As one of the biggest banks in Malaysia, you must have heard about OCBC Bank. Or, maybe you are one of their customers. Whatever it is, you know the bank is prominent with its excellent service. Aside from personal conventional saving account, it turns out this bank also offers fixed deposit account for its customers.
What is fixed deposit account, anyway? To be simply said, a fixed deposit is the conventional saving account that’s granted with a higher interest rate. However, unlike your day-to-day saving account, it is better to keep the money on deposit and not withdraw it even once. That is the basic rule.
However, it’s not like you are depositing your money there forever. There is a term called as tenure that OCBC Bank fixed deposit Malaysia and other banks’ fixed deposit offers. Tenure is simply defined as the length of time (usually in months) in which you should not withdraw your money. If you do the otherwise, it may result in reduced interest rate or even interest cancellation, depending on the bank’s policy itself. Generally, banks offer 1-60 months of tenure, and so does OCBC.
OCBC Bank Fixed Deposit Malaysia
Fixed Deposit
| Deposit | Duration | Interest rates (a year) |
|---|---|---|
| RM 5,000 | 1 – 2 months | 1,35% |
| RM 1,000 | 3 months | 1,45% |
| RM 1,000 | 4 – 5 months | 1,55% |
| RM 1,000 | 6 months | 1,6% |
| RM 1,000 | 7 - 11 months | 1,7% |
| RM 1,000 | 12 months | 1,75% |
| RM 1,000 | 13 months - 17 months | 1,8% |
| RM 1,000 | 18 months and above | 1,85% |
MYR Fixed Deposit/-i Rates
| Description | Current Rate ( % per annum ) | Currency |
|---|---|---|
| 1 Month | 1,35% | MYR |
| 2 Months | 1,35% | MYR |
| 3 Months | 1,45% | MYR |
| 4 Months | 1,55% | MYR |
| 5 Months | 1,55% | MYR |
| 6 Months | 1,6% | MYR |
| 7 Months | 1,7% | MYR |
| 8 Months | 1,7% | MYR |
| 9 Months | 1,7% | MYR |
| 10 Months | 1,7% | MYR |
| 11 Months | 1,7% | MYR |
| 12 Months | 1,75% | MYR |
| 13 Months | 1,8% | MYR |
| 14 Months | 1,8% | MYR |
| 15 Months | 1,8% | MYR |
| 16 Months | 1,8% | MYR |
| 17 Months | 1,8% | MYR |
| 18 Months | 1,85% | MYR |
| 19 Months | 1,85% | MYR |
| 20 Months | 1,85% | MYR |
| 21 Months | 1,85% | MYR |
| 22 Months | 1,85% | MYR |
| 23 Months | 1,85% | MYR |
| 24 Months | 1,85% | MYR |
| 25 Months | 1,85% | MYR |
| 26 Months | 1,85% | MYR |
| 27 Months | 1,85% | MYR |
| 28 Months | 1,85% | MYR |
| 29 Months | 1,85% | MYR |
| 30 Months | 1,85% | MYR |
| 31 Months | 1,85% | MYR |
| 32 Months | 1,85% | MYR |
| 33 Months | 1,85% | MYR |
| 34 Months | 1,85% | MYR |
| 35 Months | 1,85% | MYR |
| 36 Months | 1,85% | MYR |
| 37 Months | 1,85% | MYR |
| 38 Months | 1,85% | MYR |
| 39 Months | 1,85% | MYR |
| 40 Months | 1,85% | MYR |
| 41 Months | 1,85% | MYR |
| 42 Months | 1,85% | MYR |
| 43 Months | 1,85% | MYR |
| 44 Months | 1,85% | MYR |
| 45 Months | 1,85% | MYR |
| 46 Months | 1,85% | MYR |
| 47 Months | 1,85% | MYR |
| 48 Months | 1,85% | MYR |
| 49 Months | 1,85% | MYR |
| 50 Months | 1,85% | MYR |
| 51 Months | 1,85% | MYR |
| 52 Months | 1,85% | MYR |
| 53 Months | 1,85% | MYR |
| 54 Months | 1,85% | MYR |
| 55 Months | 1,85% | MYR |
| 56 Months | 1,85% | MYR |
| 57 Months | 1,85% | MYR |
| 58 Months | 1,85% | MYR |
| 59 Months | 1,85% | MYR |
| 60 Months | 1,85% | MYR |
Aside from knowing the tenure, you should know how much that you’ll get by depositing your money there. According to the bank’s official website, the current rate is 1.35% – 1.85% per annum. Per annum means that the rate is set for a whole year of deposit. The longer you deposit your money, then the better interest amount you are getting.
The other additional information you should know regarding this is the minimum deposit requirement. As their official website said, the minimum deposit for one-month tenure is the largest, which is RM 5,000. The rest of the categories will take you RM 1,000 only to open your OCBC Bank fixed deposit Malaysia account. Aside from saving in Malaysian Ringgit, you can also save in other currencies as well.
Before opening your deposit account, you must know that there are requirements that you should complying. You have to be 18 or older to open a deposit account, and you must be able to provide supporting documents that show you are already on the legal age. Another supporting document such as utility bills, driving license, or letter of employment can be provided as well. To open your deposit account, here is what you should do
How to apply for a fixed deposit in OCBC Bank
- Go to the nearest OCBC Bank branch carrying all required documents and your money as well.
- Queue for the customer service. When it’s your turn, tell the officer that you want to open a fixed deposit account.
- The officer will then explain about the product. Ask your inquiries about the deposit and make sure you understand about it well.
- Lastly, complete all processes to open your deposit account.
