Cash woes? A personal loan to the rescue!
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    We found 1 OCBC Personal Loan Singapore
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    Interest Rate
    Loan Tenure
    Joining Perks
    From 8.18% p.a. EIR 17.13% p.a.
    1-5 Years
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    OCBC Personal Loan Singapore

    From debt consolidation to balance transfer and cash loans, OCBC offers different types of personal loans to meet the varying needs of its customers in Singapore. You can easily track and manage your loans via online banking and phone banking. OCBC offers same-day loan approvals. OCBC ExtraCash Loan is a fixed repayment instalment loan that you can apply for if you’re looking for a personal loan with regular repayments and long tenures.

    You’re Probably Eligible for a OCBC Bank Personal Loan if You are

    OCBC Bank Personal Loan Minimum Age

    At least 21 years

     OCBC Bank Personal LoanMaximum Age

    Above 21 Years

     OCBC Bank Personal Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

     OCBC Bank Personal Loan Minimum Income

    Earn more than the minimum income required

    Your OCBC Bank Personal Loan Amount Eligibility is Based on these Factors

     OCBC Bank Personal Loan Minimum Salary

    Minimum income required
    S$20,000 p.a.

    OCBC Bank Personal Loan Maximum Loan Funded
  • 2X your monthly salary if you earn annual income of S$20,000
  • 4X your monthly salary if you earn annual income of S$30,000
  • 6X your monthly salary if you earn annual income of S$120,000
  •  OCBC Bank Personal Loan EMI

    EMIs of other loans lower your eligibility

    Increase Your Eligible OCBC Bank Personal Loan Amount by these Steps

     OCBC Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    OCBC Bank Personal Loan Tenure

    Choose longer tenure loan up to 5 Years

    Documentation Needed to Apply for an OCBC Bank Personal Loan

    • Photocopy of NRIC
    • Salaried Employee
      • Latest Computerized Payslip OR
      • CPF Contribution Statement for past 6 months OR
      • Latest Income Tax Notice of Assessment (NOA) for the last 2 years
    • Variable Income/Commission Based Earner
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA) for the last 2 years
    • Self-Employed
      • CPF Contribution Statement for past 12 months OR
      • Latest Income Tax Notice of Assessment (NOA)
    • Any other documents as may be requested by the Bank at its sole discretion

    OCBC Bank Personal Loan DetailsUpdated on 16 Oct 2018

    OCBC Bank Personal Loan Details(For Cash Loans)
    Loan Details Flexible repayment Fixed repayment
    EasiCredit Balance Transfer Cash-on-Instalments ExtraCash Loan
    Interest Rate  -  0% 0%  to 5.80% p.a. 8.18% to 13.14%  p.a.
    Minimum Income S$20,000 S$20,000  S$20,000 S$20,000
    Max Loan Amount 6x of your monthly salary  -  - 6x of your monthly salary
    Loan Tenure  - 3, 6, or 12 months 12 to 60 months 12 to 60 months

    Why Choose OCBC Personal Loans?

    Ocbc personal loan

    Listed below are the reasons why you should opt for personal loans offered by OCBC:

    • From flexible and fixed repayment options to debt consolidation plan, OCBC offers a wide range of personal loans to suit your financial requirements.
    • With OCBC balance transfer and debt consolidation plan, you can enjoy competitive interest rates for a fixed tenure.
    • The bank has a 24/7 customer service support to resolve the queries of its customers.
    • The application and documentation process for personal loans at OCBC is simple and easy.

