OCBC Bank Singapore National Day Savings Promotion

It seems that nobody is writing about this National Day Savings Promotion and I thought of sharing this with you. OCBC Bank is having a savings promotion whereby for every S$5,000 of fresh funds deposited into your OCBC Passbook and Statement Savings Account, you get S$54 in cash credit. However, here is the catch:

  • Minimum is S$5,000
  • Must be fresh funds
  • The funds deposited must be maintained in your OCBC account for 7 months

It looks like a fixed time deposit promotion to me. If you are wondering how much interest rate per annum the above promotion is worth, I did some backward calculations and the interest rate turns out to be around 1.86% per annum. The interest rate still beats the September issue of the Singapore Savings Bonds whereby the interest rate is only 1.65% for the first year.

The added deal if that if you deposit a minimum of S$30,000 of fresh funds in your OCBC passbook savings account, you get to take home limited edition passbook as shown in the above picture. The deposit must be made at OCBC branches. At this point of writing, I am not sure if the limited edition passbook is still available as there are only 5,400 pieces available.