OCBC young savers account

An account to get your children saving early

Why you will love this

Earn 2.55% interest a year on your first RM50,000

Get 5% bonus interest on the interest earned for the year if no withdrawals are made during the calendar year (starting from 31 December)

Who can apply

Age 17 and below

For children aged 17 and below, trust accounts must be opened with at least 1 parent/guardian

Malaysian Citizens, Permanent Residents and Non-residents (subject to the country of origin)

A savings account in-trust for your children to help them develop good savings habits.

HOW IT WORKS

Earn 2.55% a year on your first RM50,000 and get 5% bonus interest on the interest earned for the year if no withdrawals are made during the calendar year (starting from 31 December).


Interest is calculated daily and credited half yearly on 30 June and 31 December.
The interest rates for this account are subject to change in tandem with general direction of interest rates.

Easy way to access and manage your money
BEFORE YOU APPLY

Eligibility requirements

Minimum age

Age 17 and below

Nationality

Malaysian Citizens, Permanent Residents and Non-residents (subject to the country of origin)

Documents required

Identity card, passport or birth certificate

Additional documents

Trust accounts must be opened with at least 1 parent/legal guardian for children age 17 and below.

Parents' identity card or legal guardian certificate


Deposit requirements

Initial deposit

RM500

Minimum balance to maintain in account

RM1 (Any transactions resulting in the balance falling below minimum balance shall be rejected)




PIDM disclosure

This deposit is protected by PIDM up to RM250,000 for each depositor.
  • Deposit protection is automatic.
  • PIDM protects depositors holding deposits with banks.
  • There is no charge to depositors for deposit insurance protection.
  • Should a bank fail, PIDM will promptly reimburse depositors over their deposits.

For more information, refer to PIDM's DIS Brochures that are available at our counters or go to the website at www.pidm.gov.my.


or visit us at a branch.

Find a branch near you