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OCBC Al-Amin Launches OCBC 360-i

KUALA LUMPUR, May 15 (Bernama) -- OCBC Al-Amin Bank Bhd has launched the OCBC 360-i, a Shariah-compliant version of OCBC Bank (Malaysia) Bhd's popular high interest-bearing savings account, OCBC 360.

In a statement today, OCBC Al-Amin said the savings account was based on the Islamic banking principle of tawarruq, and is an innovative account which rewards customers with "bonus profit" on a monthly basis for performing one or more of three common types of transactions via the account.

"Apart from being Shariah-compliant, OCBC 360-i differs from the conventional OCBC 360 in that it involves a debit card, instead of a credit card," it added.

OCBC Al-Amin said OCBC 360-i customers would receive a bonus profit of 1.2 per cent per annum per transaction when they deposit at least RM500, spend at least RM500 using their OCBC Al-Amin debit card or make at least three bill payments through the bank's online banking services.

It added that customers would receive the maximum profit rate reward of 4.1 per cent per annum, inclusive of the 0.5 per cent per annum base profit rate by performing all three transactions in the same month.

-- BERNAMA

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CLOSING, FRIDAY, MAY 26
US 4.2670/2700
S'pore 3.0844/0886
100 Yen 3.8452/8496
Sterling 5.4912/4955
Euro 4.7859/7897
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?
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