to the beneficiary of the Account;
to any merchant, billing organisation, or Payee Corporations in connection with the payment of bills;
to any person who is a recipient of a transaction initiated by you (but only to the extent required to identify you as the originator of the transaction) or to any person who is a potential sender of a transaction to you (but only to the extent required to confirm your identity as the intended beneficiary of the transaction) or to any person who has successfully sent a transaction to you (but only to the extent required to confirm your identity as the recipient of the transaction);
to any bank, financial institution or non-financial institution, trader or merchant, and their agents or contractors in respect of transactions using points of sale terminals or devices approved by us;
to any person which we believe in good faith to be you or your authorised signatory;
where you are below the age of 18 years, to your parent or legal guardian;
to your solicitors or legal representatives. For this purpose, you agree that we may reasonably rely on any correspondence from such persons or entities stating to be your solicitors or legal representatives;
to any person or organisation to clarify or correct any wrongful or erroneous belief, representation or allegation to any third party, whether made by you or on your behalf, both in public and in private, regarding any of the Bank's dealings with you or otherwise in relation to the Bank's products, processes or policies, regardless of the form of media or platform which may include but is not limited to, published articles, posts, complaints or petitions;
to any actual or potential participant or sub-participant relating to any of our obligations under the Banking Agreement between you and us, or assignee, novatee or transferee of the Banking Agreement;
to any person who stands as guarantor or surety for the Products or your liabilities, or is jointly or jointly and severally liable with you;
to any national or international law enforcement, regulatory, governmental, quasigovernmental, fiscal, monetary, or judicial authority or agency or court (including any tax authorities in any jurisdiction);
to such parties as provided in our Privacy Notice available at https://rytbank.my/privacy-notice; or
to any person, whether local or foreign, where we in good faith deem it reasonable to make such disclosure.
Further disclosure. You acknowledge and accept that any data as set out in Clause 17.1 (Disclosure of customer information) disclosed by us may be subject to further disclosure by the recipient to other parties for the purposes set out in Clause 17.1 (Disclosure of customer information). You agree that we shall not be liable for any Loss sustained and/or incurred by you by reason of or in connection with any disclosure by us or any further disclosure by the recipient under this Clause 17 (Confidentiality; Disclosure).
Consent. The consent and authority in this Clause 17 (Confidentiality; Disclosure) shall constitute consent and authority for the purposes of the provisions of any requirement, whether statutory, contractual or otherwise. You confirm that your consent shall remain in full force and survive the termination of any banking relationship with us.
Survival of termination. Our rights as stated above are in addition to any other rights that we may have under the Financial Services Act 2013 or any other statutory provisions and in law. Our right to disclose such information shall survive the termination of the Banking Agreement.
Our Privacy Policy:
Our Privacy Policy, as may be amended from time to time, is incorporated by reference into and forms part of these General Terms, and will apply to all personal data that you provide to us or that we have obtained from any other sources in connection with your relationship with us or any other Affiliate. Our Privacy Policy is available on our website at https://rytbank.my/privacy-notice.
You hereby consent to our collection, use, disclosure and processing of your personal data in accordance with our Privacy Policy and these General Terms.
If you provide us with the personal data of any individual (other than your own, if you yourself are an individual), you hereby consent on behalf of that individual whose personal data you provide, to our collection, use, disclosure and processing of his/her personal data in accordance with our Privacy Policy and these General Terms. You warrant that you have obtained that individual’s prior consent to such collection, use, disclosure and processing of his/her personal data by us and that the personal data that you provide to us is true, accurate and complete.
Any consent you give pursuant to these General Terms in relation to personal data shall survive your death, incapacity, bankruptcy or insolvency, as the case may be, and the termination of the Banking Agreement and, where to the extent applicable, the closure of your Account.
You agree and consent to the transfer, use, storage, processing and/or disclosure of your personal data to other jurisdictions, the law of which may not offer the same level of protection as the law of Malaysia.
Intellectual Property Rights
We own Intellectual Property in our Product. The present and future patents, designs, copyrights, trade secrets, know-how, trademarks, service marks, graphics, images and logos and all other intellectual property rights in the Products and their respective contents, functions, systems and applications (collectively, Intellectual Property) except for information pertinent to your Account or information personal to you in your capacity as our customer, are solely owned by us or licensed for use by us. Save as expressly permitted by us, you must not use, reproduce, copy or distribute such Intellectual Property.
When you can use our Product. Subject to the terms of the Banking Agreement, the Bank grants you, for the duration of our mutual banking relationship, a personal, limited, revocable, non-transferable and non-exclusive licence to enable access and use the Products on any approved Equipment used by you, solely for the purposes of receiving the Products you hold. You may not sub-license this licence or any other right granted under the Banking Agreement.
When you cannot use our Product. Unless you have received our prior written consent:
no part of the Products may be copied, reproduced, distributed, published, modified, displayed, broadcast, hyperlinked or transmitted in any manner or stored in an information retrieval system;
you may not, and may not attempt to, directly or indirectly:
use any part of the Product for any commercial purpose or otherwise infringe our Intellectual Property rights;
remove, obscure or alter any notice of any of our trademark or other Intellectual Property appearing on or contained within any of the Product;
modify, copy, tamper with or otherwise create derivative works of any software included in the Product; or
reverse engineer or attempt to extract the source code of the software provided to you by us in connection with the Digital Banking Services.
Third Party Licensors. The Digital Banking Services may include software that is licensed by third parties (Third Party Licensors). You must not use the Digital Banking Services in a manner which infringes the rights of the Third Party Licensors in any way. You will be liable if your use of the Digital Banking Services infringes upon the rights of the Third Party Licensors.
No warranty for Third Party Links and services. We may provide access to Third Party Links.
We do not make any representations or warranties to the truth or accuracy or guarantee the contents of the Third Party Links, endorse the products or services offered, and have not verified any information contained in the Third Party Links. Access to and the use of such Third Party Links is at your own risk and subject to the terms and conditions applicable to such access and/or use.
We are not responsible for any Loss or damage arising in connection with the Third Party Links.
