FORGET about getting a bluetooth headset or an alarm clock. Rice is now so pricey that local banks are giving away bags of it to tempt customers to sign up for financial products.

It might go against the grain for people expecting posher inducements, but rice prices have almost doubled in the past six months - and banks know a valuable commodity when they see one.

At OCBC Bank, existing credit card members who sign up for an EasiCredit account can stock up the larder with a 5kg bag in the form of a $10 supermarket voucher.

Mr Wong Chung Yee, head of unsecured lending at OCBC, said: 'We strive to reward our customers with gifts that they find useful and desirable.'

UOB Asset Management has been giving rice to investors who subscribe to its United Commodities Plus Fund, which was launched on May 5.

But the firm said 'the rice distribution is largely symbolic of a component of the fund', which offers investors exposure to indexes tracking the energy, precious metals and agriculture markets. It is also easier to hand out than a barrel of oil.

And Citibank's offshore private bank in Singapore uses rice as an internal indicator of performance - a trophy that employees can proudly display at their desks.

Some private bankers in the unit - Citibank International Personal Bank Singapore - were rewarded with bags of rice in April when they performed well.

The Straits Times understands that the first 18 bankers to hit sales targets for that month won rice, as well as natural sunflower oil.

The rewards are tongue-in-cheek and do not replace the usual cash incentives - which must have come as a relief.

A bank employee said in an e-mail that 'commodity prices are so high now...our rewards have become like this'.