KUALA LUMPUR: CIMB Bank Bhd’s newly launched salary account is set to support current and savings account (Casa) growth as the bank aims to strengthen its low-cost funding base.
“At its core, CIMB is targeting deposits at the lowest possible cost and from a consumer banking perspective, products such as savings and current accounts are critical drivers of that Casa growth,” chief executive officer of group consumer banking at CIMB, Haniz Nazlan, told StarBiz.
“We are not just offering a standard savings account, but one enhanced with additional coverage benefits, creating a more complete and compelling value proposition for customers,” he said.
Haniz added that CIMB is targeting customers’ primary banking relationship, typically anchored to salary crediting, to capture Casa deposits at source and strengthen its overall funding mix.
The bank launched a first-of-its-kind salary account linked with complimentary takaful coverage under its CIMB@Work programme yesterday, noting its aim to reinforce its commitment towards encouraging financial resilience among the Malaysian workforce.
CIMB said its programme provides salaried individuals with practical and accessible financial protection benefits without additional cost or administrative burden.
According to the bank, the new salary account provides takaful protection of up to RM200,000 covering 36 critical illnesses – such as cancer, heart attack, Alzheimer’s disease, stroke and kidney failure – as well as coverage for death and total and permanent disability. The takaful coverage is underwritten by Sun Life Malaysia Takaful Bhd, a bancassurance partner of CIMB.
