Apart from standard services like savings accounts, current accounts, financial consulting and credit cards, fixed deposits or time deposits are also offered by this bank. Fixed deposit accounts with OCBC are aimed to provide customers with options to save lump sums and earn returns at attractive interest rates over the period of investment.
Features of OCBC Malaysia Fixed Deposit
OCBC Fixed Deposits’ special features can be enumerated as follows –
- Fixed Deposits with OCBC can be availed easily, with minimal paperwork and require no existing financial relationships with OCBC in order to be opened. Existing customers have an advantage in the sense that they can open a fixed deposit account through their existing online access credentials
- Online access to accounts aids customers in easy maintenance of their fixed deposit accounts, including access to statements and the like
- The basic eligibility criteria for opening an account is very simple and thus allows a wider range of customers to open fixed deposit accounts
- Unlike most other fixed deposit accounts that require a hefty sum as an initial deposit, fixed deposits with OCBC don’t leave your pockets light as a feather upon account opening. The minimum deposit allowed is 5000 Malaysian Ringgits or GBP. In case of Japanese Yen, it would be 1000000 while other listed currencies will have a minimum deposit amount of 10000 monetary units
- The fixed deposits can be opened for tenures as long as 5 years and fetch better interest rates than most other banks in the market. In case of the minimum term allowed for a deposit, it would be two months
OCBC Malaysia FD Rates
Based the minimum qualifying initial deposit of RM 5000, and the tenure chosen further, rates offered by OCBC change for its customers. The following table is meant to give an idea of the rate changes as per the differences in tenure –
|Tenure Range (in Months)||Rate of Interest (in percentage)|
It is noteworthy that through an online account opening, OCBC might offer preferential rates of interest of 4.30% per annum for a tenure of 6 months and 4.50% per annum for a tenure of 12 months. Though this is a OCBC promotional offer and should be checked with bank officials before proceeding.
FAQs on OCBC Fixed Deposits
How is the interest on the sum deposited in an OCBC Fixed Deposit calculated?
Interest at the current standard maximum rate of 3.3% per annum is calculated daily on the amount that is present in the fixed deposit.
What are the basic eligibility criteria for opening an OCBC Fixed Deposit?
Anyone of 18 years of age or more can open an account with OCBC. There is no bar for religion or nationality.
What are the bare minimum documents required for an account opening?
An initial deposit amount of RM 5000 (for 1 month deposits) or RM 1000 (for deposits of 2 months or more) along with a valid government-approved ID proof.
Is premature withdrawal allowed?
Yes, through an overdraft facility, customers can withdraw amounts from their FDs, post the authorisation from the bank.
What currencies are allowed for the deposits?
The currently accepted currencies are AUD, CAD, EUR, SGD, NZD, USD, RMB, GBP and JPY.
What are the minimum and maximum terms allowed for a fixed deposit with OCBC?
The minimum term for standard deposit is 2 months and the maximum is 60 months.
Other Products offered by OCBC:
Apart from offering Fixed Deposit,OCBC offers other products and services which include: