Bank Simpanan Nasional (BSN) does not offer a product called Hajj and Umrah Savings-i, and it does not offer a Qurban savings account in Malaysia. Its hajj product is financing, BSN MyRinggit-i (Hajj, Umrah & Pilgrimage), priced at SBR plus 2.65% to 5.85%. Its Islamic savings shelf is a set of Tawarruq accounts (Basic Savings Account-i and GIRO-i at 0.25% a year), the SSP premium savings certificate, EcoSave-i at 2.00%, and Term Deposit-i paying up to 2.15%. For hajj registration and a return that was 3.25% after zakat for 2024, Tabung Haji remains the only route. Start with our Islamic savings accounts hub for the wider market; this review reads BSN's own rate card.
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What people search for and what BSN actually sells
The phrase BSN Syariah hajj and umrah savings produces a mismatch. Searches for BSN Syariah often surface Bank Syariah Nasional, an Indonesian institution with an unrelated Tabungan Qurban product, and that is where the qurban savings idea comes from. Malaysia's BSN is a development financial institution created by the Bank Simpanan Nasional Act 1974 (Act 146). Its Islamic banking menu lists deposits (Basic Savings Account-i, Basic Current Account-i, GIRO-i, GIRO-i eSaver, EcoSave-i, EduSave-i, SSP, Term Deposit-i) and financing (MyRinggit-i personal financing, the Hajj, Umrah & Pilgrimage variant, home and vehicle financing). There is no dedicated hajj deposit, no umrah deposit and no qurban deposit on the list.
If a qurban savings product is what you want, Bank Rakyat markets a Qurban Fund Savings-i, and any Islamic savings account can be earmarked for qurban. If a hajj savings account is what you want, the only account that also registers you for a hajj place is a Tabung Haji account. BSN's role in a hajj plan is narrower: a place to hold general savings under a government guarantee, and, for those who choose it, a financing line to cover a package cost.
BSN's Islamic savings shelf and the rates on it right now
Every BSN Islamic deposit except the SSP Mudarabah certificate runs on Tawarruq (commodity murabahah): the bank sells you a commodity on deferred terms, sells it for cash on your behalf, and the deferred price it owes you includes a fixed profit. That structure is why BSN can print a contractual profit rate rather than an indicative one. The rates below are from BSN's banking rates page as published on 6 October 2026 and effective on the dates BSN states.
| BSN Islamic deposit | Contract | Published profit rate | Entry point |
|---|---|---|---|
| Basic Savings Account-i | Tawarruq | 0.25% a year, all balances (effective 14 March 2026) | RM20 to open, no minimum balance |
| GIRO-i | Tawarruq | 0.25% a year, all balances (effective 1 March 2021) | Minimum varies by age band; profit can be channelled to waqf |
| GIRO-i eSaver | Tawarruq | GIRO-i rate plus 5% bonus on profit earned if month-end balance above RM5,000 | RM30 initial, RM10 maintained |
| EcoSave-i | Tawarruq | 2.00% a year, all balances (effective 10 February 2024) | Per product terms |
| EduSave-i | Tawarruq | 1.50% a year, all balances (effective 10 February 2024) | Per product terms |
| SSP (Mudarabah) | Mudarabah | Indicative 0.05% (RM10 to RM50,000) and 0.10% above, plus prize draw entry | RM10 multiples |
| SSP (Tawarruq) | Tawarruq | 1.80% to 2.50% for 12 months by placement band | RM5,000 |
| Term Deposit-i | Tawarruq | 1.85% (1 month) to 2.15% (11 to 60 months); 2.50% senior citizen 12 to 60 months | RM500 to RM1,000 by tenure |
Two things stand out. First, BSN's everyday savings rate of 0.25% is low against the Islamic bank market; our comparison of Islamic savings accounts shows what the stronger payers offer. Second, the SSP Mudarabah certificate is a prize-linked product: the published indicative return is 0.05% to 0.10% because most of the economic return goes into the draw pool. It is a Shariah-structured savings certificate, not a lottery ticket, but a saver who wants yield should look at the SSP Tawarruq tier (1.80% to 2.50% for 12 months) or Term Deposit-i instead, and compare those with Islamic term deposit rates across banks.
