Published February 9, 2009

$360,000 to be won in OCBC cash draws

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OCBC Bank is going retro, bringing back cashdraws for all savings and current account holders, including customers with children's savings accounts.

OCBC is offering a $200,000 top cash prize; 20 consolation prizes of $1,000 in the grand draw to be held on Aug 30.

In announcing the draws, which will offer cash prizes of $360,000, the bank observed that growth in savings and current deposits in 2008 has outpaced fixed deposits as customers favour liquidity in the face of economic uncertainties.

The bank has also observed a three-fold increase in the number of new accounts opened for monthly savings plans.

'In today's economic climate, when everyone is focusing on getting back to the basics, we felt that cash prizes would be the most appropriate as they will give our customers greater financial freedom,' the bank's head of global wealth management Nicholas Tan said in a release. OCBC is offering a $200,000 top cash prize and 20 consolation prizes of $1,000 in the grand draw to be held on Aug 30, 2009.

In addition, customers also stand to win other cash prizes ranging from $5,000 to $20,000 in six monthly draws, plus a mid-draw on May 31 this year.

The draws will be open to customers who maintain deposits with the bank from Feb 1 to July 31 this year.

As an added incentive to save, OCBC is giving customers an extra interest of 0.8 per cent per annum for 38 days if they deposit additional funds of at least $5,000 into their existing OCBC personal savings or current account.

To enjoy the extra interest, the funds have to be maintained with OCBC Bank for the next two consecutive months.