CIMB launches 1st fully-digital Islamic savings account

by ASILA JALIL / TMR FILE pic

CIMB Bank Bhd and CIMB Islamic Bank Bhd launched the bank’s first all-digital Islamic account, CIMB OctoSavers Savings Account-i, together with the new CIMB Octo Debit Mastercard. 

The bank said the OctoSavers Account-i is specially curated for the convenience of new customers where the onboarding process is self-executed entirely on the digital platform. 

Meanwhile, the Octo Debit Mastercard will be delivered to customers via postal to ensure a convenient branchless experience. 

The fully online process for account opening is enabled by Bank Negara Malaysia’s electronic Know-Your-Customer (e-KYC) guideline, where CIMB is able to fulfil its requirements for conducting customer due diligence through electronic means, including online and mobile channels. 

CIMB Bank group consumer banking CEO Samir Gupta said the introduction of OctoSavers Account-i and Octo Debit Mastercard is a significant milestone for the group’s digital journey and is also timely especially in the current environment that has accelerated digitisation efforts. 

“The pandemic has not only fast-tracked our digitisation initiatives but also accelerated our efforts in charting an optimum, seamless and safe user experience, for the benefit and convenience of our customers. 

“We look forward to offering more innovative digital banking and Shariah-compliant solutions that are able to meet the customer’s on-the-go banking requirements online,” Samir said in a statement yesterday. 

Account-holders are eligible to earn OctoPoints through OctoChallenge and OctoMissions to redeem instant rewards such as vouchers from e-commerce platforms such as Shopee, Zalora, Grab and Lazada. 

The bank said these rewards are all managed within the CIMB Clicks application. 

Additionally, account holders are also able to gain a waiver of the annual fee on Octo Debit Mastercard. 

The financial group added that all offerings under the bank supports value-based intermediation, where practices and offerings in Islamic banking and finance generate positive and sustainable impact to the economy, community and environment. 

New customers who are Malaysian citizens aged 18 years and above may apply for the account via CIMB Apply application which is downloadable from Google Play and App Store. Customer verification process through e-KYC will be conducted in the app. 

CIMB said existing customers who have a savings or current account with a Malaysian address may apply for the OctoSavers Account-i through the CIMB Clicks website, however, the OctoSavers Account-i is currently unavailable for existing CIMB financing customers who do not have a savings or current account.