    Types of OCBC Personal Loan

    Following are the different types of personal loans offered by OCBC Bank:

    1. Cash Loans: The cash loans offered by OCBC Bank are divided into 2 categories:
      • Fixed payment: You can repay the loan in regular fixed monthly installments. The 2 personal loans available under this category are Cash-on-Installment and ExtraCash Loan.
        • Cash-on-Installment: You can convert the credit line on your EasiCredit account or credit limit on your OCBC credit card into a fixed installment loan for a period of 12 to 60 months. The interest rates for Cash-on-Installment are as follows:
          Loan tenure 12 months
          AIR 0% p.a.
          EIR 11.47% p.a.
          Processing fee (one-time) 6% of processed loan amount
        • ExtraCash Loan: Borrow up to 6 times your monthly income and repay it in regular fixed monthly instalments. The loan amount will be approved on the same day and disbursed to your account instantly on approval. The interest rates for ExtraCash Loan are as follows:

          Annual Income S$30,000 and above:

          Loan tenure 1 to 5 years
          Nominal Interest Rate(2 Years) 8.18% p.a.
          Effective Interest Rate(2 Years) 18.47% p.a.
          Processing fee (one-time) S$200 or 2% of processed loan amount whichever is higher
      • Flexible payment: You can choose when and how much to repay. The two personal loans available under this category are EasiCredit and Balance Transfer.
        • EasiCredit: Singaporeans or foreigners aged 21 years and above can apply for this loan. Enjoy easy access to cash via ATM withdrawals and cheques. Pay interest only on the outstanding balance. You can borrow up to six times your monthly income. The minimal annual income requirement for Singaporeans is S$20,000 and above, and for foreigners is S$45,000 and above. You can apply online using your Singpass login details or at the nearest OCBC Bank branch. The interest rates for EasiCredit are as follows:
          For income between S$20,000 to S$29,999 For income from S$30,000 and above
          EIR: 29.8% p.a. EIR: 19.98% p.a.
          Minimum monthly payment: S$50 or 5% of the outstanding balance, whichever is higher Minimum monthly payment: S$50 or 3% of the outstanding balance, whichever is higher
        • Balance transfer: Maximise your interest savings with EasiCredit Balance Transfer at 0% p.a. interest rate (EIR 7.22% p.a.) for 3 months and 1.80% service fee. The minimum monthly payment amount is S$50 or 3% of the transfer amount, whichever is higher. Existing customers can apply for Balance Transfer via OCBC Online Banking and new customers can apply via OCBC website. The flexible repayment options for Balance Transfer are as follows:
          3 months AIR: 0% p.a. EIR: 7.22% p.a. Processing fee: 1.80%
          6 months AIR: 0% p.a. EIR: 5.19% p.a. Processing fee: 2.50%
          12 months AIR: 0% p.a. EIR: 4.99% p.a. Processing fee: 4.50%
    2. Debt Consolidation Plan: You can consolidate all your unsecured loan payments into one single repayment at a low interest rate of 6% p.a. (EIR 10.46% p.a.) for a loan tenure of 8 years. The total outstanding balance will include an additional 5% of the balance amount. This 5% is incurred to cover any fees and charges. You will get a free OCBC platinum credit card .
      • Eligibility criteria:
        • Applicant must be a Singapore Citizen or Permanent Resident aged 21 years and above.
        • The annual income must be between S$30,000 to S$1,20,000.
        • Balance-to-Income must be minimum 12 times the monthly income.
      • Fees and charges for debt consolidation account:
        Interest rate 6% p.a. (EIR 10.46% p.a.)
        Loan tenure 8 years
        Late repayment fee S$200
        Termination fee 5% of outstanding loan amount
        Over the counter payment or deposit S$25 per transaction
      • Fees and charges for debt consolidation credit card:
        Effective Interest rate 25.92% p.a.
        Minimum monthly payment S$50 or 3% of the outstanding balance amount, whichever is higher
        Late repayment fee S$80
        Cash advance fee S$15 or 6% of the amount withdrawn, whichever is higher
        Interest on cash advance 28.92% p.a. (minimum charge is S$2.50 per month)
      • How to apply?
        • You can contact the bank contact the bank on Monday to Friday from 9:00 am to 6:00 pm.
        • You can submit online application and supporting documents on OCBC Bank website.
      • Documents required:
        • A copy of NRIC (both sides).
        • The latest Credit Bureau Report.
        • The latest income documents such as payslips, CPF statements, and Income Tax Assessments.
        • The latest unsecured credit loan and credit card statements.
        • Proof of the unbilled balances for unsecured credit instalment plans.
    3. Secured Overdraft: You can borrow personal loan from OCBC Bank by pledging your Fixed Deposit or Unit Trusts as collateral. Interest is charged only on the amount used. You can get extra cash without selling your Unit Trusts or breaking your FD. Interest rates are determined based on the collateral. You can contact OCBC Bank customer service for any queries regarding Secured Overdraft.
    4. OCBC EasiCredit

