not sure. got to ask BNM why they included that statement in the email.

We received your email to Bank Negara Malaysia regarding the matters below on the recent change in interest rates for the OCBC 360 Account:

    21 days’ notice period
    The correct bonus interest rates applicable for January 2020



On the matter of 21 days’ notice period, the revision of our 360 Account interest rates effective 29 January 2020 was following Bank Negara Malaysia’s (BNM) announcement of revised Overnight Policy Rate (OPR) from 3.00% to 2.75% effective 22 January 2020. As this revision is made in response to a monetary policy change by the central bank, OCBC remains compliant with BNM’s Guidelines on Product Transparency and Disclosure on revised interest rates (please refer below) which does not enforce 21 days’ notice period but requires a prominent display of the revised rates.



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.



The immediate revision of interest rates is a common banking industry practice as changes in the regulatory landscape require immediate action. Hence, this time sensitivity to comply with the regulator supersedes the 21 days’ notice period for any mechanical or operational changes fronted by the individual bank’s efforts. OCBC adhered to these requirements and has posted branch notices and displayed the revised rates on the corporate website as well notification on statement messages.



Referring to the total interest entitlement for January; the revised rate was applied as it was the prevailing rate at the point of interest calculation. For clarity, please refer to the table below illustrating the different interest calculation convention for the base interest and bonus interest.



Type of interest


Rate and computation convention


Remarks

Base interest


    Accrued daily
    Sum of (daily end balance x applicable rate for the day)



In the event of a rate hike or cut, the revised rate will be applied on the effective date. With this, the total base interest will be pro-rated.

Bonus interest


    Calculated at month-end
    Average daily balance (ADB) x applicable interest rate at month-end

#On the first RM100,000 ADB


In the event of a rate hike or cut, the revised rate will be applied on the whole ADB amount of the month and the bonus interest is only calculated once at month-end.

**This bonus interest is only dependent on the fulfilment of the Deposit, Spend and Pay pillars at any time during the month.



Please note that the same approach was used when we changed our interest rates due to OPR revision in the past, and we will remain consistent with this approach for future OPR revisions.



More information on the rate revision can be found on our website https://www.ocbc.com.my/personal-banking/notices.html.



Thank you for banking with us. We look forward to serving you again.





Yours sincerely



Ee Lin

Assistant Vice President

Service Transformation

OCBC Bank (M) Berhad

so tempted to open one at SC, rate keeps on decreasing...lol

Sad but true. That they changed the clause now just confirms they xxxxx us in January. I am pretty sure they will have to pay the interest to the few who officially complained at BN, but they delay this and so 99,99% of customers will not get the interest.

As I said long before, they would have never tried this in Singapore, but in Malaysia they think, they get away with it. Again: Sad but true. I had more trust in Bank Negara

At least I never bought any investment products from them so they earned no commission from me. Only lost RM 40 interest and moved away from them.

I do not hit the 3rd pillar for debit/credit card spend of RM500.

Is it somehow possible to use my debit card to pay my credit card from other bank? Any creative way to hit this?

https://www.ocbc.com.my/personal-banking/ca...20q4/index.html maybe

Recurring transfer worked too.

Good move for long term on that extra up to rm 700 per yr dif 🙂

About RM160+- from titanium and RM60+- from 365 card.

The saving account pretty much 0 - just keep i active with 1/2 transaction per month as i moved to scb back in early 2020s

i think there is more to it.

because my credit cards limit ranges from 3 to 10x my salary. for ocbc it's 5x my salary.

seems many ppl is moving out their money from OCBC to RHB Smart Account, i am also one of them..haha.

RHB Apps is intuitive..i like it..but the website version still...yuckss..

What is the latest rates comparison btw these 2 n SCB PSA?

Currently I have both PSA(2.15%) & OCBC360, mostly using PSA n exceeded funds only use OCBC360. I have RHB BSA and didnt know RHB Smart is giving a good 2.85%, thanks for this info.

I already got the RHB reward CC but why need a CC?

What is PSB ?

RHB looks good but lazy to queue at bank to make a new account.
I'm using ocbc and psb also

Will OCBC 360 benefits increase more to compete better, or this is as good as it gets? Otherwise, might seriously consider going to RHB.