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HomeSocial NewsCIMB launches its first fully Digital Islamic Savings Account - OctoSavers

CIMB launches its first fully Digital Islamic Savings Account – OctoSavers

CIMB has launched its first fully-digital Islamic savings account known as OctoSavers Account-i.

Alongside, the bank also introduced the account’s accompanying debit card, the CIMB Octo Debit MasterCard.

According to CIMB, the new OctoSavers is specially curated for the convenience of new customers, with its opening and onboarding done entirely online. These processes are enabled through leveraging Bank Negara Malaysia’s electronic Know-Your-Customer (e-KYC) guideline, where the bank is able to fulfil its requirements for conducting customer due diligence through online and mobile channels. To further ensure contactless interaction, the new Octo Debit MasterCard will be mailed to customers upon successful registration.

Furthermore, the end-to-end digital onboarding also helps safeguard customers’ health during the pandemic, the bank noted. CIMB group consumer banking CEO Samir Gupta added that the introduction of OctoSavers Account-i and Octo Debit Mastercard is a significant milestone for the group’s digitisation efforts.

In addition, CIMB says that account holders are eligible to earn OctoPoints through OctoChallenge and OctoMissions within the CIMB Clicks mobile app. These points can be used to redeem instant rewards such as vouchers from online shopping platforms such as Shopee, Zalora, Grab and Lazada. Additionally, the bank noted that OctoSavers Account-i holders are also able to gain a waiver of the annual fee on Octo Debit Mastercard. 

Interestingly, new customers who are interested to apply for the account may do so via the CIMB Apply app, where the verification process through e-KYC will also be conducted. Meanwhile, existing CIMB customers with a savings or current account with a Malaysian address may apply via the CIMB Clicks website. It is worth noting that applicants for the OctoSavers Account-i must be aged 18 years and above, and are registered Malaysian citizens.

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