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Consumers can now apply entirely online for the higher profit-bearing OCBC 360 Account-i

Consumers can now apply entirely online for the higher profit-bearing OCBC 360 Account-i

  • 20 Aug 2024

Consumers can now apply entirely online, even from overseas, for OCBC Al-Amin Bank Berhad’s (OCBC Al-Amin) higher profit-bearing Shariah-based OCBC 360 Account-i.

(OCBC Al-Amin is the Islamic banking subsidiary of OCBC Bank (Malaysia) Berhad.)

This means that with the electronic Know-Your-Customer (eKYC) capability now enabled for OCBC 360 Account-i, individuals no longer need to step into an OCBC Bank or OCBC Al-Amin branch to open the account.

OCBC 360 Account-i 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 profit 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.

According to OCBC Al-Amin CEO Tuan Syed Abdull Aziz Syed Kechik the bank is tapping into its strong digital capabilities to provide greater convenience to consumers as part of its quest to reach its younger prospective customers looking for Shariah-compliant convenience.

“We are now well into the journey of making Shariah-based digital banking more seamless for those looking for Islamic banking services to realise their aspirations. We trust our innovation will be met warmly, especially by our younger customers, for both its convenience and its highest levels of security,” he said, adding that it takes only about 10 minutes to open an account.

Applying for the higher profit-bearing OCBC 360 Account-i can be done entirely online in about 10-minutes

Launched in 2017, the OCBC 360 Account-i starts off with 0.10% p.a. profit 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 debit card 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. profit on their daily average account balance of up to RM100,000.

“The OCBC 360 Account-i is our 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. With our latest eKYC innovation, people can begin their journey to reaping these rewards more conveniently,” Tuan Syed added.

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.

To apply for the OCBC 360 Account-i, consumers may visit https://www.ocbc.com.my/360-i


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