Al-Wadi'ah Monthly Savings Account - Banking

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Al-Wadi'ah Monthly Savings Account

Whether you are getting ready for the Haj, marriage, or for your child's education, Al-Wadi'ah Monthly Savings Account helps you achieve your savings goals while protecting your beliefs. It helps you save a fixed amount every month for 24 months using the Shariah concept of Al-Wadi'ah Yad Dhamanah (Guaranteed Safe Custody) and the potential to earn Hibah¹ which is 4x² higher than usual savings or current account.

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¹ Hibah is a gift (in the form of dividend) given at the sole discretion of the bank. Click here to know the indicative dividends rates.

² Compared to normal savings account rate of 0.25% p.a. Subject to change.

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Benefits

Potential to earn 8x higher hibah than a usual savings or current account

Receive the full principal sum plus potential hibah in case of early withdrawal

Short 24 months savings period

Fixed monthly savings amount of as low as S$100 (S$50 via mail-in application)

No monthly account fees

Eligibility

Individuals aged 5 years old and above

For individual less than 18 years old, a trust account will be opened with parent(s)/guardian(s) who must be at least 21 years old

Minimum monthly savings of S$100 (S$50 via mail-in application) and in incremental multiples of S$10, and maximum is S$5,000

Fees and Charges

Early termination fee of S$30 applies if account is closed within 6 months from account opening date

Apply Now!

Apply Online

Apply by Mail

Visit any OCBC Bank Branch today with your identity card / passport and the minimum initial deposit to open the account.

Others

Indicative Hibah Rates

Frequently Asked Questions

Terms and Conditions Governing Automatic Standing Instructions

Terms and Conditions Governing Deposit Accounts

Deposit Insurance Scheme

Singapore dollar deposits held by or for an individual or a charity in accounts listed in OCBC Bank’s Insured Deposit Register (available at www.ocbc.com/policies) will be insured in accordance with and for up to the limits specified in the Deposit Insurance Act.