CIMB introduces OctoSavers, a fully digital Islamic savings account

• Account opening and onboarding process done entirely online
• Account opening procedure leverages on Bank Negara’s e-KYC guidelines 

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

The OctoSavers Account-i is specially curated for the convenience of new customers as the account opening and onboarding process are done entirely online, the bank said in a statement. 

Meanwhile, customers' debit card will be mailed to customers, thus ensuring a convenient branchless experience, it said.

The fully online account opening procedure is made possible through leveraging Bank Negara’s electronic Know-Your-Customer (e-KYC) guideline.

WIth it, CIMB is able to fulfil its requirements for conducting customer due diligence through electronic means, including online and mobile channels.

The bank said the new end-to-end digital onboarding helps further safeguard customers' health during the pandemic as they do not have to set foot in a branch.

“The introduction of the OctoSavers Account-i and Octo Debit Mastercard is a significant milestone in CIMB’s digital banking journey.

“The pandemic has not only fast tracked our digitisation initiatives but also accelerated our efforts in charting a seamless and safe user experience for our customers,” said Samir Gupta, chief executive officer(CEO), Group Consumer Banking, CIMB Group. 

“We look forward to offering more innovative digital and Shariah-compliant solutions that are able to meet the customer’s on-the-go banking,” he added.

The CIMB OctoSavers Account-i offers  instant rewards along with other benefits, CIMB said.

Account holders can earn OctoPoints through OctoChallenge and OctoMissions to redeem instant rewards such as vouchers from popular online stores and e-wallets such as Shopee, Zalora, Grab, and Lazada – all managed within the CIMB Clicks app, it added.

Additionally, account holders will also enjoy a waiver of annual fee on Octo Debit Mastercard.

New customers who are Malaysian citizens aged 18 years and above may apply for the OctoSavers Account through the CIMB Apply app, which can be downloaded from Google Play and the App Store, CIMB said.

The customer verification process through e-KYC will be conducted in the app, it added.

Meanwhile, existing CIMB customers with a savings or current account with a Malaysian address may apply for the OctoSavers Account-i here.