CIMB Introduces Its First Fully-Digital Islamic Savings Account, OctoSavers Savings Account-i

Alex Cheong Pui Yin

2nd August 2021 - 3 min read

CIMB Bank and CIMB Islamic Bank have rolled out their first fully-digital Islamic account, dubbed the CIMB OctoSavers Savings Account-i. Presented along with a new CIMB Octo Debit Mastercard, the account is intended to offer a more convenient onboarding process for CIMB customers, along with opportunities to win instant rewards.

According to CIMB, the application to open an OctoSavers Account-i can be done entirely on its digital platforms. Specifically, new customers who do not hold any current or savings account with CIMB can open the account through the CIMB Apply app, whereas existing customers with a savings or current account can do so via the CIMB Clicks website. The verification process will then be carried out based on Bank Negara Malaysia’s (BNM) electronic-Know-Your-Customer (eKYC) guidelines.

CIMB further clarified that the new account is not open to all customers; it is currently unavailable for existing CIMB loan and financing customers. These customers are required to apply for other CIMB savings accounts instead. Meanwhile, the Octo Debit Mastercard will be delivered to you through post to offer a truly branchless experience.

Aside from the fully digital onboarding process, the new account is also unique in that it offers the opportunity to earn OctoPoints by accomplishing monthly OctoChallenges and surprise OctoMissions. The accumulated OctoPoints can then be used to redeem instant rewards, such as vouchers from various e-commerce platforms – including Shopee, Zalora, Grab, and Lazada. These challenges and rewards will be managed within the CIMB Clicks mobile banking app.

On top of that, accountholders are also entitled to a waiver on the annual fees of the Octo Debit Mastercard – although CIMB did not clarify if it is a temporary or lifetime waiver.

In launching the OctoSavers Account-i and the Octo Debit Mastercard, the chief executive officer of the group consumer banking for CIMB, Samir Gupta said that both products mark a significant milestone for the group’s digital journey. He further said that the launch is timely, especially since the current environment has accelerated digitalisation efforts across the nation.

“The pandemic has not only fast-tracked our digitisation initiatives but also accelerated our efforts in charting an optimum, seamless, and safe user experience, for the benefit and convenience of our customers. We look forward to offering more innovative digital banking and shariah-compliant solutions that are able to meet the customers’ on-the-go banking requirements online,” said Samir in a statement.

If you’re interested to check out CIMB’s new OctoSavers Account-i, head on over to the bank’s website.

(Sources: CIMB, The Sun Daily)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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