      EasiCredit is a standby credit line offered by OCBC where you can choose your instalment amount and the repayment duration for your outstanding balance. You can get up to 6 times of your monthly income. In order to get this cash loan, you must be 21 years or older. Singaporeans or Singapore Permanent Residents should have a minimum income of S$20,000 p.a. and foreigners should have a minimum income of S$45,000 p.a.

    5. The below table explains the interest rates for EasiCredit:

      Description Annual income
      S$20,000 - S$29,999 S$30,000 or more
      Credit limit per month 2x your monthly income 4x your monthly income 6x your monthly income
      Effective rate of interest 29.8% p.a. 19.98% p.a. 19.98% p.a.
      Minimum monthly repayment 5% of the remaining balance or S$50 (higher of two)   3% of the remaining balance or S$50 (higher of two) 3% of the remaining balance or S$50 (higher of two)   


    6. OCBC Cash-on-Instalments

           Cash-on-Instalments gives you access to additional cash on your credit card or EasiCredit account. For this, you must convert your balance credit limit into monthly instalments. The monthly instalment amount will be fixed and tenures will be between 12 and 60 months. You can be eligible for this loan if you are at least 21 years old. If you are a Singaporean or Singapore Permanent Resident, your minimum annual income should be S$20,000, and if you are a foreigner, your minimum annual income should be S$45,000.

    7. The below table explains the interest rates for Cash-on-Instalments

      Loan tenure 12 to 60 months
      Applicable interest rate 0% to 5.80%  p.a.
      Effective interest rate 11.38% to 12.80% p.a.
      Processing fee 2% to 6% of the loan amount

    Features and benefits of OCBC Personal Loan

    • OCBC Cash Loans (flexible repayments) offer interest-free standby cash to cardholders with minimum repayments of S$50 or 3% of the balance statement. For balance transfer, a one-time processing fee of 1.80% will be applicable.
    • OCBC Cash Loans (fixed repayments) can be applied for a minimum tenure of 12 months and a maximum tenure of 60 months. Interest rates start from 0% p.a. with an Effective Interest Rate (EIR) of 11.47% p.a.
    • Debt Consolidation Plan offers low interest rates of 6% p.a. with an EIR of 10.46% p.a. You can choose a repayment period of 8 years and the bank offers a complimentary credit card with this plan with no annual fee requirement.
    • Enjoy fixed interest rates on your car loan starting from 2.08% p.a. and up to 100% financing (refinancing loan). You have the option of either financing through your dealer or directly with OCBC.
    • With the OCBC Study Loans, choose from FRANK Education Loan and Tuition Fee Loan. The Education Loan can be used to fund your local education at private institutions or at overseas institutions. Loan tenures can go up to 8 years and the amount up to S$150,000. The Tuition Fee Loan is only applicable at NTU, NUS and NIE institutions with repayment tenures of up to 20 years and tuition fee subsidy up to 90%.
    • Secured overdraft allows you to borrow up to a certain credit limit with interest rates pegged to your collateral value.

