OCBC not compounding interest or profit during six-month moratorium

OCBC Bank (Malaysia) Bhd and its subsidiary, OCBC Al-Amin Bank Bhd will not be compounding interest and profit for mortgages and small and medium enterprise (SME) loans/financing during the six-month moratorium period. — Reuters pic
OCBC Bank (Malaysia) Bhd and its subsidiary, OCBC Al-Amin Bank Bhd will not be compounding interest and profit for mortgages and small and medium enterprise (SME) loans/financing during the six-month moratorium period. — Reuters pic

KUALA LUMPUR, March 26 — OCBC Bank (Malaysia) Bhd and its subsidiary, OCBC Al-Amin Bank Bhd will not be compounding interest and profit for mortgages and small and medium enterprise (SME) loans/financing during the six-month moratorium period announced by Bank Negara Malaysia (BNM).

OCBC Bank chief executive officer Datuk Ong Eng Bin, in a statement today, said this would apply to both mortgage and SME customers.

He said this means the customers will not be charged any interest on the interest arising from the moratorium period.

“These are both trying and uncertain times. So, we are seeking to alleviate our customers’ burdens as much as we can.

“Although compounding might be allowed for, we have elected not to do so in light of the pressing circumstances. We hope our customers will continue to exercise prudence in their spending during these challenging times,” he said.

Further information on the bank’s relief measures along with the relevant FAQs are available on www.ocbc.com.my. For enquiries, call OCBC Bank’s contact centre at 03-8317 5000. — Bernama

Related Articles