We have no obligation to monitor Third Party Links, and we may block or disable access to any Third Party Links (in whole or part) at any time.
Your access to any Third Party Links is at your own risk and is subject to the terms and conditions applicable to such Third Party Links. You must read through and understand the applicable terms and conditions. Where additional terms and conditions are issued by us, such additional terms and conditions will form part of and supplement these General Terms. You must exercise your independent judgement and due consideration whether to access, acquire or purchase any products or services from these third parties.
We are not party to any transaction between you and such third parties and we will not be responsible for their act or omission, or any defect or deficiency in any goods and/or services provided to you.
You must direct and resolve any dispute you may have against such third party and you will not involve us in any such dispute.
Limitation of liability. We may make use of agents, consultants, sub-contractors and third parties to provide the Digital Banking Services (including any notices, information, documents and communications in connection with it); or provide banking services or operational functions. As long as we have, in good faith, reasonably selected these agents, consultants, sub-contractors and third parties, we will not be responsible for any Loss arising in connection with the services or functions provided by the agents, consultants, sub-contractors and third parties, their acts or omission, or the loss, destruction or delayed delivery of any instrument while in transit or in their possession.
Outsourcing
We will have the right to outsource or sub-contract any part of our banking operations to a third party (including any party outside Malaysia). Such operations will include but not be limited to creation, maintenance and archiving of documents and records, card production and mailing, and insertion and mailing of security and user identification codes.
Compliance with Applicable Laws, Tax Requirements and Sanctions
Financial Crime Prevention. We must comply with the laws relating to Financial Crime Prevention which includes, without limitation, a Sanction, Anti-Corruption Laws and AML Laws.
Financial Crime Prevention Compliance Action
We are required to take all necessary actions to prevent, detect, mitigate, investigate or report matters relating to Financial Crime Prevention including, without limitation;
transaction screening and interception, customer due diligence, enquiries into source of fund or your counterparty, investigation into any of your actual or suspected breach of the laws relating to Financial Crime Prevention, and regulatory disclosure or reporting to an Authority;
close, freeze, suspend operations on, terminate and/or refuse access to all Products (including any and all Accounts) you have with us;
delay, block or refuse the making or clearing of any payment, the processing of Instructions or the application for Products or the provision of all or part of the Products;
terminate the Account and/or recall any or all advances or loans, credit or other financial or banking facilities (committed or uncommitted), accommodation, financial assistance or services and demand repayment of all sums outstanding with 2 weeks written notice at your address, email address maintained in our records or notification via the Digital Banking Services; and/or
make reports and take such other actions as we may deem appropriate.
The provision of a Product may be affected by our action under Clause 20.2(a) above. Any action taken by us or any impact on the provision of a Product as a result of our action will not be treated as a breach on the part of the Bank under the Banking Agreement.
We will not be liable to you for any Loss you may have incurred arising out of or in connection with our performance of Financial Crime Prevention Compliance Action. You shall keep us fully indemnified against any claims for Loss which may be made against us.
No reasons provided. You acknowledge there will be occasions where we are unable to provide reasons for exercising our discretion to suspend or close your Account due to legal and/or regulatory restrictions.
Tax compliance. You acknowledge that you are solely responsible for complying with your tax obligations (including tax payment, filing of returns or other required documentation relating to the payment of all relevant taxes) in all jurisdictions in which those obligations arise and relating to the opening and use of Account(s) and/or Products provided by us.
Seek your own independent advice. We do not provide tax advice. You are advised to seek independent legal and/or tax advice.
Bank not responsible for your tax obligation. Certain countries may have tax legislation with extraterritorial effect regardless of your place of domicile, residence, citizenship or incorporation. We have no responsibility in respect of your tax obligations in any jurisdiction including, without limitation, any that may relate specifically to the opening and use of an Account and/or Products.
Changes to your tax information. You must promptly notify us (and in any event, no later than 30 days) in writing of any change in your particulars, circumstances, status, including any change in citizenship, residence, tax residency, address(es) on record, telephone and email addresses.
You must cooperate. You will cooperate fully in respect of any enquiry that we may make for the purposes of compliance with any Applicable Laws (including but not limited to the US FATCA, CRS and/or any other reporting and/or withholding requirements of any government as may be applicable to you) and promptly provide all relevant information, details and/or documents as may be necessary to enable us to comply with the same.
Withholding of monies payable to you. Any sum that may be payable by us to you will be subject to all Applicable Laws. You agree and acknowledge that pursuant to the foregoing we may perform, or cause to be performed withholding of any monies payable to you, deposit any such monies into our internal account(s) and/or retain such monies pending determination of the applicability of such Applicable Laws. We will not be liable for any Losses that may be incurred by reason of such withholding, retention or deposit.
Not responsible for foreign laws. We are not responsible for the effect of any laws, regulations, governmental measures or restrictions of any relevant country which may be applicable to any Account or to your assets, and you accept all risks of or arising from any such laws, regulations, governmental measures and restrictions.
Death
Your death. Where an Account is opened and maintained in your sole name and you are an individual, and the Bank receives notice or evidence to its satisfaction of your death, without limiting its other rights herein, the Bank will be entitled to:
suspend, freeze, terminate or close the Account or the use or availability of any or all Products or other privileges provided under the Account; and/or
hold the credit balances belonging to you until and unless the Bank receives evidence to its satisfaction (such as an extract of a grant of probate or letters of administration, court order and/or such other documents as the Bank may require) of the appointment of a personal representative (such as an executor or administrator) having legal authority to receive such monies, whose receipt of the monies will be full and complete discharge of the Bank’s payment obligations to you.
No duty of disclosure by us. After the Bank has received notice of your death referred to in Clause 21.1 (Your death), the Bank is under no duty to disclose any information relating to your Account to any person(s), unless and until the Bank receives evidence to its satisfaction that the person requesting for such information is your properly appointed personal representative with legal authority.
After the Bank has received notice or evidence of your death referred to in Clause 21.1 (Your death), no instrument presented, or instruction signed, given or issued by you may be honoured or acted upon regardless of the date of such instrument or instruction.
Credit Checks
You consent to:
the Bank carrying out credit checks and obtaining credit reports and information from time to time relating to you, your business enterprise or entity and/or company and also any of your security provider, guarantor, shareholder (whether direct or indirect, legal or beneficial), director or officer of the company, any partner or member of a partnership, any office-bearer, signatory or any other person and/or entity having a banking relation with you that is relevant to your relationship with the Bank or any of our Affiliate, as applicable(collectively, Data Subjects), from the Credit Bureau Malaysia and any other credit reporting agencies registered under the Credit Reporting Agencies Act 2010 (as may be amended from time to time); and
the Credit Bureau Malaysia and any other credit reporting agencies registered under the Credit Reporting Agencies Act 2010 (as may be amended from time to time) sourcing and retaining information on your business and/or company and all Data Subjects from any available data source, and disclosure to the Bank any such information as may be requested by the Bank.
You warrant and undertake that you have been irrevocably authorised by each Data Subject to give the consent on their behalf.
Tape Recording
We may choose to record your verbal instructions and/or telecommunication with us. You consent to such recording if you contact us in person or by electronic means. By using or accessing a Product in any manner including through our Digital Banking Services or by using the Access Procedures, you consent to us recording you through the Digital Banking Services channel or at terminals or other facilities where you use or access the Product or Access Procedures for audit, security, verification, record keeping and/or training purposes. All such recordings will remain our property and will, in the absence of manifest error be conclusively used as evidence of your interactions with our Digital Banking Services. No adverse inference may be drawn from the absence of such recordings or the destruction of such recordings in the usual course of business or otherwise. We will protect such recordings in the same manner as your personal data.
Termination / Closure of Account
Right to termination. Unless an Account is charged to the Bank, you may end our mutual banking relationship in respect of any Product by giving us reasonable prior notice in accordance with these General Terms.
Our right to close, terminate or revoke any Product. We may close, terminate or revoke any one or all of the Products by giving you 14 days’ written notice via in App notification, at your address and/or email address maintained in our records, including if:
you do not follow our instructions in connection with the Products or if in our opinion you do not comply with any Applicable Law;
in our opinion, any Product is not operated in a proper or regular manner or is inactive or dormant;
in our opinion, a banking relationship is no longer appropriate;
you threaten to breach or you have breached any term(s) in our Banking Agreement;
you have given us any information which is, or has become untrue, inaccurate, incomplete or misleading;
you do not pay any amount due to us on time;
you pass away or become incapacitated;
you become insolvent or bankrupt;
there are changes to our business, operation, technology or facilities that affect the Products or Services we offer;
any legal action or order is taken or enforced against you, or you have been convicted of a crime;
any event happens which, in our opinion, may have a material or adverse effect on your financial condition, assets or compliance with the Banking Agreement; or
by continuing to provide you with access to the Product(s), you or we would otherwise breach any Applicable Law or any agreement with a third party.
Unable to provide reasons. You acknowledge that there will be instances where the Bank is unable to provide reasons for exercising its discretion to terminate the Product or close Account(s) due to legal and/or regulatory restrictions.
You may close your account. You may close and terminate any Product at any time. We are not required to act on an Instruction to close your account if such Account is subject to encumbrance, court order, instruction from Authority, ongoing investigation, ongoing dispute or conflicting claims amongst joint accountholders or authorised signatories or if the Bank has reason(s) to doubt the authenticity of such Instruction.
Consequence of termination, closure or revocation. Upon the termination, closure or revocation of the Products, you must:
not use the Products;
pay all fees, charges and amounts accrued to date;
return to us any property belonging to us or issued to you in relation to your Products as soon as possible;
reimburse us for any transactions we make based on your Instructions at the point of or after closure, termination or revocation of the Products; and
notify any Payee Corporations with whom there are standing payment arrangements on your Account that your Account has been terminated, closed or revoked. If we continue to pay the Payee Corporations, we may debit the amounts paid to your other Accounts or claim the same from you.
Our discharge of payment obligation. If we close, terminate or revoke any Product, we may discharge any payment obligation we have to you (including any credit balance in the relevant closed, terminated or revoked Account), after deducting any sums due to us, in such manner as we deem fit. No interest will be accrued or be paid on such payment (including unclaimed balances of a closed Account) unless we agree otherwise. If an overdrawn Account is closed by us, the overdrawn amount will be immediately payable together with applicable interest, costs, expenses, commission and other charges. We have the right to transfer any unclaimed balance in any Account to our internal account(s).
Our right to appropriate. We will be entitled to appropriate, set-off or debit all of part of the balances in any of your Accounts (including earmarking amounts credited or expected to be credited to your Account(s) even if this would make your Account(s) overdrawn) to pay all costs, expenses and other charges incurred by us in attempting to contact, locate or trace you, whether successfully or unsuccessfully, to return your funds standing to the credit of your Account(s) which are unclaimed by you.
Survival of obligation. Termination does not affect any of your or our pre-existing rights and obligations. Your obligations which have accrued on or before the date of closure or termination survive the termination of the Banking Agreement.
Dormant Accounts and Unclaimed Monies
Dormant account. If your Account has no customer-initiated transactions (e.g. deposits or withdrawals) for a continuous period of one (1) year (excluding those initiated by the Bank), your Account will be classified as a dormant account. A dormant account for a continuous period of 7 years will be classified as unclaimed monies and we will, upon giving you at least 21 days’ prior notice, pay all credit balances in such accounts into the government consolidated fund for unclaimed monies. You must apply directly to the Registrar of Unclaimed Monies for any return of unclaimed monies.
Reactivation of a dormant account. No transaction, save for those initiated by us, will be allowed in a dormant account unless and until reactivated in accordance with the Bank’s policy and standard operating procedure.
Fee on dormant account. We reserve the right to impose a charge or fee (as may be prescribed by Bank Negara Malaysia) on a dormant account until the remaining credit balances are sent to the Registrar of Unclaimed Monies pursuant to the Unclaimed Monies Act 1965, subsequent to which your Account will be closed.