    OCBC Personal Loan Interest Rates

    Table 1: Here are the interest rates for the ExtraCash Loan for customers whose annual income is S$30,000 or above for an approved loan amount of S$10,000:

    Loan Tenure Nominal Interest Rate p.a. Effective Interest Rate p.a.
    12 months 8.31% 20.61%
    24 months 8.18% 18.47%
    36 months 8.27% 17.73%
    48 months 8.40% 17.36%
    60 months 8.55% 17.13%

    Table 2: Here are the interest rates for the ExtraCash Loan for customers whose annual income is between S$20,000 and S$29,999 for an approved loan amount of S$4,500:

    Loan Tenure Nominal Interest Rate p.a. Effective Interest Rate p.a.
    12 months 12.31% 29.83%
    24 months 12.25% 27.29%
    36 months 12.50% 26.41%
    48 months 12.81% 25.97%
    60 months 13.14% 25.71%

    Note: Interest rates can change anytime without prior notice.

    Debt Consolidation Plan:

    The interest rate applicable on this loan is 6% p.a. With an EIR of 10.46% p.a. for a loan tenure of 8 years.

    Car Financing:

    • New car financing: Fixed interest rate of 2.78% p.a. with EIR starting from 5.09% p.a.
    • Used car financing: Fixed interest rate of 2.98% p.a. with EIR starting from 5.46% p.a.
    • Refinancing: Fixed interest rate of 2.08% p.a. with EIR starting from 4.03% p.a.

    Study Loans:

    • FRANK Education Loan: Interest rates starting from 4.5% p.a. with EIR from 5.17% p.a.
    • FRANK Tuition Fee Loan: While pursuing your education, no interest will be charged and no repayments are to be made. After completing your education and finding a job, you can either make a full payment or partial payments for up to 20 years.

    Secured Overdraft:

    The interest rates depend on the collateral you have pledged to the bank.

    OCBC Personal Loan for foreigners

    Foreigners are eligible to apply for the following OCBC Personal Loans:

    • Cash Loans - EasiCredit, Balance Transfer, Cash-on-Instalments and ExtraCash Loan
    • Car Financing - New, used and refinancing loans
    • Study Loans - Tuition Fee Loan only
    • Secured Overdraft

    Relevant documents will be requested including passport, work permit and other income proof documents (if applicable).

    OCBC Personal Loan Fees and Charges

    OCBC Personal Loan Fees and Charges
    Processing fee Starting from 1.80% of the loan amount
    Late payment fee Starting from S$80
    Early termination fee Starting from 3% of the outstanding payment
    Fee for returned cheque S$40 for each returned cheque
    Over-the-counter payment fee S$25 for each transaction
    Stop cheque

      • S$15 for every cheque reported through online/phone banking

      • S$30 for every cheque reported to Customer Service or at the branch

    EasiCredit Annual fee S$80 (fee waiver for 1 year for customers with annual income of S$30,000 and above

    OCBC Personal Loan Eligibility

    • Nationality Criterion: Singapore citizens and Permanent Residents are eligible to apply for all OCBC personal loans. Foreigners are eligible to apply for select personal loans from OCBC.
    • Age Criterion: The minimum age requirement is 21 years, except for Tuition Fee Loan where the minimum age required is 17 years.
    • Income Criteria:
      • Singapore Citizens and Permanent Residents - S$20,000 p.a.
      • Foreigners - S$45,000 p.a.

    Documents Required for OCBC Personal Loan

    Here are the common documents that the bank requires from applicants of personal loans:

    Identification Documents:

    • Singapore Citizens and Permanent Residents: NRIC copy.
    • Foreigners: Passport, Employment Pass/Work Permit/Student Pass copy.

    Income Documents (one of more of the following):

    • Recent computerised payslips
    • Recent 6 months’ CPF Contribution History statements
    • Income Tax Notice of Assessment for up to the last 2 years depending on employment status (salaried/self-employed).

    Additional Documents:

    • Study: Acceptance letter from the institution containing the type of course, the duration and the payment schedule.

