PETALING JAYA: : For the past year and a half, OCBC Bank (M) Bhd’s customers have been enjoying the opportunity to gain higher savings returns of up to 4.1% per annum (p.a) without locking their monies in fixed deposits.
All they have to do is be diligent in carrying out their three particular financial transactions each month. The product has been gaining momentum since its launch partly due to the attractive returns.
With OCBC 360, on top of a base 0.5% per annum interest rate, customers receive a bonus interest of 1.2% per annum per transaction type when they deposit at least RM500, spend at least RM500 using their OCBC credit card or pay at least three bills online using the OCBC 360 account every month.
This is subject to a maximum deposit of RM100,000.
Customers receive the maximum reward of interest at 4.1% p.a – inclusive of the 0.5% p.a. base interest rate applicable to the entire OCBC 360 account balance – when they perform all the above three transactions every month, said OCBC Bank (M) Bhd head of consumer financial services Lim Wyson.
OCBC 360 is a savings account and one of the bank’s popular product innovations in recent years.
“Few banking products actually reward those who are willing to work a bit harder and withhold the reward for those who do not go the extra mile.
"Truth be known, there are many OCBC 360 customers out there who end up settling for only a portion of the interest rate when, in fact, just a little more effort would gain them the ultimate 4.1%.
“That may seem like a lot to do but it’s really quite simple, since these are things most of us do each month anyway given the growing popularity of online banking,” he told StarBiz.
Explaining how easy it is for the diligent to reap the rewards of OCBC 360, Lim said customers who are not exceedingly cash rich would find themselves suddenly in a position to earn an attractive interest rate, by consolidating their banking transactions into one primary bank account.
“Paying utility bills online, saving something each month and using credit cards for spending have all become commonplace in banking today.
"Customers can optimise the benefits of these banking activities – without being compelled to fulfil all three – to enjoy all or at least part of the ‘bonus interest’ in store for them.
“They will continue to enjoy the benefits for future months so long as the transactions for those months fulfil the same criteria.
“A simple way to ensure one does not lose out would be to place these transactions on recurring mode such as by using it as a salary account, or to place standing instructions to transfer at least RM500 into the OCBC 360 account for savings, place similar instructions for three bill payments and ensure recurring bills of at least RM500 are made to their credit cards.
“Many people out there are already doing this, but they are not reaping optimal rewards for doing so,” he added.
The bonus interest is applicable to average daily account balances of up to RM100,000 for the calendar month.
Beyond the RM100,000, only the base rate of 0.5% p.a. applies.