OCBC Booster Deals - Up to 5% Interest Rate for Fixed Deposit Promotion 2012

An article by GenX GenY GenZ : http://genxgenygenz.blogspot.com

Please do not reproduce/reprint this article in whole or part in any form.

OCBC Bank Malaysia Booster Deals runs until 31 December 2012 and consist of 4 promotions:

Savings Combo Plan -  3 Months Fixed Deposit with Promotion Interest Rate of 4%. 

Part of the the terms and conditions of the Combo Plan are as follow:

• Minimum Fresh Fund of RM10K to be deposit into the 3 months FD 4% Interest Promo.
• On the same day, deposit minimum 20% of the FD amount into OCBC SmartSavers Account or SmartSavers Junior Account. or OCBC Premier Save Gold Account. The amount deposited into these Savings Accounts MUST be maintained for at least 90 days. Actually, all the said 3 Savings Accounts offer pretty competitve interest  rates.

OCBC Premier 3 Months 5% Interest Rate Fixed Deposit Promotion

Part of the the terms and conditions of the Premier FD Promotion are as follow:

• Eligible for Premier Banking Account, i.e. must have minimum RM300K Assets Under Management with OCBC when signing up for PB status.
• Must purchase/participate in 3 new products such as opening a new current account, savings account, unit trust, retail bonds, Dual Currency Investment (DCI) and etc.
• The FD placement amount entitled to the 5% 3 Months FD Promo is subjected to maximum 50% of total Assets Under Management  or RM1 million.

Foreign Currency Deposit Promotion

This promo is straight forward, you get to enjoy extra 5% interest over existing interest rate of 1 Month Foreign Currency Time Deposit.

Fixed Deposit Purchase with Purchase Promotion

For this promo, you can get up to 5% interest rate for 3 Months FD subjected that you "purchase" minimum 3 products which consists of mainly Unit Trusts products.

For more information and the full Terms and Conditions of OCBC Booster Deals, please visit OCBC Bank's website.

Comments on the Combo Plan 4% 3 Months FD with OCBC Smart Saver Savings Account. 

For the OCBC Combo Promo where you earn interest rate of 4% for 3 months FD, you have to deposit 20% equivalent of FD amount into a NEW Smart Savers Savings Account and maintain the amount for 90 days (i.e. you cannot withdraw this amount else you won't be eligible for the 4% interest rate for the 3 months FD). 

The OCBC SmartSavers Savings Account offers you interest rate of 3% p.a. for a particular month if you deposit minimum RM1K  and do not do a single withdrawal. If you only only deposit RM50 to RM999, you still can earn 2.85% pa from the Smart Savers account. 

The Smart Savers still earns you 2.5% even if you don't deposit a single sen into the OCBC Smart Savers account for the second and third consecutive months. So with the OCBC Combo Promo at 4% 3 months FD and equivalent 20% of the FD amount in the Smart Savers account (which you need to maintain for 90 days), you will still earn about 3.75% effectively even if you don't deposit a single sen later on. Pretty good rate yah. And if you deposit minimum RM50 into the Smart Savers Account, the effective interest rate for the Combo Plan will go up :) Deposit RM1K like I mentioned above to enjoy 3% from the Smart Savers Account, the effective interest rate for the Combo Plan climbs up to 3.828%

To learn more about interest rates up to 3% offered by OCBC Smart Savers Account versus other Maybank and other Banks' Savings Account, please click here to my article titled The Best Savings Accounts in Malaysia.

TIP ON HOW TO MAXIMIZE YOUR EARNINGS WITH OCBC PREMIER 5% FD PROMO.


If you have RM300K and above, sign up for OCBC Premier Banking Account and you can combine the above promos to maximize your earnings, i.e. 4% FD Combo Plan PLUS 5% FD Premier Promo. Example below:

Step 1 - Deposit RM150K into OCBC Premier Banking 5% 3 Months FD Promo. But in order to get 5% interest rate, you then need to sign up for 3 products.

Step 2 - Sign up for the Combo Promo.
Deposit RM125K into Combo Promo and earn 4% interest for 3 Months FD (1st Product).
Deposit RM25K into NEW OCBC Smart Savers Account and earn between 2.5% to 3% interest rate (2nd Product).
Deposit RM20 into a NEW Basic Savings Account (3rd Product). Or you can even opt for GIA-i products if you wish.

With the combination of the above, the effective interest rate works out to be approximately 4.27% p.a. (minimum), that's assuming you earn the minimum 2.5% with the Smart Savers Account and without taking into consideration of the RM20 in the NEW Basic Savings Account.

Note: For the above example to work, you have to open the accounts and deposit the required amount on the same day.

And for those of you who have made a placement earlier to enjoy the 5% FD Promo under a joint account, you can continue to earn 5% interest if your joint account holder DID NOT sign up for Premier Banking Status. What you should do now is, using the same funds (plus interest and maybe need to move it out and then go back to OCBC to be considered Fresh Fund or withdraw cash and redeposit), get your joint account holder to sign up for NEW Premier Banking Status and this time, her/his name shall appear first followed by your name in the FD Cert and Savings Accounts :) 

In respect of the above paragraph, for those of you who are going to open a NEW Premier Banking Account to enjoy the 5% 3 Months FD Promo, make sure your partner's do not sign up for Premier Banking status so that next year if OCBC got promo for NEW Premier Account Holders, you can enjoy the promotion :)

OTHER TIPS RELATING TO OCBC PREMIER BANKING

If you open a OCBC Premier Banking Account, you will be entitled to a free gift too. Make sure you check with the Relationship Manager you going to open the account with before depositing a single sen. If the Relationship Manager says they do not offer any FREE gift for new PB customers, go check with the Bank Manager or with another Relationship Manager.

And if you are a OCBC Premier Banking customer and you recommend another person to open a Premier Banking Account, you too will get a free gift :) Once again, before you go recommend your friend to the RM, make sure they promise you the FREE gift and then only ask your friend or relative to approach the RM.

And do you know which bank is the strongest in the world? For 2 years running, Overseas Chinese Bank Corp. a.k.a. OCBC Bank Singapore, has been awarded the title of The World's Strongest Bank by Bloomberg.

An Article by GenX
GenX Profile and Definitions of Words Used.

And to view the Highest and Latest Most Comprehensive Listing of Fixed Deposit Promotions in Malaysia from commercial and foreign banks, click here to my FIXED DEPOSIT PAGE at my main blog.

To read more about OCBC Premier Banking and other Banks' Priority, Premier and Privilege Banking,  Click here to my article titled Premier Priority Privilege Banking Account to see what I was rewarded for introducing a friend to OCBC Premier Banking.

Click here to my article The Best Savings Account in Malaysia where I have compared several banks' Savings Account and as usual, kids or junior savings accounts offer the highest interet rates but with conditions. In this article, OCBC SmartSavers Account which earns you up to 3% pa credited monthly is ranked among the best.