ocbc 360 account

[DarkBlue]

anyone receive this mth bonus interest?

no. my calender not spoil leh, now its 10th already.

 

[iMac]

no. my calender not spoil leh, now its 10th already.

Err...someone mentioned the interest will only be seen on the 7th working day...let me count...

1st May - Labour Day
2nd May - 1st working day
3rd May - sat
4th May - sun
5th May - 2nd working day
6th May - 3rd working day
7th May - 4th working day
8th May - 5th working day
9th May - 6th working day
10th May - sat
11th May - sun
12th May - 7th working day

So, we should be seeing the interest on 12th May (monday).

 

[aquarius_jan2004]

Meet 1 requirement, then entitled 1%???

 

[sandwicher]

Meet 1 requirement, then entitled 1%???

Additional 1%, so 1.05%.

My goodness. People don't visit the OCBC website for information don't they?

Its spelt out clearly over there. Its not that difficult.

 

[Gunboundz]

Err...someone mentioned the interest will only be seen on the 7th working day...let me count...

1st May - Labour Day
2nd May - 1st working day
3rd May - sat
4th May - sun
5th May - 2nd working day
6th May - 3rd working day
7th May - 4th working day
8th May - 5th working day
9th May - 6th working day
10th May - sat
11th May - sun
12th May - 7th working day

So, we should be seeing the interest on 12th May (monday).

and then 13th May is Vesak Day, another holiday! Loving this month.

 

[more3cm]

how about paying M1 Bill via M1 website? got 6% rebate?

If website really does not attract 6%, use Flashpay to pay over-the-counter lor

 

[Keverus]

and then 13th May is Vesak Day, another holiday! Loving this month.

but june bo holiday

 

[asmira]

does anyone know how long does the salary credited have to be in there for the 1%

 

[MoDiE]

does anyone know how long does the salary credited have to be in there for the 1%

no lock in period. same day tx out also can

 

[ark123]

Err...someone mentioned the interest will only be seen on the 7th working day...let me count...

1st May - Labour Day
2nd May - 1st working day
3rd May - sat
4th May - sun
5th May - 2nd working day
6th May - 3rd working day
7th May - 4th working day
8th May - 5th working day
9th May - 6th working day
10th May - sat
11th May - sun
12th May - 7th working day

So, we should be seeing the interest on 12th May (monday).

Finally )
For simple calculation the each bonus interest would be 20 times of normal interest credited earlier. (For balances up to 50K)

 

[wts2013]

interest just came in, shown separately 1% for each, hahaha

 

[angcsbenny]

Yes!! My salary credit qualified!!

 

[hello85]

the interest rate is pro-rated?

 

[ark123]

the interest rate is pro-rated?

Interest rate per se is not pro-rated. However, interest is calculated on the daily basis on the ending daily balances.

 

[josephlpw]

can you give an example of how interest is calculated on the daily basis pls?

 

[ark123]

can you give an example of how interest is calculated on the daily basis pls?

Suppose your ending balance on any particular day is S$3650.
Annual interest rate = 1%
No. of days in a year is taken as 365, regardless of the leap year.
Total interest for the day= (1%/365 days)*S$ 3650 = S$ 0.10
Then calculate and add for the each day of the month.

 

[dork32]

i got my bonus interest as exactly 20 times the base interest that i received on the 1st. Eg base interest is $1, bonus interest is $20; base interest is $1.01, bonus interest is $20.20. You will never earn a bonus interest of $20.10.

In other words, our bonus interest could be $0.20 lower that what we are entitled to for each item.

 

[MoDiE]

i got my bonus interest as exactly 20 times the base interest that i received on the 1st. Eg base interest is $1, bonus interest is $20; base interest is $1.01, bonus interest is $20.20. You will never earn a bonus interest of $20.10.

In other words, our bonus interest could be $0.20 lower that what we are entitled to for each item.

now that you mentioned, i also just realized each individual bonus interest is 20 times of my base interest...

1% / 0.05% = 20

i managed to calculate the base interest exactly as they gave, but using the same method can't seem to get the bonus interest calculation.. so could be we are getting lower.. infact, mine was like 32 cents lower..

anyway, i'm contended with what I am getting now

 

[MoDiE]

Interest rate per se is not pro-rated. However, interest is calculated on the daily basis on the ending daily balances.

i think thats not the case.. the bonus interest is calculated end of the month, based on the average daily balance of the account.. its stated in the TNC for the 360 account.

the base interest on the other hand, is calculated based on daily balance of the account and credited end of the month...

 

[ark123]

i think thats not the case.. the bonus interest is calculated end of the month, based on the average daily balance of the account.. its stated in the TNC for the 360 account.

the base interest on the other hand, is calculated based on daily balance of the account and credited end of the month...

Logically, the banks should be applying the same interest calculation method to the same account. However, I may be wrong in this assumption.
But to support my hypothesis please look at the bonus interest paid is EXACTLY 20 times of the normal interest for all reported ones on this forum. So both the cases should be using the same method, otherwise it will be too much of co-incidence.

For the wordings in banks's TNC, both cases will lead to the same amount as below for 30-day month:
(day 1 balance * daily interest rate) + (day 2 balance * daily interest rate)+ ... +(day 30 balance * daily interest rate)
= ((day 1 balance + day 2 balance + ... + day 30 balance)/30) * (daily interest rate) * (30)