A Buddhist monk became a millionaire overnight after winning his bank’s lucky draw in Malaysia’s Penang, local media reported.

Chan Chai Siang, 73, a former factory worker, won RM 1m (£183,000) in prize money from Bank Simpanan Nasional, where he deposited his savings, officials announced at a press conference on Tuesday.

Mr Chan, who lives in a hermitage, is the 124th winner of the bank’s Millionaire Draw.

The monk said he initially thought he was being conned. “At first I thought it was a scam. They called me about three times, but I only answered once,” he said, referring to the bank.

It was only when he met bank officials in person that he believed the prize was real.

The monk said his newly won fortune was also surprising because his savings were relatively modes. Mr Chan, who entered religious service some 30 years ago, said he had saved no more than RM 2,000-2,500 over several years.

“I just save little by little. Sometimes RM10, sometimes more,” he said, adding the savings were derived mostly from donations he received from the public, The Strait Times reported.

The prize, he said, wasn’t a divine intervention but a matter of his karma. “It is not a blessing. It is karma from previous lives,” he said.

The monk said he never made any vows or special prayers for his financial gain.

He had no need for the fortune and intended to give it back to the community, Mr Chan said. He would use a part of it to help people in need as charity was an important aspect of his religious practice. “I will use it wisely,” he added. “Some will go to help people who are sick or in need.”

The monk called for responsible management of wealth. “If you use it wisely,” he advised, “it makes you and others happy. That is the value of money.”