Customers can now apply for the OCBC 360 Account-i online via the OCBC Malaysia mobile banking app.
CONSUMERS can now apply for OCBC Al-Amin Bank Bhd’s Shariah-compliant OCBC 360 Account-i entirely online, even from abroad.
With the newly enabled electronic Know-Your-Customer feature for the account, it no longer needs to be opened at a branch.
The OCBC 360 Account-i is available to Malaysian citizens, including those residing outside Malaysia.
Account applicants need to be at least 18 years old and meet the bank’s terms and conditions.
The account is popular due to its profit rates of up to 3.25% a year, payable if customers use the account for depositing, paying or spending money.
Its profit rate is reportedly higher than traditional savings accounts.
OCBC Al-Amin chief executive officer Syed Abdull Aziz Syed Kechik said the bank aimed to reach 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,” he said, adding that it would take about 10 minutes to open an account.
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 customers deposit at least RM500, pay at least three 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 all the conditions are fulfilled, the account holder will receive the full 3.25% p.a. profit on the daily average account balance of up to RM100,000.
The move to make the account-opening process fully online follows 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 embraced by businesses.
Visit www.ocbc.com.my/360-i to apply for the OCBC 360 Account-i.
