If you’re a Bank Rakyat customer in Malaysia and you need to make larger transactions online or at ATMs, you can increase your transaction limit. In this article, we’ll guide you through the process in 5 easy steps.
What is the Bank Rakyat Transaction Limit?
The Bank Rakyat transaction limit refers to the maximum amount of money you can transfer or withdraw from your account in a single transaction. These limits vary depending on the type of account you hold and the mode of the transaction. As of the information available, here are the current limits:
- Savings Account-i and eCurrent Account-i: Daily ATM withdrawal limit is RM10,000, and the daily online transfer limit is RM50,000 (shared with IBFT and IBG transactions).
- Term Deposit Account-i: Daily ATM withdrawal limit is RM5,000, and there is no online transfer facility.
- Qurban Fund Savings-i Account: There is no ATM withdrawal facility, and the daily online transfer limit is RM50,000 (shared with IBFT and IBG transactions).
Why Increase Your Transaction Limit?
There are various reasons why you might want to increase your transaction limit:
- Large Purchases: You may need to make significant purchases like a car, a house, or a holiday package.
- Financial Assistance: Providing urgent financial help to family or friends.
- Investments: Investing in a business opportunity or financial product that requires a substantial capital transfer.
- Emergencies: Accessing cash quickly for emergencies or special occasions.
Increasing your transaction limit can prevent inconvenience and simplify the process when you need to make large transactions.
How to Increase Your Transaction Limit
You can increase your transaction limit through either online or branch methods. Here are the steps for each method:
- Log in to your i-Rakyat internet banking account at https://irakyat.com.my/.
- Click on “Settings” and then “Transaction Limit Maintenance.”
- Choose the account for which you want to increase the limit and click on “Edit.”
- Enter the new limit you desire for each type of transaction (ATM withdrawal, IBFT transfer, IBG transfer) and click “Submit.”
- Confirm your request by entering the TAC (Transaction Authorization Code) sent to your registered mobile number and click “Confirm.”
- Visit any Bank Rakyat branch with your identification document (NRIC or passport) and your ATM card.
- Fill out the Transaction Limit Maintenance Form, specifying the new limit for each type of transaction (ATM withdrawal, IBFT transfer, IBG transfer).
- Submit the completed form to the bank officer and wait for approval.
- Once approved, collect your updated ATM card from the bank officer.
Benefits of Increasing Your Transaction Limit
By increasing your transaction limit, you can enjoy several advantages:
- Time and Cost Savings: Fewer transactions with larger amounts can save you both time and fees associated with multiple smaller transactions.
- Efficiency: Avoid delays and errors that can occur when splitting transactions into smaller amounts.
- Access to Opportunities: Gain access to more financial opportunities and services that may require larger transactions.
- Flexibility: Enjoy greater convenience when managing your finances, especially in emergencies.
Considerations Before Increasing Your Transaction Limit
Before increasing your transaction limit, consider the following factors:
- Financial Goals: Only increase your limit if you have a clear purpose and plan for using it to avoid overspending or misusing the higher limit.
- Security Measures: Always prioritize the security of your ATM card and PIN, monitor your account activity regularly, and report any suspicious transactions to Bank Rakyat immediately.
- Fees and Charges: Be aware of the fees and charges associated with different types of transactions. For instance, IBFT transfers have different charges depending on the amount.
In conclusion, increasing your Bank Rakyat transaction limit can be a straightforward process, either online or at a branch, providing you with greater financial flexibility. However, exercise caution, and ensure you have a clear purpose for the increased limit while also monitoring your account for security purposes and staying informed about applicable fees and charges.
We hope this guide has been helpful to you. If you have any questions or feedback, please feel free to leave a comment below or contact Bank Rakyat’s customer service at 1-300-80-5454.
Thank you for reading!