Assignment or Transfer
Assignment by us. We may assign, transfer or otherwise deal with or dispose of our rights and/or obligations under the Banking Agreement (including any particular Product), in any way we consider appropriate, without your consent. References to the Bank in the Banking Agreement would then be read as references to the person or entity to whom any relevant right or obligation was transferred.
No assignment by you. You cannot assign, transfer or otherwise deal with or dispose of your rights and obligations under the Banking Agreement without our prior written consent. The Banking Agreement is binding on and enforceable against your heirs, personal representatives, administrators, executors and successors in title.
Cumulative Rights
Our rights under the Banking Agreement are cumulative and in addition to any other rights and remedies at law or in equity.
Waiver, Impairment, Severability
Waiver. We are entitled to waive compliance with any provisions and/or delay exercising our rights under the Banking Agreement, but such waiver and/or delay will not prejudice our right to enforce compliance with any such provisions and/or to exercise further rights or obtain remedies on any other occasion or render us responsible for any Loss or damage arising therefrom.
Severability. If any of the provisions in the Banking Agreement becomes invalid, illegal or unenforceable under any Applicable Law:
the validity, legality or enforceability of the remaining provisions will not be affected or impaired.
it will not affect or impair the validity, legality or enforceability of these provisions or the Banking Agreement under the laws of any other country.
Conclusive Evidence
A statement or certificate as to any amount(s) payable here under (whether or not signed by an officer of the Bank) will be conclusive evidence save for manifest error but nothing in this Clause will preclude the Bank from correcting any error or discrepancy in such statement or certificate and issuing a substitute statement or certificate.
Feedback and Complaints
Contact us. If you have any feedback or complaints, you may contact us at +6018-811 0088 or write to us at support@rytbank.my.
Complaint handling procedure. You are advised to visit our website or App to find out our customer complaint handling procedure.
Referral of complaint. If despite our best efforts, where applicable, you remain dissatisfied with our resolution to your complaint, you may refer your query or complaint to the Ombudsman for Financial Services or Bank Negara Malaysia via eLINK (Web Form) at https://bnmlink.bnm.gov.my or contact BNMLINK at 1-300-88-5465 from Monday to Friday (9.00 a.m. to 5.00 p.m.), as applicable.
Help & Support Centre
Help & Support Centre. The Help & Support Centre is the centre through which you may perform certain banking transactions, conduct live chats or video communications with us, and obtain information and services from us, via the telephone or other Equipment.
Risk of telephone conversation. You recognise that the telephone is not a secure communication channel and the use of such channel is entirely at your own risk. Instructions transmitted by the telephone may be accepted by us subject to your compliance with such identity verification procedures or other requirements imposed by us from time to time.
Legal Process
Service of process. The service of legal process will be sent by post to or left at your last address contained in our record.
Reliance on records for service. We will be entitled to rely on the records of any Authority or other addresses obtained from reliable sources as determined by us to serve the abovementioned legal process on you.
Effective service. Such legal process will be deemed to have been duly served on you (i) if sent by hand, at the time of delivery; or (ii) if sent by ordinary post, on the date immediately after the date of posting; or (iii) if sent by electronic mail, on the date the electronic mail was sent; or (iv) if published in an English or Malay newspaper with general circulation in Malaysia, on the date of publication (and where publication is made more than once, on the day of the first publication). Service of the legal process in this manner will be deemed to be good and effective service of such legal process on you even if the documents including electronic mails are not received by you or subsequently returned undelivered.
Our rights of service. Nothing in this Banking Agreement will affect our rights to serve legal process or documents on you in any other manner permitted by law.
Joint and Several Liabilities (Not Available At This Time)
For an Account opened and maintained in more than one name, each person will be jointly and severally liable for the obligations under the Banking Agreement and references to “you”, “yourself” or “your” means each of those persons.
Additional Terms and Conditions
Specific Terms. Your usage of the accounts, products or services made available by us is subject to the Specific Terms applicable to that Product. These Specific Terms, as amended from time to time, are incorporated by reference into and form part of these General Terms.
Terms for seasonal campaign or promotional benefits. The Bank may offer seasonal campaign or promotional benefits for any account, product or service. Your participation in any of our seasonal campaign or promotional offer is subject to the applicable Specific Terms.
Governing Law and Jurisdiction
Governing law. The Banking Agreement is governed by the laws of Malaysia.
Jurisdiction. You consent and submit to the exclusive jurisdiction of the courts of Malaysia. You may only initiate proceedings against us in the courts of Malaysia. We may take enforcement action and initiate proceedings against you in the courts of any other jurisdiction, including jurisdictions you may reside in or where your assets may be located.
SECTION B - GENERAL TERMS FOR ACCOUNTS
Application
General terms relating to Accounts. This Section contains the general terms and conditions applicable to any Account, and are to be read with the other sections of these General Terms. Please read them carefully before you open any Account with us.
Your agreement to the General Terms of Accounts. By opening any Account with us, you agree to be bound by these General Terms, this Section and any Specific Terms as may be applicable to such Account. This Section also applies to all transactions made through such Account. If you do not agree with such terms, you must not open any Account with us or carry out any transaction using such Account.
Conflict with these General Terms of Accounts. In the event of any conflict or inconsistency between provisions in the Specific Terms governing each Account and these General Terms, such Specific Terms will prevail to the extent of such inconsistency.
Operation of Accounts
Different Account requirements. Different Accounts may have different requirements. We may change these requirements from time to time with notice to you.
Conversion of types of Accounts. We may, with notice to you in writing in accordance with Clause 1.2 (Changes and Amendments), convert one type of Account into another type.
Joint Accounts (Not Available at This Time)
The Bank may permit an application for a joint Account to be opened by more than one individual customer but not exceeding such number as may be specified by the Bank from time to time. A joint Account is to be operated in accordance with the mandate given by the joint accountholders (which is “either or to sign”). Where the Bank is instructed and authorised to act on Instructions by any one of the accountholders, the joint Account(s) may be operated and/or closed by any one of the accountholders, which will bind all accountholders, and amounts payable to or collected for any one accountholder may be credited to the joint Account.
