OCBC 360 Account Rates
Welcome to Singapore Savings Account Rates blogspot dot com to learn more about OCBC 360 Account: rates, terms and conditions.
The OCBC 360 Account (the “360 Account”) is a deposit account with electronic statement. No paper statement will be issued to you.
2. Base Interest and Bonus Interest
2.1 You will earn a prevailing interest (“Base Interest”) at varying tiers on your 360 Account balance. Base Interest will be calculated at the end of each day, based on your daily balance and credited to your 360 Account on the end of the month; truncated to 2 decimal places. No Base Interest will be credited into your 360 Account for the month, if the total amount of interest earned in such month is less than S$0.01.
2.2. In addition to the Base Interest, you will receive FIVE types of bonus interest (“Bonus Interest”) if you meet the requirements for each type of Bonus Interest in that calendar month. Bonus Interest will be calculated at the end of each calendar month, based on the average daily balance at the end of each calendar month and will be credited into the active 360 Account on the 7th business day (excluding Saturday and Sunday) of the following month or earlier. Bonus Interest is subject to two separate caps, as determined by OCBC Bank from time to time, (i) cap on the average daily balance at the end of each calendar month, for calculation of Salary Bonus Interest, Payment Bonus Interest, Credit Card Spend Bonus Interest and Wealth Bonus Interest, and (ii) cap on Incremental Balance (defined in Clause 3.5 below) (“Incremental Balance Cap”) for calculation of Save Bonus Interest. If you do not meet the requirements for any type of Bonus Interest in any calendar month, you will not receive that type of Bonus Interest. Accounts which did not receive a Base Interest will not be eligible for Bonus Interest in that calendar month.
2.3 “Active 360 Account” refers to a 360 Account with regular transactional activities, such as deposits and withdrawals, within the last 12 months. If there is no such transactional activity within the last 12 months, your account is termed inactive. No Bonus Interest will be credited into an inactive 360 Account.
3. Eligibility Criteria for Bonus Interest
3.1 Salary Bonus Interest
You must successfully credit your salary of at least the required minimum amount into your 360 Account. Only genuine employment salary credit via GIRO with transaction description “GIRO - SALARY” printed on the monthly statement, which is credited within the calendar month is eligible. We reserve the right to request for any document or information to verify that the amount credited is your salary. Salary credit in other forms will not be eligible.
3.2 Payment Bonus Interest
You must successfully perform at least the required number of unique payments using any of the following modes within the calendar month. Multiple payments on the same bill within the calendar month will be considered as a single payment.
i. Pay Any Card - Successfully perform a bill payment from your 360 Account to OCBC or any bank’s Visa or MasterCard credit cards, or American Express and Diner’s Club credit cards, via OCBC Online/Mobile Banking.
ii. Pay Any Bill - Successfully perform a bill payment to any OCBC participating billing organisation from your 360 Account via OCBC Online/Mobile Banking. Bills payments via eNETS are not eligible.
iii. Giro Payments - Successfully make a recurring GIRO payment to any OCBC participating billing organisation from your 360 Account.
3.3 Credit Card Spend Bonus Interest
You must successfully charge at least the required minimum amount in all retail transactions, aggregated from any of your OCBC Personal Credit Cards in the relevant month, where you are the Principal Credit Cardmember and 360 Account Primary Account Holder. Transactions charged by the Supplementary Credit Card will be aggregated and consolidated under the Principal Credit Card. Only retail transactions with posting date within the calendar month will be eligible. OCBC Bank is not responsible for any failure or delay in the transmission or posting of the transactions made by merchants or any other party. The following are examples of the transactions that will not be eligible:
i. Transactions arising from the use of any OCBC Credit Cards as an ATM card, ETPOS, NETS terminal or any other channels such as eNETS.
ii. Fees or charges including annual fees, late payment fees, finance charges, cash advance fees, interest charges and all other miscellaneous fees.
iii. Balance transfer, SmartChange, Cash advance, CreditWise and CashWise.
iv. Transactions on credit cards that are terminated at any time for any reason, whether by the principle credit card holder or OCBC Bank.
v. The transacted and posted amount for PayLite will be eligible for the relevant calendar month of transaction. Any subsequent monthly repayments to PayLite will not be eligible.
vi. Transactions on Debit Cards, Business/Corporate Cards and Private label cards.
vii. All other transactions as OCBC Bank may determine from time to time without prior notice.
3.4 Wealth Bonus Interest
You must successfully purchase at least the required minimum amount of any eligible financial product. Purchases of the same financial product will be aggregated if their effective date, post free look /cancellation period or 14 days whichever is longer, falls in the same calendar month. Effective date refers to the inception date of the insurance product, trade date of unit trust, deposit start date of structured deposit and transaction date of other relevant investment products. For eligible financial products with instalment payments, only the initial payment is eligible, provided that such initial payment meets the required minimum amount. Any subsequent payments will not be eligible. Bonus interest will be accorded to the relevant calendar month for a pre-determined period post the free-look/ cancellation period or 14 days whichever is longer for the eligible financial product(s). You must be the sole policy owner or single name account holder, whichever is applicable, for the eligible financial products. For financial products denominated in foreign currency, OCBC Bank will convert the value to Singapore dollars at the Bank’s prevailing exchange rate to determine if it meets the required minimum amount. 3.5 Save Bonus Interest Your average daily balance for the current calendar month must be higher than your average daily balance for the previous calendar month. You can earn bonus interest on the difference between your average daily balance for the current calendar month and your average daily balance for the previous month (“Incremental Balance”), up to the Incremental Balance Cap. Any amount of Incremental Balance exceeding the Incremental Balance Cap will earn Base Interest. Your 360 Account must have a positive average daily balance at the end of every calendar month to be eligible.
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The Team