OCBC Fixed Deposit

About OCBC

OCBC Bank is Singapore’s oldest bank, having been formed in 1932 by merging three local banks, the oldest of which was established in 1912. OCBC Bank is continuously placed among the World’s Top 50 Safest Banks by Global Finance. It has been crowned Best Managed Bank in Singapore and the Asia Pacific by The Asian Banker for its financial strength and stability. OCBC Bank and its subsidiaries provide a comprehensive range of financial and wealth management services, including consumer, corporate, investment, private, transaction banking, treasury, insurance, asset management, and stockbroking.

What is a fixed deposit?

A fixed deposit (FD) is the best option for people who want to keep their money safe and earn some interest from it. The returns are higher than other saving accounts, and you are guaranteed by the government!

What should I know before applying for fixed deposits?

  • Interest rates

    You should know the interest rates upon maturity to ensure you gain a great amount of return. Interest rates differ from bank to bank and tenure to tenure.

  • Tenure

    Different banks offer different tenures, ranging from 1 month to a few years. Choose the one that suits your needs and financial goals.

  • Hidden fees

    It is crucial to identify all costs incurred to avoid spending more than expected.

  • Penalty

    You should be informed of the penalty amount to know what to expect if you need to withdraw the money before maturity.

  • Banks

    Being aware of the customer service and the reputation of the bank you are planning to apply your fixed deposit account is an important step! Do thorough research before deciding on a bank.

What are the types of fixed deposits offered by OCBC?

OCBC offers 3 types of fixed deposits, namely:

  • OCBC MYR Fixed Deposit Account
  • OCBC Mi Fixed Deposit Account
  • OCBC Foreign Currency Time Deposit Account

Who can apply for OCBC fixed deposits?

  • Aged 18 and above
  • Malaysian, Malaysia PRs, and foreigners

Why should I choose OCBC fixed deposits?

Among other reasons, you should choose OCBC fixed deposits because:

  • High returns with fixed tenures of up to 60 months
  • Interest rate up to 2.18% p.a.

What are the documents required to apply for OCBC fixed deposits?

For individuals 18 years old and above, only your identity card or passport is required.

For individuals below 18 years old (in-trust account):

  • Minor’s birth certificate/ identity card
  • Parents/ guardians’ identity card/ passport
  • Legal Guardian Certificate (when applicable)

What is the tenure of OCBC fixed deposits?

  • OCBC MYR Fixed Deposit Account & OCBC Mi Fixed Deposit Account: 1 to 60 months
  • OCBC Foreign Currency Time Deposit Account: 1 week, 2 weeks, 1 month, 2 months, 3 months, 6 months, 9 months, and 12 months

What is the minimum amount to deposit into OCBC fixed deposits?

  • OCBC MYR Fixed Deposit Account & OCBC Mi Fixed Deposit Account
    • 1 month: RM5,000
    • 2 months and above: RM1,000
  • OCBC Foreign Currency Time Deposit Account
    • 10,000 units of AUD, CAD, EUR, NZD, SGD, USD, RMB
    • 5,000 units of GBP
    • 1,000,000 units of JPY

What are the fees for OCBC fixed deposits?

The interest rates depend on your tenure. To learn more about the interest rates, click here.

What happens if I withdraw my money before maturity?

  • A minimum of RM1,000 per receipt must be maintained until maturity; otherwise, it will be treated as a full withdrawal of the fixed deposit
  • Regardless of the number of completed months at the time of withdrawal, no interest is paid on the partially withdrawn component of the fixed deposit (the amount not withdrawn is subject to interest at the agreed rate upon maturity)
  • If the interest has already been credited to the customer, the bank has the right to deduct the penalty (overpaid interest) from the amount partially prematurely withdrawn
  • Partial withdrawals can only be made Over the Counter (OTC) at the bank’s branches
  • Partial withdrawals are only applicable to fixed deposits of 2-month tenures and above

How do I contact OCBC for further information about fixed deposits?

For further inquiries, you may contact them at 03-8317 5000 or email at callcentre@ocbc.com.

What are the common terms of fixed deposit?

  • “p.a.”

    It stands for per annum or each year.

  • “Interest rate”

    The amount of return earned by depositors.

  • “Tenure”

    The amount of time the money is locked in a fixed deposit account.

  • “Deposit”

    The amount of money locked in a fixed deposit account to earn interest.

  • “Penalty”

    The additional charge from the bank for withdrawals before maturity (or premature withdrawal).

  • “Maturity”

    The end of a set time when an investment becomes due, and the principal and interest are repaid.

  • “Premature withdrawal”

    The money withdrawal in a fixed deposit account before maturity.

  • “Partial withdrawal”

    The withdrawal of part of the amount in a fixed deposit account before maturity.