What is OCBC Al-Amin Imad Young Savings Account-i?
Prepare your child for the future and cultivate a habit for saving with this Shariah-compliant savings account which promises to protect your money and offer attractive saving rates as a reward. In return, the Islamic banking institution will use cash deposit from your savings account to invest in Shariah-compliant assets.
What are the highlights for this Islamic savings account?
The focus of this savings account is to earn profit returns on your wealth. Not only that you will receive monthly returns, you will receive a yearly bonus of 5% if you do not make any withdrawals for 12 months.
OCBC aim is to give encouragement to students to excel academically by offering cash rewards to students. Your child will stand a chance to win cash if he or she ace their public examination such as UPSR, PMR, SPM, and STPM.
Your money will be protected by Malaysian Deposit Insurance Corporation( PIDM) up to an amount of RM250,000. The insured amount can include your principal amount and profit returns. If you have two accounts: An Islamic and conventional bank account, you can have two separate cover of RM250,000 each. No additional fees will be charged for this insurance.
How much do I need to deposit to open this account?
You will need to put in at least RM500 to set up your OCBC Al-Amin Imad Young Savings Account-i. However, only RM1 is required for a student under the National School Adoption Programme.
Who is eligible to apply for this account?
Anyone below the age of 18 years old are encouraged to apply. For those who are aged 18 years and below, you can apply for one as long as you have an existing trust account under a legal guardian/parent's name. For the record, this account is only available to one beneficiary for one in-trust account.
What are the fees and charges I need to watch out?
The fee for early closure will be RM20. If your account remain inactive for a year, RM10 will be debited from your account. If you lose your passbook, RM10 will be charged for replacement.