What is OCBC 360 ?
OCBC 360 is a high interest savings account from OCBC bank that offers rate as high as a maximum of 4.10% p.a. comparative to OCBC Smartsavers, Maybank’s Savers-i and RHB Bonus savers. So what’s the catch?
Conditions that must be fulfilled
At 4.1% p.a. this is perhaps on of the highest paying savings account in Malaysia but there are terms and conditions where a depositor must fulfill before reaching interest rates.
Criteria to fullfill 4.1% interest p.a
- The base interest rates of OCBC 360 starts from 0.50% p.a. which is pretty standard for saving accounts across Malaysia
- To earn additional bonus interest of 1.20% , you will need to deposit RM 500 montly into your OCBC 360 account
- To earn additional bonus interest of 1.20% , you will need to make 3 online bills payment from your OCBC 360 account
- To earn additional bonus interest of 1.20% you will need to spend RM 500 on your OCBC credit cards. Which means you will have to own credit card from OCBC
Interest for OCBC 360 is calculated on Average Daily Basis which is pretty standard for savings account in Malaysia. This means that the principal used will be based on average money that you have in your savings account. Say if you have RM 600 on a day , the exact amount will be used to calculated interest on that day.
Depositor will only get to enjoy the rates for the maximum RM 100,000 deposited. The Base Interest of 0.50% will be used for any balance exceeding RM 100,000. The minimum deposit you must have in the account is RM 200.
From the criteria imposed, there are a lot of transactions that you will need to make to be able to enjoy the maximum interest rates. This will pretty much encourage you to fully utilize your OCBC 360 account as well as OCBC credit card which needs a RM 500 spending. Theoretically paying RM 1 bill is accepted as a single transaction.
- High interest rates if you hit certain set of conditions
- Too many condition to be fulfilled. You may have to migrate all of your online banking transaction to OCBC
- You will need to apply an OCBC credit card too
Application can be done online via OCBC online banking for existing OCBC customers while you can also register your interest on OCBC website for non existing customers.