OCBC Bank (Malaysia) Berhad’s popular OCBC 360 Account – available since 2015 as a higher interest-bearing savings account – can now be opened entirely online, even overseas.

It is available to Malaysian citizens, including those residing outside Malaysia, who are at least 18 years of age and who fulfil the requirements set out in the terms and conditions.

The popularity of the account has revolved around customers being able to earn interest rates of up to 3.25% a year – much higher than traditional savings accounts –by simply performing three everyday banking transactions, namely deposit, pay and spend.

Details of how this works are available at 360 Account | OCBC Bank

An OCBC 360 Account starts off with 0.10% p.a. interest granted to the individual for any amount in the account. When they deposit at least RM500, pay at least 3 bills online, and spend at least RM500 on their OCBC credit/debit card(s) for the month, they earn an additional 1.05% p.a. for each such banking transactions. When an individual fulfils all the conditions, they receive the full 3.25% p.a. interest, on their daily average account balance of up to RM100,000.

The approach of rewarding customers for performing everyday banking transactions has resulted in about half of all savings accounts opened at OCBC Bank being the OCBC 360 Account.

The move to make the account opening process fully online follows from the Bank’s progressive rollout of similar fully online initiatives over the past few years, including the popular OCBC eBiz Account/i for SMEs, which has been warmly embraced by businesses.

OCBC Bank staff Ms Hannah Liew demonstrating how to take a selfie when using the eKYC feature to apply for an OCBC 360 Account

With the electronic Know-Your-Customer (eKYC) capability enabled for the OCBC 360 Account, individuals no longer need to step into an OCBC branch to open the account. The following video shows how an individual may open the OCBC 360 Account: https://www.youtube.com/watch?v=8QOqu1cli0A

According to OCBC Bank Managing Director and Head of Consumer Financial Services Ms Anne Leh, the move to make the OCBC 360 Account application process fully online will meet the ever-growing customer demand for speed and convenience, made possible through digital innovation.

“Our role as a bank is to enable people and communities to realise their aspirations, and one of the ways we do this is by utilising all the tools available to us for their benefit. This includes harnessing the innovations available to us in this digital era. We have integrated the eKYC functionality into the OCBC 360 Account while ensuring the highest levels of security for our customers.

“The OCBC 360 Account is a flagship savings account that thrives on rewarding individuals for doing what they would ordinarily be doing anyway, including everyday banking transactions such as deposits, payments and spending,” she said.