RYT broker Accounts

ryt Account Types & Opening Guide 2025: Complete Comparison and Registration Steps

Part 1: ryt Account Types Overview

ryt Account Types Explained

Ryt Bank, Malaysia's first AI-powered digital bank, offers a variety of account types tailored to meet different user needs. Below are the available account types:

1. Savings Account

• Minimum Deposit Requirement: RM 1
• Spread/Commission Structure: No service charge
• Leverage Options: Not applicable
• Key Features: Daily interest of 3.00% p.a., no lock-in period, virtual debit card available.
• Target User Profile: General public, suitable for beginners and savers.
• Trading Instruments Available: Not applicable.

1. Ryt Card (Debit Card)

• Minimum Deposit Requirement: RM 1 (for account funding)
• Spread/Commission Structure: Free issuance until September 30, 2025.
• Leverage Options: Not applicable
• Key Features: Unlimited 1.2% cashback on overseas spending, zero foreign transaction fees.
• Target User Profile: Everyday users and travelers.
• Trading Instruments Available: Not applicable.

1. Ryt PayLater

• Minimum Deposit Requirement: RM 1 (for account funding)
• Spread/Commission Structure: Interest rates apply based on tenure.
• Leverage Options: Not applicable
• Key Features: Instant credit up to RM 1,499, flexible installment plans.
• Target User Profile: Users needing short-term financing.
• Trading Instruments Available: Not applicable.

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Savings Account
• Everyday Users: Ryt Card
• Short-term Financing Needs: Ryt PayLater

Part 2: ryt Account Features Comparison

Detailed ryt Account Features

Advantages of Each Account Type

• Savings Account:

• High daily interest rate

• No lock-in period

• Easy access to funds

• Ryt Card:

• Cashback on overseas spending

• No foreign transaction fees

• Instant access to funds

• Ryt PayLater:

• Quick access to credit

• Flexible repayment options

• No late fees if paid on time

Disadvantages of Each Account Type

• Savings Account:

• Limited to savings only

• No investment options

• Ryt Card:

• Limited to spending; no savings features

• Cashback only applicable overseas

• Ryt PayLater:

• Interest rates can be high

• Requires timely repayments to avoid fees

Part 3: ryt Account Opening Requirements

ryt Account Registration Requirements

• Eligibility Criteria:

• Age Requirements: Must be at least 18 years old.

• Geographic Restrictions: Must be a Malaysian citizen or resident.

• Prohibited Countries: Not specified.

• Identity Verification Documents Needed:

• MyKad (National Identity Card) or passport for eKYC verification.

• Proof of Residence Requirements:

• Utility bills or bank statements may be required for address verification.

• Additional Documentation for Professional Accounts:

• Not applicable for standard accounts.

• KYC/AML Compliance Procedures:

• Users must complete eKYC verification upon registration.

• Verification Time Frames:

• Typically completed within minutes, but may vary based on document verification.

Part 4: ryt Account Opening Process

Step-by-Step ryt Account Opening Guide

1. Visit Website and Click Registration: Go to the Ryt Bank website or download the app.
2. Personal Information Entry: Fill in your personal details such as name, address, and contact information.
3. Choose Account Type: Select the type of account you wish to open (Savings, Ryt Card, or Ryt PayLater).
4. Set Trading Preferences: Not applicable for standard accounts.
5. Document Upload: Upload required identification and proof of residence.
6. Account Verification: Complete the eKYC process for identity verification.
7. Fund Your Account: Deposit the minimum required amount to activate your account.
8. Start Trading: Access your account and begin using Ryt Bank services.

Desktop vs Mobile Registration Differences

• The registration process is similar on both platforms, but mobile users may have a more streamlined experience due to app functionalities.

Common Registration Issues and Solutions

• Issue: Document upload failure.

• Solution: Ensure documents are clear and in the correct format (JPEG, PDF).

• Issue: Verification delays.

• Solution: Contact customer support for assistance.

Average Account Approval Time

• Account approvals are typically completed within a few minutes, but may take longer during peak times.

How to Upgrade/Downgrade Account Types

• Users can contact customer support to request changes to their account type based on their needs.

Part 5: ryt Demo Account Information

ryt Demo Account Guide

• Demo Account Features and Benefits:

• Allows users to practice trading without financial risk.

• Access to virtual funds to simulate real trading conditions.

• How to Open a Demo Account:

• Visit the Ryt Bank website or app and select the demo account option during registration.

• Demo Account Limitations:

• Limited to virtual trading; cannot withdraw funds.

• Virtual Balance Amount:

• Typically set at RM 100,000 for practice.

• Demo vs Live Account Differences:

• Demo accounts do not involve real money; live accounts require real deposits.

• Duration/Expiry of Demo Accounts:

• Demo accounts may expire after a certain period, typically 30 days, unless extended.

Part 6: ryt Islamic Account (if available)

ryt Islamic Account Details

• Swap-free/Islamic Account Availability:

• Currently, there is no specific mention of an Islamic account option.

• Eligibility Requirements:

• Not applicable as Islamic accounts are not listed.

• Differences from Standard Accounts:

• Not applicable.

• How to Apply for Islamic Account:

• Not applicable.

• Restrictions or Special Conditions:

• Not applicable.

FAQs – ryt Account Types & Opening

1. What account types does ryt offer？

• Ryt offers Savings Accounts, Ryt Cards, and Ryt PayLater accounts.

1. What is the minimum deposit for each account type？

• The minimum deposit for all account types is RM 1.

1. How long does ryt account verification take？

• Verification typically takes a few minutes.

1. Does ryt offer demo accounts？

• Yes, Ryt Bank offers demo accounts for practice trading.

1. Can I have multiple account types with ryt？

• Yes, users can open different account types as needed.

1. Does ryt offer Islamic/swap-free accounts？

• Currently, there is no specific Islamic account option available.

1. What documents do I need to open a ryt account？

• You need to provide a MyKad or passport and proof of residence.

1. Can I change my account type after registration？

• Yes, you can request changes to your account type through customer support.