BSN MyRinggit-i (Hajj, Umrah & Pilgrimage): what the financing costs
This is the product that the search term is really pointing at. BSN MyRinggit-i (Hajj, Umrah & Pilgrimage) is Tawarruq personal financing for a pilgrimage package booked through a participating travel agency; BSN names Felda Travel Sdn Bhd. Eligibility is a Malaysian citizen aged 18 to 55 or 60 (the end of tenure must fall before retirement age) earning at least RM1,500 a month. Amounts run from RM10,000 to RM400,000 over one to ten years. The profit rate is Standardised Base Rate (SBR) plus 2.65% to plus 5.85%; with BSN's SBR at 2.75% (effective 17 July 2025), that is 5.40% to 8.60% a year, and BSN adds a further 1% if you decline takaful cover. Late payment charges are capped at 1% a year on the overdue instalment.
Whether to use it is a separate question from whether it is halal. The contract is a standard Tawarruq that BSN's Shariah committee approves, structurally no different from any other Islamic personal financing. The fiqh question is about hajj itself: the obligation falls on those with istita'ah (means), and most Malaysian scholars advise saving rather than borrowing for the pilgrimage. Umrah is different; it is not obligatory, so financing it is a lifestyle choice rather than a religious necessity. On RM30,000 over five years at the low end of 5.40%, you will pay several thousand ringgit in profit for a trip you could have saved for at Tabung Haji while keeping your hajj registration date.
Is money at BSN protected? Government guarantee versus PIDM
BSN is not a member of Perbadanan Insurans Deposit Malaysia (PIDM). PIDM's own FAQ lists development financial institutions, naming Bank Simpanan Nasional, Bank Rakyat, Lembaga Tabung Haji and Agrobank, as non-members whose deposits are not covered by the RM250,000 per depositor protection. That sounds worse than it is. Section 20 of the Bank Simpanan Nasional Act 1974 states that repayment of all moneys deposited in the bank, together with returns, is guaranteed by the Government, and that any shortfall is charged on the Consolidated Fund with the Minister required to report the deficiency to the Dewan Rakyat. In other words, BSN depositors have a statutory sovereign guarantee with no RM250,000 cap, which is a different protection from PIDM's, not a weaker one.
The same pattern applies to Tabung Haji, which is also outside PIDM and relies on its own Act. Our explainer on PIDM protection for Islamic deposits and the guide to Bank Rakyat and Agrobank as development financial institutions set out how the three regimes differ. The practical rule: a licensed Islamic bank gives you PIDM cover to RM250,000 per bank, BSN gives you a government guarantee under Act 146, and Tabung Haji gives you a guarantee under its own statute. None of these is a reason to keep money at 0.25% if a comparable account pays more.
BSN versus Tabung Haji for a hajj saver
The comparison people want is not BSN against Maybank Islamic; it is BSN against Tabung Haji (TH), because both are government-backed and both sit outside PIDM. They are built for different jobs. TH is the sole institution that registers Malaysians for hajj and manages the pilgrimage, pays zakat on depositors' savings on their behalf, and distributes an annual profit (hibah); its press release of 21 March 2025 declared 3.25% for the 2024 financial year after zakat of 2.5775%, the highest since 2018. BSN is a savings and financing bank with a fixed Tawarruq return and no hajj function at all.
| Question | BSN Islamic savings | Tabung Haji |
|---|---|---|
| Registers you for a hajj place | No | Yes, registration is tied to a TH account |
| Return type | Fixed Tawarruq profit, 0.25% on savings, up to 2.15% on Term Deposit-i | Annual profit distribution declared after audit, 3.25% for 2024 |
| Zakat on savings | Your responsibility | TH pays zakat on depositors' behalf before distribution |
| Deposit protection | Government guarantee, Act 146 Section 20 | Statutory guarantee under Tabung Haji legislation; not PIDM |
| Everyday banking (ATM, DuitNow, debit) | Yes, full retail bank | Limited; savings and hajj services via THiJARI and partner banks |
| Estate planning tool | Standard nomination | Hibah Amanah registration at branches |
The hibah mechanics, the zakat treatment and the 2025 distribution are covered in our Tabung Haji complete guide; the broader question of how much to put aside and where is in our guide to saving for hajj in Malaysia. The short version: if the goal is hajj, the account that registers you is the one that matters, and TH's historical distribution has run well above BSN's savings rate.
How to use BSN and Tabung Haji together without overlap
- Open or confirm a Tabung Haji account first and register for hajj; the registration date sets your place in the queue and nothing at BSN substitutes for it.
- Hold your hajj fund itself at TH, where zakat is handled for you and the annual distribution has historically exceeded a 0.25% savings rate.