    How to Apply for OCBC Personal Loans

    There are several ways to apply for a personal loan from OCBC:

    • Apply online - You can visit the OCBC Singapore website and navigate to the webpage of your loan you wish to apply for. On the webpage, click on the option, “Apply online” (if available), fill-in the online application, complete the necessary steps and complete the application process.
    • Online banking - Existing OCBC customers can apply for a personal loan product through online banking.
    • SMS - You can send an SMS to the bank to get your application process started. The format for the SMS can be found on the respective OCBC personal loan webpage.
    • Call the bank - You can call the bank between Mondays and Fridays on the customer care hotline number from 9:00 a.m. to 6:00 p.m. and start your application process. You can also call the OCBC hotline number on 6363 3333 from Mondays to Fridays between 9:00 a.m. and 5:00 p.m. except public holidays.
    • Email - You can download the application form, fill-in the necessary information, attach a soft copy of the required documents and email the bank the completed form for successful application.
    • Car loan applications - For a car loan, you can either apply for the loan through your car dealer or with OCBC directly by contacting the bank.
    • Online enquiry form - Visit the personal loan webpage on the OCBC website and click on the option, “Complete online enquiry form” and provide the required details to start your process.
    • Visit the bank - You can visit your nearest OCBC Bank branch and apply for a personal loan directly.

    Note: Not all of the above mentioned application options are available for every OCBC personal loan product. Visit the OCBC website and the respective personal loan webpage to choose from available personal loan application options. If you require any further information on this personal loan by OCBC or the application process in general, you can contact the bank on OCBC hotline number which is available 24 hours a day.

    Frequently Asked Questions

      Q. If I apply for a Study Loan, will I get a credit card to manage my college finances?

      A. OCBC is currently running a promotion with both their Study Loans wherein if you apply for an Education Loan or a Tuition Fee Loan, you can also apply for a FRANK Debit Card and enjoy lifetime fee waiver. Credit cards are not available under this promotion.

      Q. Do I have to pay a deposit when applying for a car loan with OCBC?

      A. For New Car Financing, you have to pay an initial deposit to process your car loan application. For Used Car Financing, you will have to pay the dealer the first month’s instalment amount before signing the Sales & Purchase Agreement.

      Q. What is the minimum repayment amount on OCBC Cash Loans?

      A. The minimum monthly repayment for an OCBC Cash Loan is S$50 or 3% of your outstanding balance, depending on whichever of the two is higher.

      Q. If I apply for a Debt Consolidation Plan, will I still be eligible to apply for other credit lines?

      A. No. Once you apply for a Debt Consolidation Plan, all your existing unsecured credit lines will be closed. However, you will receive a complimentary OCBC Platinum Credit Card, complimentary when you apply for DCP, with no annual fee requirement and a credit limit equal to your monthly income.

      Q. Can I make cash withdrawals from my credit card after applying for a credit card personal loan from OCBC?

      Yes. You can make cash withdrawals from your credit card. However, note that you will be charged 6% of the amount withdrawn with a minimum charge of S$15 per withdrawal.

      Q. How is the processing fee determined for the OCBC ExtraCash Loan?

      A. If your annual income is between S$20,000 and S$29,999, the processing fee charged will be S$100. If your annual income is S$30,000 and above, the processing fee charged will be 2% of the loan amount or S$200, depending on whichever of the two is higher.

    News About OCBC Personal Loan

    • OCBC to Launch Digital Account Opening Application

      OCBC is launching a new digital application that will allow customers to apply for a new OCBC 360 Account without going through the hassle of documentation. The application process will be enabled by MyInfo, which was designed by the Monetary Authority of Singapore (MAS) in collaboration with the Government Technology Agency and Island's Smart Nation and Digital Government Office. With MyInfo, customers will not have to provide supporting documents to open the account. Instead, they can choose to allow OCBC to use their MyInfo data for setting up the account. Commenting on the development, OCBC’s e-Business Head, Aditya Gupta said that the bank will extend this service to other products as well.

