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Young Savers

Your child. Your pride and joy. You want the best for him, and at the same time, you want him to be the best that he can be. The OCBC Young Savers Account offers an easy introduction to the virtues of savings and the value of money. Your child will learn to manage his own pocket money and learn wealth creation from an early age by seeing how money grows when put in a savings account. With the Young Savers Account, your child will not only discover that learning to save is great fun, he will also gain important banking concepts such as deposit, withdrawal, balance-checking and so on.

IMPORTANT NOTICE

Effective from 1 January 2008, the interest rate for Young Savers account shall be revised as follows :

Tier

Existing Interest Rate

(% p.a.)

Revised Interest Rate

(% p.a.)

Up to RM50,000

3.10%

3.00%

The remaining tier interest rate and product features remain unchanged.

Next Steps :

Benefits

High Interest Rate

The Young Savers Account pays special high interest rates. Interest is calculated daily and credited every six monthly, June and December.

Bonus Interest

Your child will also enjoy an additional 5% on accumulated interest if no withdrawal is made for 12 calendar months starting from 31 December every year.

Passbook Account

Passbook accounts allow young savers to see how quickly their savings are growing by simply looking at the balance every time their passbooks are updated.

24-hour Convenience

You enjoy our 24-Hour Services via our ATM and OCBC PhoneBanking services. You can also allow your child to enjoy these services too (subject to age eligibility).

Cash Incentives* for Your Child

As an incentive for your child to excel in his studies, we will reward your child when he achieves outstanding results in the following examinations.

* To be eligible for the awards, the account must have been opened for at least 12 months prior to the announcement of examination results, and
* The results must be submitted to OCBC within 2 weeks of the announcement of examination results.
* The cash awards for academic excellence shall be paid by the Bank at such frequency and rate determined and may be reviewed by the Bank from time to time.

Eligibility

	Individuals aged between 12 and 20 years old.

	Trust accounts can be opened for individuals below 18 years old, in the parent/guardian's name.

	Minimum initial deposit of RM500.

Fees and Charges

	No monthly service fee!

Click here for guides on Fees & Charges

Next Steps

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