Paragraph (a) above does not restrict the Bank from seeking written confirmation from all of the accountholders before carrying out any instruction given by any one or more of the joint accountholder in relation to the operation of the joint Account(s), without being liable to any accountholder for doing so.
If a joint accountholder dies, the surviving accountholder(s) will have full authority to operate the joint Account. The Bank will hold all credit balances in the joint Account to the sole order of the survivor(s), subject to the Bank’s prior right or claims, and payment to the survivor(s) is a complete discharge to the Bank. We will incur no liability in relying on the Instruction of the surviving accountholder(s).
In the event any of the joint accountholders becomes insane or is no longer of sound mind, any balance remaining in the credit of the joint Account(s) may be paid to the non-insane joint accountholder, subject to the Applicable Law.
We may suspend the operation of a joint Account:
if there is any dispute between the joint accountholders and the dispute has not been resolved to our satisfaction;
if any joint accountholder attempts to withdraw his mandate or notifies us of his intention to withdraw his mandate to operate the joint Account;
if any joint accountholder has been declared bankrupt or a petition of bankruptcy has been presented to against a joint accountholder; or
any other situation deemed necessary as provided under legal or regulatory requirements.
We may set-off the credit balance in the joint Account against the debit balance in another Account which may be held by one or more of the joint accountholders.
The Bank has the right to deal with each joint accountholder separately on any matter including the discharge of any liability to any extent without affecting the liabilities of the other joint accountholder(s).
Any notice given to one joint accountholder will be deemed to be given to all joint accountholders.
The joint accountholders shall jointly and severally indemnify and hold the Bank harmless against Losses, demands, proceedings, costs, expenses and other liabilities whatsoever incurred arising from any Instructions issued by any of the joint accountholder.
Minor Accounts (Not Available at This Time)
The legal guardian, parent or trustee of a minor may open a minor account on trust for the benefit of a named-child below the age of eighteen (18) (a Minor Account).
The Minor Account will be opened, maintained and operated by the legal guardian, parent or trustee. The Bank will regard the legal guardian, parent or trustee as the customer of the Bank.
You must give us a fresh mandate upon the minor attaining the age of eighteen (18).
Deposits
Deposit methods. A deposit includes any deposit made in cash, by way of funds transfer or other methods that we may specify from time to time.
Verification of deposits. All deposits are subject to verification and must be placed in the mode or manner as we may require or in the currency permitted by us.
You bear the fees and charges which will be debited from Account. The Bank may impose fee or other charges for such service. The fee and charges that may apply are set out in the Bank’s website. You agree and authorise us to debit the applicable fee and charges from your Account.
Immediate credit. We may give immediate credit for incoming fund transfers, provided always that:(a) the amount will not be available for withdrawal until it has been unconditionally received by us; and (b) funds deposited may not be drawn on until it is available.
Refusal of deposit. We can refuse to accept a deposit at our absolute discretion without giving any reason.
Reimbursement to the Bank. If we agree to accept a deposit, you must reimburse us with the required amount and we may debit your Account:
if the actual amount received by us is less than the amount recorded as credited to the Account;
if the draft or other instrument to effect the deposit is dishonoured, counterfeit, altered and/or forged;
if the correspondent paying bank, financial institution or any agent or sub-agent claims a refund or repayment of such amount for whatever reason (whether or not disputed); or
if required by any Applicable Law.
Currency conversion (not available at this time). If any fund deposited, transferred or remitted to your Account is of a currency other than the currency in which your Account is denominated, such funds may be converted to the currency in which your Account is denominated at the Bank’s prevailing spot rate, subject to any Applicable Law or regulation.
Revision to statement of accounts. If the amount recorded as deposited is different from the actual amount received, we may revise any document relating to the deposit including your statements of account.
Clearance of deposit. Each deposit into an Account is subject to final payment or clearing, which means that the relevant proceeds may not be available for use until receipt or clearing of full and final payment. Clearance times for different types of Accounts, cash or other instruments may vary. Deposits made after the specified cut-off times may not be processed until the following Business Day. No interest will accrue before the proceeds of any inward remittance or monetary instrument are actually credited to the Account.
Reversal and Bank’s right to debit your Account. You acknowledge and agree that we reserve the right to debit your Account when we need to recover funds credited earlier under any one of the following scenarios:
funds that were wrongly put into that Account;
our crediting of your Account by error;
erroneous payment made by the sender;
erroneous payment made by the sender’s bank, e-money issuer or a payment system operator due to technical or operational error; or
any payment received which is not in compliance with the applicable foreign exchange policy.
You must immediately pay us for any shortfall if there are insufficient funds in your Account to pay such sums.
Receipt of funds as collection agent. Where we receive instruments solely as agents for collection, we will not be responsible for any non-payment or Losses incurred in connection with such instruments.
No encumbrances. No monies in any Account may be transferred, assigned, pledged, charged or otherwise encumbered or given as security to anyone without our prior written consent.
Payments and Withdrawals
Sufficient funds. You must maintain sufficient funds in your Account to meet all payments and withdrawals.
Change or termination of mode. We may change or terminate any mode or manner of withdrawal or payment from any Account without notice to you although where possible, we may notify you of such change or termination, which will be effective from the date specified in that notice to you. You need to complete all corresponding procedures as we may specify in respect of such mode or manner of withdrawal or payment from any Account.
Refusal to act. Without prejudice to Clause 3.7 (Our right to disregard or delay Instructions), we may refuse to act on any withdrawal or payment Instruction:
unless such Instruction is satisfactory to us; or
if there are insufficient funds in the Account or which would cause the Account to be overdrawn. We have no obligation to transfer funds from any other Account you maintain with us to the overdrawn Account or the Account with insufficient funds for the purpose of effecting an Instruction.
Clearance of Accounts. The clearance times for different types of Accounts, or the mode or manner in which withdrawals or payments may be made, may vary. If withdrawals or payments are made after the cut-off times we specify, they may not be processed until the following Business Day.