      6th June 2018

    • Dennis Hong Appointed OCBC Securities Managing Director

      Dennis Hong has been made OCBC Securities’ Managing Director. He takes over the new position from Raymond Chee, who has held the post since August 2012. Hong was earlier the Deputy Managing Director of the same division. He had been engaging in business decisions of the organisation under the direction of Chee from the beginning of the year as part of the transition. Ching Wei Hong, Chairman of OCBC Securities and OCBC COO, said Hong is taking charge of the brokerage division of OCBC’s wealth management business at a very exciting time. He went on to say that OCBC’s wealth management income increased by 43% last year to reach $3.25 billion, a new record for the organisation.

      Dennis Hong started his career with OCBC as a Post Graduate Management Associate in 2010. He went on to become one of the relationship managers of OCBC’s Wholesale Corporate Marketing division, managing an assortment of large organisations. OCBC Securities is a wholly-owned brokerage subsidiary of OCBC. The group expects their recent growth in revenue to continue with the appointment of Dennis Hong at the helm of their Securities division.

      25th May 2018

    • Technology Set to Revolutionise Singapore Financial Sector

      Advanced technologies like artificial intelligence and distributed ledgers could set the stage for a fintech revolution in Singapore in the coming years. But concerns remain on the potential negative impacts from this.

      11th January 2018

    • OCBC’s Bank of Singapore Hiring More Private Bankers to Tap Middle East's Private Wealth

      Bank of Singapore is looking to add about 20 more private bankers to its team of executives catering to ultra-high and high net worth individuals in the Middle East. The move comes after the bank set up its branch in DIFC in February this year.

      20th December 2017

    • OCBC Provides Wi-Fi Across Multiple Public Locations within Singapore

      OCBC Bank has recently launched Wi-Fi access free of cost at multiple locations on the island including OCBC Centre, Orchard Road, Singapore Sports Hub and 33 bank branches. OCBC has said that the bank installed more than 700 hotspots across the island which will benefit 30,000 consumers. This decision by OCBC has been taken to aid in meeting the demand for mobile broadband in the country and is also keeping in tune with the government’s plan in doubling Wireless@SG hotspots by the year 2018 to 20,000.

      This free Wi-Fi will benefit any consumer in the Wi-Fi Zone irrespective of whether they are an OCBC customer. Apart from showing support for the government’s plan in envisioning a wireless Singapore, the bank also hopes that OCBC will be engraved in everyone’s minds as holding a leading digital position.

      In Orchard Road along, the bank has setup 5 different hot spots extending the coverage up to 100 meters from the 5 bus stops outside Tangs, the Royal Thai Embassy, the Royal Plaza at Scotts, the Far East Plaza and The Heeren. Additionally, OCBC has installed another 684 hotspots across the island at Singapore Indoor Stadium, Singapore National Stadium, the Singapore Sports Hub, Sports Hub Library and Sports Hub Museum, Water Sports Centre, Kallang Wave Mall and CBC Arena to OCBC Aquatic Centre.

      Furthermore the bank as extended its Wi-Fi service to 33 of its branches including some of the densely populated areas including Causeway Point, ION Orchard, NEX Shopping Mall Toa Payoh, Ang Mo Kio and Vivo City. Consumers who are within the vicinity of the OCBC Centre will also have access to the free Wi-Fi.

      27th July 2016

    • OCBC Bank hopeful about SME loans

      Even though the economic sector of Singapore and other countries is performing moderately, OCBC Bank sees growth in SME loans. OCBC’s head of emerging business is expecting a rise in loans through government led projects in the healthcare and infrastructure sectors. Recently, banks in Singapore have noticed a change in the way SMEs deal with their staffing problems. SMEs are increasing their productivity by using technology and applying for government schemes. As the cost of everything is increasing, these schemes become important for SMEs as they help in lowering loan prices. To target this sector, OCBC bank has made some changes to provide better advice on government related schemes.

      17th May 2016

    • OCBC’s Wealth Management Business Expected to Grow in 2016

      The wealth management business of OCBC Bank is expected to grow in 2016 and it will help in balancing the slowdown in the growth of loans being experienced by the bank. According to a report released by DBS, the non-interest income of OCBC will most likely drive the earnings of the OCBC group in 2016. The non-interest income of the bank will be mostly generated by its private banking services and the insurance policies sold by its insurance wing, Great Eastern. It is expected that the wealth management business of OCBC bank will contribute around 20 percent of its non-interest income.

