Malaysia is one of the burgeoning and prosperous economies in Asia, and it has a robust banking system in place. There are quite a few banks in the country that offer innovative plans and packages for the residents. Using such targeted financial packages, the residents can invest and grow their wealth. OBBC, which is one of the leading financial entities in the country, offers some such services to let the customers build their wealth- minus many hassles. Among the personal banking services offered by it, the Booster account gets a special mention.
Why opt for the OCBC booster account?
The OCBC booster account is tailor-made to let the customers maximize their wealth growth potential. It makes the account holders eligible for availing intents rates up to 4.70% per annum. The 1.20% wealth bonus that is being offered comes as icing on the cake. This Booster Account is a particular type of savings account offering high base interest rate when the account balance of RM 30,000 is maintained. It fetches more rewards when the account holder invests or chooses to insure with the bank. It is ideal for those who aim for the highest interest rate savings without taking risks.
The booster account advantages
The wealth bonus is offered for one year after the end of the free look period and two weeks after the date of purchase. It is paid on first RM 50,000 of the average daily balance of the account. The account holder gets it by 14th business day of subsequent month.
So, the booster account holder is eligible for two types of interest which are calculated on his/her monthly account balance. The Base interest gets accrued according to the day-end balance of the account. It is given at month end. The Wealth bonus interest is given if the account’s average daily balance touches or exceeds RM 50,000.
The terms and conditions
Like any other financial service you buy from Malaysian banks, the OCBC booster account comes with specific terms and conditions. These are:
- For a person, opening just one OCBC Booster Account is possible.
- There is no lock-in duration applicable for the Booster account. Using OCBC Online Banking or debit card, the account holders can withdraw money.
- To qualify for the wealth bonus of the Booster account, account holders have to invest in an eligible wealth product offered by the bank.
- It is possible to blend multiple wealth products to be eligible for the wealth bonus.
- If the investments are redeemed, or they reach maturity time, the applicants still get the wealth bonus.
- The Booster account can be opened by Malaysians, including Non-Residents and Permanent Residents- who are above 18 years.
- The initial deposit required is RM 500.
Summing it up
There are several methods to pay for the approved wealth products including Insurance, Unit trusts (monthly investment type) and Unit trusts as lump sum investment. To guide the interested investors, the bank offers a solicitation of skilled Financial Consultants. They can perform an individual Financial Needs analysis to help investors aim for the highest interest rate savings.