BR1M 2015 applicants will need a bank account in order to be able to receive the first BR1M payouts starting 28th of January 2015. This account must belongs to applicants and not other individuals. Joint names, loans, companies account are not accepted. This is to prevent any individuals from claiming to be representative of recipients from collecting the aid money with the aid not reaching the intended recipients. Applicants will have to open a bank account if they want to receive BR1M funds.
The banks that are able to receive BR1M aids are
- Affin Bank Berhad
- Agro Bank
- Alliance Bank Malaysia Berhad
- AmBank Berhad
- Al Rajhi Banking & Investment Corporation
- Bank Islam Malaysia
- Bank Kerjasama Rakyat Malaysia Bhd
- Bank Muamalat Malaysia Bhd
- Bank Simpanan Nasional
- Cimb Bank Berhad
- Citibank Berhad
- Eon Bank Berhad
- Hong Leong Bank
- HSBC Bank Malaysia Bhd
- Malayan Banking Berhad
- OCBC Al-Amin Bank Bhd/OCBC Bank
- Public Bank Berhad/Public Islamic Bank Berhad
- RHB Bank Berhad
- Standard Chartered Bank Malaysia Bhd
- United Overseas Bank(Malaysia) Berhad
In the news, Deputy Finance Minister Datuk Chua Tee Yong has also encourage people to open a bank account for aid recipients purpose. This has to be done before 31st of December 2014. According to the Deputy Minister, around 2.9 million out of 7.9 of BR1M recipients still do not have a bank account. The minister has also encourage recipients to apply for BR1M online in order to prevent heavy queues.
BR1M 2015 payouts for family will be made in three phases starting January 28th, May 28th and September 28th while Individuals shall receive their full payment on January 28th.