Tuesday, November 6, 2012

OCBC higher interest deposit account (bonus+)

Come across the OCBC higher interest deposit account (bonus+). Minimum deposit SGD10,000.
with no withdraw on that particular month you earn 0.45% interest rate and if there is a withdraw you get to earn 0.2%. On the 3rd month of no withdrawing, you get to earn 1.18% for that particular month.
below are some calculation done by my own. Average out the interest is 0.69% (with no withdraw).
No money lock you can withdraw anytime. Just the problem is no atm card, you need to go counter for withdraw or online transfering.
Monthinterest ratedays in mthdays in a yearamountinterest earninterest earn round down
jan0.45%31365100003.8219178083.82
feb0.45%2836510003.823.4533734793.45
mar1.18%3136510007.2710.0292037410.02
apr0.45%3036510017.293.7050250683.7
may0.45%3136510020.993.8299400143.82
june 1.18%3036510024.819.7226924389.72
july0.45%3136510034.533.835114893.83
aug0.45%3136510038.363.8365786853.83
sep1.18%3036510042.199.7395486589.73
oct0.45%3136510051.923.8417612053.84
nov0.45%3036510055.763.7192536993.71
dec1.18%3136510059.4710.0815181510.08
    Total interest a year69.55


**blogger does not take any responsible if the estimate interest calculation above varies from what the bank given. This article is only giving all a rough guide on the existing products ocbc bank produce, reader will need to look for the bank for better explaination on the products.

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