OCBC revamps OCBC 360 account

SINGAPORE - OCBC has revamped a popular account with a higher interest rate and new conditions.

Customers can earn up to 3.25 per cent a year and more, if certain conditions are met, and the changes start on Friday.

It previously dangled interest rates of up to 3.05 per cent last April.

The bank said on Wednesday that it has introduced two new categories for consumers to achieve additional interest.

The first new category gives a 1 per cent interest if the consumer buys eligible financial products such as endowment plans with a certain premium, and unit trusts or structured deposits.

The second new category gives another 1 per cent interest if consumers save and grow their account balance.

Mr Ling Seng Chuan, OCBC's head of deposits, said the bank hopes to encourage finanical planning with the new categories.

Those who credit their salary to the account will also get a 1.2 per cent interest, compared with 1 per cent previously.

The maximum account balance that can earn additional interest rates has increased from $50,000 to $60,000.