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 higher² than usual savings or current account.

Hibah/Dividend

Benefits

• Earn 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$50
• No monthly account fee or service charge

Requirements

• Individuals aged 15 years and above
• For individuals less than 15 years old, a joint account will be opened with parent(s)/guardian(s) who must be at least 21 years of age
• Minimum monthly savings of S$50 and in incremental multiples of S$10, up to a maximum of S$5,000

Apply Now

• Visit any OCBC Bank branch today with your identity card and the minimum initial deposit to open the account. For non-Singaporeans, please bring your passport and employment pass/work permit.
• Apply Online through OCBC Internet Banking
• Mail-in Application Form (see below for documents required)

  Documents for Mail-in Application

  • For Singaporean & PR: Copy of NRIC (front & back).
  • For foreigners, copy of passport and employment pass/work permit.
  • If you do not have an existing OCBC deposit account, please submit any one of the following documents latest original document reflecting the same name and address indicated in the application form:
    1. Telephone bill generated by SingTel, M1 or Starhub; OR
    2. Any bank statement (savings, current, credit card or personal credit statement).

Fees

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

Deposit Insurance Scheme

Singapore dollar deposits held by or for a non-bank depositor 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 and Policy Owners' Protection Schemes Act 2011 of Singapore.

Notes

• 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 0.125% p.a. Subject to change.