My OCBC Online Internet Banking Review: Saving, Mobile, Current, Investment
OCBC (Oversea Chinese Banking Corporation) Group is one of Asia's leading financial services groups as well one of the largest financial institutions in the combined Singapore Malaysia market. OCBC Group has the total assets of S$224 billion. Currently OCBC has 530 branches and representative offices in 15 countries including Singapore, Malaysia, Indonesia, Vietnam, China, Hong Kong, Brunei, Japan, Australia, UK and USA.
OCBC Group consists of:
- OCBC Bank
- OCBC Securities
- Great Eastern
- Singapore Island Bank
- OCBC NISP
- Lion Global Investors
- Bank of Singapore
This article will focus on the review regarding OCBC Bank only.
OCBC Bank was established in 1912. OCBC Bank is among the world's highest rated banks, with a long term credit rating of Aa1 from Moody's. The key markets are Singapore, Greater China, Malaysia and Indonesia. OCBC Bank has more than 530 branches in 15 countries, including 411 branches and offices in Indonesia operated by its subsidiary, Bank OCBC NISP.
OCBC Bank offers wide range of financial services, such as consumer, investment, private, corporate and transaction banking to insurance, treasury, asset management and stockbroking services.
Product & Services
The following are 4 main product & services offered by OCBC Bank:
1. Banking Services
The major banking services are savings account, current account, Islamic banking, time deposits, Mighty Savers™ program for kids.
2. Insurance Services
They provide the life insurance, health insurance and a range of general insurance covering accident, home, hospitalization, motor, maid and travel insurance.
3. Investment Services
The investment services offered are Unit Trusts, Stocks, Education Investment, Structured Deposits, Retirement Investment and Wealth Management.
4. Loan Services
Quoting Benjamin Franklin on the loan program, “If you'd know the power of money, go and borrow some.” They offer ExtraCash Loan, education loans, car financing, property loans, renovation loan, tuition fee loan and Easy Credit by giving cash up to S$ 200.000.
OCBC Savings and Checking
Online Saving accounts
OCBC saving accounts include the following deposit saving accounts
- OCBC Bonus+ Savings Account– high base interest rate, no fees
- Mighty Savers Programme such as Young Savers, Passbook Savings Trust, Statement Savings Trust
- SmartParent – include OCBC Platinum MasterCard and SmartChange
- MultiSave – optional for SmartChange customer
- SmartSavings – high interest rate, offer free ATM card
- Statement Savings – can be opened as single or joint account, minimum deposit of S$1,000
- Global Savings Account – access to 10 major global currencies, can transfer fund to foreign account
- Basic Bank Account – access to internet banking, mobile banking & phone banking, must be Singapore Citizen or PR
OCBC Current Accounts
For Current Account or Checking account, OCBC offers various OCBC Current Accounts such as
- EasiSave – earn interest, minimum initial deposit of S$1,000
- Current Account – No interest, can use Easi-card for ATM transaction
- USD Chequeing Account – free check book (cheque book), no interest
- Al-Wadi’ah Current Account – no dividend (hibah) earned, free checking
There is no fee for Online Banking when you have a OCBC Bank account. To access the online banking, you will need:
- Laptop or desktop computer with online capability
- The supported Operating System (OS) are: Windows 98, NT, 2000, ME, XP, Vista or Win 7 system and Macintosh using OS 10.x
- The supported web browsers are: Microsoft Internet Explorer 7.0 and higher, Firefox 3 and higher, and Chrome 3.0 and higher
- Support 128 bit ssl security encryption protection
- You have Online ID and pass code to do any e-financial transaction
What can be done with OCBC Internet Banking or eBanking
After you have register at the ATM to get the access code for the first time registration of the internet banking, then you simply sign-up for the internet banking or eBanking. The OCBC Internet Banking is free of charge and it is available for 24 hour service. You can access the online banking through the website www.OCBC.com. You will be able to do any banking transaction from your computer with a browser and an internet connection such as:
- Store your personal financial information
- Check your latest account balance such as online checking or online saving accounts
- Check any unbilled transaction of your credit card
- Funds transfer to any bank account at anytime from anywhere
- Perform your Bill Payment with the 80 billing partners of OCBC using various accounts
- Manage your time deposit placement
- Place your own giro payment reminder and apply for new giro services
- Get smart notification of the status of each transaction
- Activate travel insurance before going on a holiday
- Sign up for Monthly Savings Account
- View auto loan account details and make payment via Bill Payment setup
- View transaction history, credit card statements and unbilled credit card transaction
- Open a Savings / Current Account
- Sign up for Al-Wadi’ah Monthly Savings Account
- Purchase travel, accident and home insurance
Inside OCBC eBankingClick thumbnail to view full-size
For long term investment account, OCBC also offers various investment products such as
- Unit Trusts or Mutual Funds – There are 110 unit trusts for diverse investment portfolio, also can set up monthly investment plan
- Time Deposits – can choose between SGD and Foreign currency, funds will earn interest from 1 month to 3 years
- Structured Deposit – combination of a deposit and an investment product, minimum deposit from S$5,000
- Stock investment – check with Personal Financial Consultant for details
- Retirement Account include CPF Investment Account (mid and long term instruments for higher return), RPS (Retirement Portfolio Services), SRS (Supplementary Retirement Scheme)
OCBC Debit Cards
- OCBC Yes! Card
- Uplus Debit Card
- OCBC-NTU Debit Card
- SMU-OCBC Debit Card
OCBC Credit Cards
Most popular OCBC Bank Credit Cards are
- OCBC Platinum MasterCard – waived 2 year annual fee, exclusive Platinum Family Club privileges
- Best-OCBC MasterCard - Discontinued
- Best-OCBC Platinum MasterCard - 8% best rewards savings, various Best Denki offers
- Titanium – earn 3X OCBC$ for overseas purchase, discounts at Hotels around the world
- Robinsons Visa Platinum Card – waive 1 year annual fee, up to 10% cash back on Robinsons Group
OCBC provide variety of banking financial products such as Saving accounts, Current accounts, Insurance, and Investment account for Asia Pacific region customer.
For bank customers who live in Singapore, OCBC should be one of your banking choices to save your money. OCBC provides many different Saving Accounts for any different type of customer such as children, working professional and retired people. OCBC bank provides complete one stop shop for your financial banking. With various internet banking features as well as mobile bank services, OCBC online banking provides unlimited features for its customers.
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