Standing Instructions (not available at this time). Where applicable, you may apply to set up direct debit or regular or periodic payments if permitted for the Account. In respect of any existing standing instruction, you may notify the Bank of any changes or amendments to the (i) payment amount or limit; (ii) method of payment; and/or (iii) periodicity of payment. We may, by informing you in writing, cancel or stop the direct debit or periodic payment arrangement if the arrangement no longer complies with the terms of the payment authority signed by you or if required by law.
Funds Transfer
Request for funds transfer. You may apply for a transfer of funds to a payee or an account, to be made only if:
we agree to your application;
the minimum amount or maximum amount for such transfer is met; and
you pay all fees required for the fund transfer (if any).
Transfer at your own risk. All transfers of funds are to be despatched entirely at your own risk. You are responsible for:
conducting all necessary checks to ensure that the remittance can be accepted by the beneficiary bank; and
making sure you give us the correct information (including details of the person you want to transfer the funds to) so that the transfer is successful. We do not have to check any information you give us in your Instruction.
Limits on transfer. We may set limits on transferring funds (for example, on the amount to be transferred or how often you use the service). Please see our Fees and Limits available at https://rytbank.my/fees-and-limits for details.
No refunds. We will not refund any fees paid to us if we are unable to effect a fund transfer unless the failure was solely and directly caused by us.
No obligation on our part. In the event that the availability, credit or transfers of any specific currency are restricted, suspended or prohibited by any judicial, governmental or regulatory authority, agency or body, the Bank will have no obligation whatsoever to: (a) pay the amounts whether by way of draft or cash or by any other means in such currency or other currency to you (in the case of an inward fund transfer of such currency) or the beneficiary (in the case of an outward fund transfer of such currency); or (b) in the case of an outward fund transfer of such currency, return such currency to your Account(s), as the case may be, until such funds are refunded to and received by the Bank.
No responsibility on our part. We accept no responsibility for any Loss which may occur in any fund transfer (whether inward or outward) and the transmission of any message and for its interpretation when received, unless such Loss is caused by our fraud, gross negligence or wilful misconduct.
Indemnification. You agree to fully indemnify us against any Loss arising from the fund transfer or the inability of the Bank to effect the fund transfer, unless such Loss is caused by our fraud, gross negligence or wilful misconduct.
Linking of Bank Accounts (Not Applicable at This Time)
Link of Accounts. If you have more than one Account with us, we may link the Accounts that are deemed by us to be eligible to be linked (such Accounts being Linked Bank Accounts).
Types of Accounts to be linked. We may, from time to time in our sole discretion, determine the types of Accounts that are eligible for linking and set conditions for linking Accounts.
Application to link Account. If an Account is not automatically linked to another or other Accounts, you may apply and ask us to link the Account by completing the documents we require. You must comply with the applicable conditions if we permit such Account to be linked.
Consolidated statements for Linked Bank Accounts. We may issue a consolidated statement through the Digital Banking Services reflecting transactions for all Linked Bank Accounts on a monthly or periodic basis, and not send any other statement for the Accounts individually.
Access to Linked Bank Accounts. You may access your Linked Bank Accounts only and statements of the same through the Digital Banking Services. However, your access to the Linked Bank Accounts using the Digital Banking Services may be restricted in the manner we decide.
De-link of Linked Bank Accounts. We may, at any time, de-link any Linked Bank Account if we decide that such Account is no longer suitable to be linked.
Conversion of Accounts
We may at any time, convert or consolidate any Account into another type, if we consider it appropriate to do so, with prior notice to you at your Account mailing address, or notification via the Digital Banking Services, or communication through any other appropriate means as selected by us.
Interest
Interest on Accounts. Interest may be payable on the credit balance of certain Accounts at a frequency and rate we determine. Not all Accounts are eligible for interest payments. Interest will only be payable if stipulated by the Bank with respect to the relevant Account.
Non-payment of interest. We will not pay interest on an Account if any of the requirement(s)under these General Terms and/or the relevant Specific Terms is not met or if such Account is not valid, subsisting and in good standing at all times as determined by us.
Details of interest rates. Please see our Fees and Limits available at https://rytbank.my/fees-and-limits for details of the applicable interest rates.
Perbadanan Insurans Deposit Malaysia (PIDM)
Certain deposits under the deposit insurance scheme of the Perbadanan Insurans Deposit Malaysia are protected by Perbadanan Insurans Deposit Malaysia up to RM250,000 in aggregate per depositor per scheme member by law. Please refer to our website or App on whether such account is protected under the deposit insurance scheme.
SECTION C – DEFINITIONS AND INTERPRETATION
Definitions
The following definitions apply to these General Terms unless otherwise specified:
Access Procedures
means the Security Code or other access security protocols (including any information or procedure guides relating thereto) issued by the Bank or any other person specified by the Bank from time to time, which enables you to use and access the Digital Banking Services.
Account
means any account you now or hereafter have with us, any other account offered by us from time to time and any account used for the purposes of any facility, product or service that we may make available to you or any accounts related to any of the Services including without limitation savings accounts and current accounts.
Affiliates
means any person or entity that Controls, is Controlled by, is under common Control with, or is a related company of, the Bank, whether through ownership of voting securities or otherwise, and any of their branches and offices.
AML Laws
means all applicable laws and regulations relating to anti-money laundering and prevention of Financial Crime, including, but not limited to, the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
Anti-Corruption Laws
means all applicable laws and regulations relating to anti-bribery and anti-corruption, including, but not limited to, the Malaysian Anti-Corruption Commission Act 2009.
App
means the digital banking mobile application owned, published or operated by us or our Affiliates.
Applicable Laws
means all laws, rules, regulations and requirements, and any supporting laws, rules, regulations and requirements or industry standards (including notices, directives, orders, court orders and rulings, judicial interpretation codes, customs or practices, guidelines, voluntary codes, court orders or circulars)of or issued by any governmental authority, body, statutory board, agency or exchange or clearing house or any self-regulatory organisation, central depository or regulator of any jurisdiction in accordance with which a person is required or accustomed to act.
