OCBC Reply on the 3.6% interest. It doesn't seem like they will giv us the 4.1%. Can we accept this?

We received your email of 2 February 2020 on the recent change in interest rate for the 360 account.

On 22 January 2020, Bank Negara Malaysia announced a revision in the Overnight Policy Rate (OPR) from 3.00% to 2.75%.

On 29 January 2020, OCBC Bank announced the new rates for Fixed Deposit (MYR) board rates and deposit accounts via our webpage, branch notices and statement messages. The new interest rates are effective immediately following our announcement, except for the Regular Savings Plan which takes effect on 1 February 2020. This is in accordance with Bank Negara Malaysia’s Guidelines on Product Transparency and Disclosure (Schedule 1, Section 2.3 (b) Change in interest rates) which states that:
• The Financial Service Provider (FSP) should notify customers of any revision to deposit rates.
• The change notice must be prominently displayed at the FSP’s business premises and website.

Please take note that the Bonus Interest for the 360 account is calculated based on the effective interest rate at the end of every month based on the first RM100,000 average daily balance.

Please visit our website https://www.ocbc.com.my/personal-banking/notices.html for more information on the rate revision.

Thank you.

Yours sincerely

Ee Lin
Assistant Vice President
Service Transformation
OCBC Bank (M) Berhad

If any of us get a  call from them with this answer please ask "WHERE in your TnC does it state that you not need to follow your own TnC clause 6.2 in a case of OPR rate change?"

In the TnC they don´t mention "Bank Negara" or "OPR" at all! What a cheap excuse.

because interest rate calculation is by daily basis. if by month, later people complain those with extra 1 day month... then keep quiet with february... lol

Tbh they should even provide 4.1% for all 31 days in Jan due to 21 days notice.
Now they generalize everything as 3.6% which is not acceptable, sudden notice and immediate effect. Unless they specifically have a clause mentioning BNM rate changes like what PBB does (as mentioned by someone).

who is ocbc premier banking customer here ? maybe premier members write email to premier banking support will have more "power"?

https://www.youtube.com/watch?v=OklnEJnXh6I

Bnm called my dad (i dunno why they linked my email address to my dad's name. I checked my gmail sent email, it's my name and email).

Anyway, bnm emailed me a reply and ocbc will have an official reply in 14 days. Bnm will check and reply accordingly if necessary.

unker retire jor
eat on saving saja
sometimes buy Big Sweep but never kena la

BNM response is stock:-

Tuan/Puan,

Aduan terhadap OCBC BANK (MALAYSIA) BERHAD 

Kami merujuk e-mel tuan/puan perkara di atas.

2.    Pihak OCBC BANK (MALAYSIA) BERHAD dikehendaki mengambil tindakan berhubung isu-isu yang dibangkitkan dan memberi maklum balas terus kepada tuan/puan dalam tempoh dua minggu dari tarikh surat ini. Pihak OCBC BANK (MALAYSIA) BERHAD dikehendaki mengemukakan satu salinan surat maklum balas kepada Bank Negara Malaysia (BNM) untuk tindakan kami. Kami akan meneliti penjelasan OCBC BANK (MALAYSIA) BERHAD dan memberi ulasan sewajarnya, sekiranya perlu.

3.    Sebagai pengawalselia Penyedia Perkhidmatan Kewangan (PPK), peranan kami adalah untuk memastikan pihak PPK mengendalikan perniagaan instutusi kewangan secara adil, bertanggungjawab dan profesional. Pihak BNM hanya mengendalikan isu-isu berkaitan pelanggaran undang-undang dan standard yang dikawalselia oleh pihak BNM. Pihak BNM tidak mengendalikan pertikaian komersil di antara tuan dan pihak PPK termasuklah mengarahkan pembayaran gantirugi oleh PPK.

4.    Pihak tuan/puan boleh merujuk kepada piagam pelanggan kami di laman sesawang BNM www.bnm.gov.my untuk maklumat selanjutnya.

Sekian, terima kasih.

Sekiranya pihak PPK tidak mengemukakan sebarang maklum balas secara bertulis di dalam tempoh yang ditetapkan, sila hubungi pihak kami dan gunakan nombor rujukan kami di atas.

s.k: OCBC BANK (MALAYSIA) BERHAD

OCBC's reply:-

Got both so no worry

Previously reduced to 3.6% so this month end will be reduced to 3.1%? Any idea?

Anyone kena monthly charges recently?

Hi sifus,

Is the only way for instant transfer (non Duit Now) via adding them as a beneficiary online? If just want one time send via bank account number cannot?

Not everybody is signed up with duitnow...

I only see this option via web, mobile app cannot?

On app, when i click transfer funds --> to an account in other bank --> it only shows favourite

No "one-time transfer" such as on web

Bonus interest for June 2020 is in!

just received a letter mention that they will close my account if my account balance is still zero by next month.

this stupid bank done it again. charge interest to my CC which i've paid in full before due date on 11 October 2020.

but the interest charged is dated 10 October 2020 - 1 day before the payment due date.

I've called then they say will request for waiver and subject to approval. - hello it's not suppose to subject to approval as I've done nothing wrong.

I wonder if people dont check their CC statement regularly, they might have earning so much from people.

I've paid before 9.45pm on 11 October 2020, hence, there's no issue about cut off. in my internet banking also shown 11 October 2020 as payment.

i did pay at 9am. morning. shouldn't be an issue. if now the interest is charged on 10 oct. when i logged in in the morning, interest has been charged. that's charging me one day before due date.