OCBC not compounding interest or profit during 6-month moratorium
OCBC Bank (Malaysia) Berhad and its subsidiary OCBC Al-Amin Bank Berhad will not be compounding interest and profit respectively for its mortgages and SME loans/financing during the 6-month moratorium period announced recently by Bank Negara Malaysia.
This means that these customers will not be charged any interest on the interest that arises from the moratorium period.
Announcing this today, OCBC Bank CEO Dato’ Ong Eng Bin said this would apply to both mortgage and SME customers.
“These are both trying and uncertain times. So we are seeking to alleviate our customers’ burdens as much as we can. Although compounding might be allowed for, we have elected not to do so in light of the pressing circumstances. We hope our customers will continue to exercise prudence in their spending during these challenging times,” he said.
Full details of the Bank’s relief measures along with the relevant FAQs are available on www.ocbc.com.my For enquiries, customers may feel free to call OCBC Bank’s contact centre at 03-8317 5000.