Approved Person
means the person authorised to (whether alone or jointly with any other person(s)) act for you or on your behalf in accordance with any mandate (or equivalent in writing) or otherwise, as acceptable to us, in respect of any or all Account(s)or Product(s), including any person duly appointed by an Approved Person to act for you or on your behalf as aforesaid in respect of any matter as duly authorised.
Authority(ies)
means any regulator, governmental authority or agency having jurisdiction over the Bank or, as the case may be, you.
Biometric Access Services
means the services provided by us, where you may use your Unique Biometric Identifier stored on your Equipment as a Security Code to access the Digital Banking Services on your Equipment.
Business Day
means any day on which banks in the Federal Territory of Kuala Lumpur are open for banking business.
Control or its variants (i.e.,
"Controlling","Controlled by"
or "under common Control")
means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person or entity, whether through the ownership of voting shares, by contract or otherwise.
Help & Support Centre
means the support centre through which we provide various services and facilities from time to time.
Digital Banking Services
means any and all services, functions, features, and facilities that are provided to you by us through electronic or online means on any Equipment, including any Platform.
Electronic Records
means any documents or records, including all instructions, communications, acknowledgments, agreements (and data, images, records and documents containing those instructions, communications, acknowledgments and agreements) in electronic form.
Equipment
means any electronic, wireless, communication, transmission or telecommunications equipment, device or medium including any computer, mobile equipment, terminal, machine, system, hardware, software (including any plug-ins and any software for authenticating any Unique Biometric Identifier), and the internet, network connection or infrastructure, which may be required to access or use any Product.
Fees and Limits
means the Product information, which includes without limitation, the fees, charges, interests, transfer limits and/or balance requirements which apply to the Accounts or Services, as found on our website, or as communicated by us to you.
Financial Crime
means you initiating, engaging or effecting any transaction, whether directly or indirectly, in connection with fraud, money laundering, terrorism financing, bribery, corruption, or tax evasion.
Instruction(s)
means any notice, communication, instruction, order, message, data, or information received by us from you by any means, whether via the Digital Banking Services, email, Help & Support Centre or otherwise (including information delivered to us offline).
Loss(es)
means any losses, damages, penalties, claims, actions, demands, judgments, suits, proceedings, costs, interest, expenses or disbursements of any kind (including legal fees on a full indemnity basis).
Malware
means all forms of software that interferes with the use of the App, Platforms, Security Code or relevant Equipment in any way or disrupts computer usage, including viruses, cyber-attacks, phishing emails, spyware, worms, logic software, bombs, trojan horses, or other similar harmful components.
Payee Corporations
means any merchant, establishment, billing organisation, or relevant party whose bills can be paid through the use of an Account.
Platform
means our website and/or the App.
Product
means any facility, product, or service that we may make available to you, including without limitation any Account or Services.
Push Notification
means a message, including any content or data, which is transmitted as part of the App and delivered to your Equipment.
Sanction
means any sanction, freezing, antiterrorism or other related or similar programs issued, enforced or administered by the United Nations Security Council, the Minister of Home Affairs of Malaysia, and any other applicable governmental agencies or international bodies.
Security Code
means your username, login-ID, password (including one-time passwords), personal identification number (PIN), customer identification number (CIN), (made up of an access code and a PIN), electronic identification signature or codes, Unique Biometric Identifiers given to, or chosen by you, that is used: (a) to access and use of any of our Products; (b) for the operation of your Equipment; or (c)for confirming your identity.
Services
means any and all services, functions or features that we may provide to you.
SMS
means short message service (also sometimes referred to as mobile text messaging).
Third Party Links
means other websites, software, mobile applications and platforms owned, controlled or offered by third parties and/or Affiliates.
Unique Biometric Identifier
means any fingerprint, facial scan, features or other unique biometric identifier as we may, from time to time, prescribe as an acceptable method of identification.
we / us / our / ourselves / the Bank
means Ryt Bank or YTL Digital Bank Berhad (formerly known as Sea Capital Services Berhad (Registration No.: 202201037182 (1482879-P))), and its successors in title and any novatee, assignee, transferee or purchaser of the Bank’s rights and obligations under these General Terms.
you / yourself / your
means the Accountholder or person in whose name(s) the Product is maintained and where the context permits, such Approved Person(s) as described in Clause 3.4 (Authorisations / Approved Persons for non-individuals) or agents.
Interpretation
- the singular includes the plural where applicable and vice versa. A gender includes all genders;
- headings and sub-headings are inserted for convenience only and do not affect the interpretation of these General Terms;
- any phrase introduced by the terms “other”, “including”, “include”, and “in particular”, or any similar expression will be construed as illustrative and will not limit the sense of the words preceding those terms;
- references to any agreement or document includes any amendment, variation, supplement, or replacement to that agreement or document;
- references to statutes and other legislation include re-enactments and amendments and include any subsidiary legislation made under any such statute or other legislation;
- “day”, “month” or “year” is a reference to a day, month or year respectively in the Gregorian calendar and “month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month save that, where any such period would otherwise end on a day which is not a Business Day, it will end on the next Business Day provided that if a period starts on the last Business Day in a calendar month or if there is no numerically corresponding day in that month in which that period ends, that period will end on the last Business Day in that latter month (and references to “months” will be construed accordingly); and
- if any period of time is specified from a given day, or the day of a given act or event, it is to be calculated exclusive of that day and if any period of time falls on a day which is not a Business Day, then that period is to be deemed to only expire on the next Business Day.
v. January 2025
Specific Terms and Conditions
Effective Date: 1 January 2025
APPLICATION OF THESE TERMS
- These Specific Terms must be read with the General Terms (available on our website at https://rytbank.my/terms-and-conditions) and any other relevant terms and conditions as we may impose from time to time with prior notice.
- By applying for or using or maintaining an Account, you are deemed to have read, understood and accepted these General Terms and Specific Terms.
- Some capitalised terms used in this document have been defined in the General Terms.