      14th December 2015

    • Singapore and China Alliance to Boost the Use of RMB

      Since October 13th, 2015 new initiatives have been taken by Singapore and China to boost the international use of renminbi (RMB). This implies that banks in Singapore will now be in a position to lend renminbi to corporates across Tianjin and Suzhou and vice versa.

      Until now the cross border initiatives to promote RMB was restricted between Singapore and the China-Singapore Suzhou Industrial Park (SIP) and the Singapore-Sino Tianjin Eco-City. This will now be extended to Tianjin and Suzhou as well. Not only will Singapore banks lend RMB to corporates across Tianjin and Suzhou but Tianjin and Suzhou will also be able to issue RMB bonds in Singapore. This will give the corporates in Tianjin and Suzhou more financing options and at the same time give Singapore more avenues to encourage the liquidity of RMB in Singapore.

      As per this new initiative, Tianjin and Suzhou corporates can repatriate 100% of the proceeds raised from their bonds issued in Singapore. SIP corporates will also be in a position to borrow from Singapore based banks. Even local banks such as UOB and OCBC are in support of this initiate as they are also of the opinion that this new initiative will be beneficial to banks in Singapore.

      This initiative was a result of the 12th Joint Council for Bilateral Cooperation (JCBC) which is co-chaired by Coordinating Minister for National Security Teo Chee Hean, Singapore Deputy Prime Minister and Vice Premier of the State Council of China, Zhang Gaoli.

      13th October 2015

    • OCBC CDMs to Accept All Notes

      Cash Deposit Machines (CDM) of OCBC Bank will now accept all Singapore Dollar notes, making the bank the first one to start this system in the country. Earlier, a person could not deposit certain notes like SGD2, SGD5 and SGD1000 through the CDMs.

      This upgrade will provide 24 hour service to the customers across all the branches of the bank. In addition to the 100 CDMs present in its branches, the bank plans to upgrade another 120 ATMs, which will provide withdrawal facility as well as accept cash deposits.

      According to the bank, this upgrade will shorten queues at the counters and it expects to transfer 25% of the transactions from the counter to the machines. OCBC bank has also estimated a gain of SGD6 million over the next five years as this upgrade will free the bank’s counter staff and allow them to focus on other transactions. At present, 3.5 million CD transactions take place over the counter annually.

      Aditya Gupta, Head of e-business, OCBC Bank Singapore says that the bank is working towards making daily banking more accessible to the customers.

      07th October 2015

    • Singapore shares rise up by 2.22 percent

      The Singapore shares have gone up by 2.22 percent in line with rest of Asia. The causal factors for this rise are the increasing oil prices and also the speculation that Federal Reserve will not increase the US rates of interest during this year.

      Straits Times Index have extended the gains for a 3rd session, with a sudden increase from 64.40 points to 2961.81 on a rally that was blue chip led by OCBC, DBS, Keppel Corp, UOB, Genting Singapore and Wilmar International.

      DBS banks jumped to 56 cents or 3.3 percent to SGD 17.48. Oversea Chinese Banking Corporation (OCBC) jumped to 26 cents or 2.9 percent to SGD 9.32 and United Overseas Bank (UOB) went up to 67 cents or 3.6 percent to SGD 19.52. Keppel Corporation climbed up to 26 cents or 3.8 percent to SGD 7.18, Genting Singapore climbed up to 4.5 cents or 6 percent to 79.5 cents and Wilmar International went up to 13 cents or 4.7 percent to SGD 2.89.

      The global growth forecasts were cut by IMF and the weak prices of commodity was cited. The forecast was that the world economy would witness a growth at 3.1 % in the current year and would go up to 3.6 % by the end of 2016. The two new forecasts are 0.2 % lower than what was forecasted in the month of July.

      06th October 2015

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