- Use a BSN GIRO-i or Basic Savings Account-i as a low-cost transactional account if you value branch access and the Act 146 guarantee, not as the place you grow the hajj fund.
- If you want a fixed return for money you will not touch for a year, compare BSN Term Deposit-i (2.15% at 12 months, 2.50% for senior citizens) against licensed Islamic banks before placing it.
- Treat BSN MyRinggit-i (Hajj, Umrah & Pilgrimage) as a last resort for an umrah package, not as a way to perform hajj before you have the means; price it at 5.40% to 8.60% a year plus 1% without takaful.
- Register Hibah Amanah at TH and a nomination at BSN so both balances pass cleanly; our estate planning pages explain the difference between nomination and hibah.
Who should choose what
If you searched for BSN Syariah hajj and umrah savings hoping for a dedicated hajj deposit, the product does not exist, and the honest substitute is a Tabung Haji account, which registers you, pays your zakat and declared 3.25% for 2024. BSN earns a place in a Malaysian Muslim's finances for different reasons: a statutory government guarantee on every ringgit, a nationwide branch network, Tawarruq accounts that print a contractual rate, and a 2.50% senior citizen Term Deposit-i that is respectable for a government-backed institution. Its 0.25% savings rate is not competitive and its SSP Mudarabah certificate is a prize product rather than a yield product. The hajj financing line is Shariah-compliant and expensive, and borrowing to perform an obligation that only binds those with means is a decision to make slowly. Facts checked against bsn.com.my, pidm.gov.my, tabunghaji.gov.my on 6 October 2026.
Frequently asked questions
Does BSN have a Hajj and Umrah Savings-i account?
No. BSN's Islamic deposit range comprises Basic Savings Account-i, Basic Current Account-i, GIRO-i, GIRO-i eSaver, EcoSave-i, EduSave-i, the SSP savings certificate and Term Deposit-i. Its only hajj-labelled product is BSN MyRinggit-i (Hajj, Umrah & Pilgrimage), which is Tawarruq personal financing for a pilgrimage package, not a savings account. Registration for hajj in Malaysia runs through Tabung Haji and requires a Tabung Haji account.
Does BSN offer a Qurban savings account in Malaysia?
No. The qurban savings product that appears in searches for BSN Syariah belongs to Bank Syariah Nasional in Indonesia, a different institution. In Malaysia, Bank Rakyat markets a Qurban Fund Savings-i, and any Islamic savings account can be set aside for qurban. At BSN you would simply use a Basic Savings Account-i or GIRO-i at 0.25% a year, or an EcoSave-i at 2.00% if you qualify for that product.
Is BSN an Islamic bank and are its deposits halal?
BSN is a development financial institution with both conventional and Islamic windows, not a full-fledged Islamic bank. Its Islamic deposits are structured on Tawarruq (commodity murabahah) or, for the SSP certificate, Mudarabah, and are approved by its Shariah committee under Bank Negara Malaysia's Shariah governance framework. Choose the products carrying the -i suffix; BSN's conventional GIRO, MyFortune and term deposit products pay interest and are not Shariah-compliant.
Are BSN deposits protected by PIDM?
No, BSN is not a PIDM member; PIDM's FAQ names Bank Simpanan Nasional among development financial institutions outside the scheme. Instead, Section 20 of the Bank Simpanan Nasional Act 1974 guarantees repayment of all deposits and returns by the Government, with any shortfall charged on the Consolidated Fund. There is no RM250,000 cap on that guarantee. Tabung Haji is likewise outside PIDM and relies on its own statute.
What does BSN MyRinggit-i hajj and umrah financing cost?
The profit rate is SBR plus 2.65% to plus 5.85%, which at BSN's current SBR of 2.75% works out to 5.40% to 8.60% a year, plus 1% if you take no takaful cover. Amounts range from RM10,000 to RM400,000 over one to ten years for Malaysians aged 18 to 55 or 60 earning at least RM1,500 a month, with the package booked through a participating agency such as Felda Travel. Late payment charges are capped at 1% a year on overdue instalments.
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Is BSN or Tabung Haji better for saving towards hajj?
Tabung Haji, for the hajj fund itself. It is the only institution that registers you for a place, it pays zakat on your savings on your behalf, and it declared 3.25% for 2024 after zakat, against BSN's 0.25% savings rate. BSN suits everyday transactional savings under a government guarantee and offers a 2.15% Term Deposit-i (2.50% for senior citizens) for money you can lock up, but it has no hajj function.
