OCBC Closes 22 Branches Temporarily and Offers COVID-19 Relief

OCBC Northpoint Branch (OCBC photo)

OCBC will temporarily close its branches at Bishan, Bukit Batok, Bukit Panjang, City Square Mall, Holland Village, Hougang, Jurong West, Kallang Wave Premier, Marina Bay Financial Centre, North, NTU, NUS, Parkway Parade Premier, Paya Lebar Square, Serangoon Garden, SMU, Sun Plaza, Suntec City, Ubi, United Square, White Sands and Woodlands from 9 April to 4 May 2020 while all banking services will continue to be available at the remaining 24 branches. This includes all 19 branches that offer Sunday Banking Services and five branches with Safe Deposit Boxes at Centre Branch, Thomson Branch, Sixth Avenue Branch, Ang Mo Kio Branch and Bedok North Branch. Banking hours and services remain the same at these 24 branches.

SME customers can visit any of the 24 open branches. The Trade Service Centres at OCBC Centre South and OCBC Tampines Centre 2 remain open.

Its shared ATM network with UOB comprises over 1,200 ATMs island wide, as well as digital banking services continue to be available.

OCBC’s Next Generation ATMs across 23 locations can perform 80% of the most-frequently requested over-the-counter services including cash deposits, cash withdrawals above the daily limits, updating personal details as well as account- and card-related requests. OCBC launched encashment of OCBC Cash Cheques at these ATMs last month.

Check the bank’s website at www.ocbc.com for details and to use the branch locator function to find an available branch nearest to them.

Support for Individuals

All credit cards customers will have the minimum repayment reduced from 3% to 1% of their statement balance or S$50 whichever is higher for the next six months starting in April 2020.

The Special Financial Relief Programme (SFRP) for consumers will be available from 6 April 2020 to 31 December 2020.

Home loan customers can apply to defer either the principal payment or both principal and interest payments up to 31 December 2020. Interest will accrue only on the deferred principal amount and no interest will be charged on the deferred interest payment.

Credit Card and Personal Loans customers who have suffered a loss of 25% or more of their monthly income after 1 February 2020 and are at risk of incurring substantial arrears can apply to convert outstanding balances to term loans at a lower reduced rate of interest, capped at 8% compared to the 26% typically charged on credit cards. The term of the converted loan can be up to five years, depending on the customer’s ability to meet the minimum monthly repayment. Click here for more information.

Support for Companies

OCBC is offering its small and media enterprises (SME) customers the following support to tide over this period by helping to bridge cash flow shortfall.

They include:

  • Collateral-free temporary bridging loan of up to S$5,000,000 with flexible tenure, at lower interest rates.
  • Working capital financing of up to S$1,000,000 at lower interest rates.
  • Deferment of principal payments on secured SME loans until 31 December 2020, and extension of loan tenure by up to the corresponding principal deferment period. (Effective from 6 April 2020).

OCBC has also curated digital solutions that can help SMEs buy, sell and operate online.

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