- In case of any inconsistency between what is stated in these Specific Terms and the General Terms, the terms in these Specific Terms shall prevail to the extent of such inconsistency.
- This document sets out the specific terms and conditions governing the accounts, products and services we may offer you from time to time (the Specific Terms). You must read and understand these Specific Terms carefully before opening any account or acquiring any product or service from us. Please reach out to us if you require any clarification.
A. SPECIFIC TERMS AND CONDITIONS APPLICABLE TO RYT BANK SAVINGS ACCOUNT
Protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 for each depositor (PIDM Protection).
Account Opening
The opening of a Ryt Bank Savings Account (Savings Account) with us is subject to the Bank’s requirements including, without limitation, as to age, capacity, identification documents, account verification requirements, minimum initial deposit, and the minimum account balance to be maintained at all times. The Bank may have different requirements for different legal personalities.
Information on the eligibility requirements, minimum initial deposit and the minimum account balance are available in the Schedule hereto, on our App, and/or our website at https://rytbank.my. The eligibility requirements, minimum initial deposit and minimum account balance may be updated from time to time and can be viewed on our App and/or website at https://rytbank.my.
The Bank may allow you to open, maintain and operate only one Savings Account in your sole name for personal use. This means that each retail customer can only open one Savings Account at any one time. If the Bank becomes aware that you are maintaining more than one Savings Account, we reserve the right to close and terminate any additional Savings Accounts with notice to you.
An application for a Savings Account is subject to approval by the Bank. You understand and agree that we have sole and absolute discretion to determine whether to provide a Savings Account to you.
We reserve the right to reject any application (including any application that does not fulfil our criteria) and shall be under no obligation to provide any reason for or information in respect of any unsuccessful application.
For account verification purposes, you must fulfil the Savings Account funding requirement within 90 days from the date of account opening. Failure to do so may result in closure of your Savings Account.
You agree that you will only use your Savings Account for personal savings purposes. If your Savings Account is used for business purposes or purposes other than for personal savings, the Bank reserves the right to close your Savings Account and/or terminate the provision of any service or product to you.
Account and Services
The Savings Account is denominated in Ringgit Malaysia only.
You shall operate and administer the Savings Account in accordance with all applicable laws, rules, and regulations, as well as directives on international and domestic currency transactions including the foreign exchange policy (FEP) administered by Bank Negara Malaysia.
Prior to opening a Savings Account and as and when required, we may require you to provide relevant information and/or documents required for account opening, including to ensure compliance with the FEP and applicable laws and regulations.
Once a Savings Account is successfully opened and you fulfil the Savings Account funding requirement within 90 days from the date of account opening, you may perform fund withdrawals and fund transfers, denominated in Ringgit Malaysia only, to and from the Savings Account. Funds transferred into your Savings Account will be deposited into your Savings Account.
We may also impose a maximum account balance to be maintained in a Savings Account. Information on the maximum account balance, if any, is available on our website https://rytbank.my.
Where a limit has been imposed and the maximum account balance is reached, you agree that:
- you are responsible for ensuring that such limit is not reached; and
- where such limit has been reached, you agree that we, in our absolute discretion:
(i) need not accept any Instruction or allow any transaction on the Savings Account, which would cause the balance to go above the maximum account balance; and/or
(ii) may take any other action to ensure that the maximum account balance is not exceeded.
You agree that the Bank has the discretion to reject any Instruction on, or transaction through, the Savings Account.
Fees and Charges
The Bank shall be entitled to impose fees and charges for any of the services provided to you. Please see Fees and Limits as set out at https://rytbank.my/fees-and-limits for details of the applicable fees, charges, and default interest rates. You agree that all applicable fees and charges may be debited from the Savings Account.
Interest
A Savings Account is an interest-bearing account. The Bank will pay you interest on the credit balance in your Savings Account at the applicable interest rate which is determined by the Bank and is subject to change from time to time (Interest Rate). Information on the Interest Rate is available on our website at https://rytbank.my and/or our Digital Banking Services.
Interest will be calculated daily based on the balance in your Savings Account at the end of each day, or using such other methods as the Bank may determine and notified to you from time to time.
The accrued interest will be credited to your Savings Account on a daily basis, when the accrued interest payable is at least RM0.01. The Bank will not credit any amount to your Savings Account if the accrued interest payable is less than RM0.01.
We reserve the right not to pay you any interest on the credit balance in your Savings Account if you breach any of your obligations under the Banking Agreement (including these Specific Terms).
Statements of Account
Electronic Statements in respect of your Savings Account will be generated on a monthly basis and will be made available through our Digital Banking Services.
The Bank may choose not to issue any Electronic Statement if your Savings Account is dormant or inactive.
Closure of Account
You may close your Savings Account by sending an Instruction to us via email to support@rytbank.my or telephone at +6018-811 0088.
You are responsible for any arrangement in relation to the transfer of any credit balance in the Savings Account before closure can be effected. We may stop paying interest on credit balance in your Savings Account from the day we receive your closure Instructions. Where we exercise our rights under Clause 24.2 (Our right to close, terminate or revoke any Product) of the General Terms to close the Savings Account, you agree that we shall have the right to transfer any unclaimed credit balance in the closed Account to our internal account(s).
Pending closure of the Savings Account, we may refuse to carry out any Instruction (including transfers or withdrawal of funds) or accept any further deposits. In appropriate cases, we have the right to limit the amounts deposited. We may also withhold or suspend payment of any funds.
No Cash Deposits
You will not be able to deposit physical cash or notes into your Savings Account.
No Cheques
No cheque book or facility will be issued for your Savings Account. You will not be able to deposit any cheques with us.
Schedule
Eligibility
- Open to Malaysian citizens only.
- Must be at least 18 years of age.
- From RM1 initial deposit for account activation.
- You have an existing bank account with another bank in Malaysia.
Minimum Amount to
Open Savings Account
RM1
Minimum Balance
to Maintain
Nil
Fees and Charges
As of now, there is no fee or charge for the Savings Account, but this is subject to change at the Bank’s discretion. We will notify you of such change in accordance with the General Terms.
v. January 2025
