The feature's purpose is to be a strong defence against malware and phishing scams.

OCBC Singapore consumers will now be able to lock their funds in their OCBC bank accounts using the new OCBC Money Lock security feature.

The new feature, which will launch on 30 November, will allow OCBC customers to safeguard against unauthorised transfers.

Customers can lock funds via the OCBC Digital app or Internet Banking. Customers can lock a minimum of $10 in their accounts, and in multiples of $10, with the maximum amount being the available balance in the bank account.

Customers do not need to open a new bank account to use OCBC Money Lock. The feature is available to all new and existing OCBC current and savings accounts. Funds locked in the chosen account are aggregated with the funds that are not locked to calculate the interest to be earned. As a result, customers will not miss out on the bonus interest earned on their account balances for performing everyday banking transactions.

Lock funds cannot be unlocked using the OCBC Digital app or Internet Banking but by visiting OCBC ATMS or branches. Authentication at the OCBC ATM will require a physical ATM, debit or credit card, and PIN. 

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