bro is that acc compounded int?

This post has been edited by sweetpea123: Sep 28 2010, 09:29 PM

No, it isn't. Interest will be credited MONTHLY into your Junior Savings acc. Note the word JUNIOR FD and JUNIOR SAVINGS . It's meant for parents and their children. You can always ask your close relatives with children (provided u trust them 101%) to place the deposit for you.

This post has been edited by michaelho: Sep 28 2010, 09:50 PM

Ic, i my self already a parent of 1

6.75% but long term under insurance institute

Can i ask about the fixed deposit here? if let say i put 300k inside for 5 years. then maybe the 3rd or 4th year i wan to take it out, is it all the interest will gone? and wan to ask if wan to put the 300k back to savings need how many days? thanks alot.

You should opt to place your FD tenure to 1 year. It will automatically renew every year. The rate for 1 year & above is the same...

Just make sure your FD is withdrawn after 7 years else it will go to "Unclaimed Money". Once it's placed there, you money won't earn any interest.

Oh ya, since you're placing 300k, do ask the bank to give you special rate... Most likely they will grant slightly higher rates for you

This post has been edited by Thrust: Nov 18 2010, 09:46 PM

lolz, 300k for just tenure 1 year also got special rate? i tot above 1 year oni the rate is higher eh. Then how many days i can get back the money if i really need the money for urgent for example?

Hhmm.. why don't you do it like this:-

You split your placement to 100k each. First 100k, opt for 3 month placement, then 2nd 6 month & 3rd 1 year. Although the interest will be slightly lower, you can get the flexibility of withdrawing your FD in case you need it urgently.

The FD interest rate is maxed out at 1 year. More than that is the same. Some banks does offer higher rate if you placed like 24 or 36 months with them but who knows when you might need the cash. So placing tenure of more than 1 year is a "NO-NO" to me. Don't be tempted by the slight increase in rates.

i heard from my relative she placed 500k with a bank. the bank offers the rate very high i think 6-7% per annum. and if let say reach 3rd or 4th year,if need take out 100k out also can,and the interest still will count back for her..duno real anot and how they count the interest...i tot if before the tarikh matang,all interest will be forfeited eh.

It's best you ask your relative which bank she placed in & check with the bank whether is there such an offer. Based on my experience of working in a bank, there's no FD placement that's giving out 6-7% interest unless it is a package tied to some other promotions where you need to invest in UT or some other funds.

If you withdraw your FD before the "tarikh matang", you won't lose all your interest. You will lose maybe 2/3 of it. That is why it is not advisable to withdraw the FD before it hits the maturity date. FD rates is already low & deduct the penalty of early withdrawal, you're getting a very2 low return.

No. You will not loss all the interest earned. However, you will loss some of the interest already earned.



Not quite true. Certain banks do higher much higher interest rate for time deposit placement above 1 year. For instance, AMBank. The interest payout frequency for AMBank time deposit of more than 1 year placement is on a 6 monthly basis.


I highly doubt so. Especially with the big banks ... As a matter of fact, the interest rate for 12-month placement will dramatically decrease if your total deposit held with the bank is more than RM1 Million.


The money will be credited back to your account right away, depending on your instruction. Basically it means once you ask them to close the account, you'll have access to the money right away.


Definitely linked to some other products as Thrust said. The days of 6% - 7% interest for time deposit are long gone

This post has been edited by MilesAndMore: Nov 18 2010, 10:53 PM

300K for 3 and 6 months also got special rate at some banks.

As Thrust said, split the 300K to 100K or even less.


Please let us know which bank gave your relative 6-7% for 500K FD.

Erm.ok..let say 11am i wan to close the FD, then what time can i get the money back, let say i really urgent need the money?

11.01am

not so fast la...within 30mins time, 300k is a big amt will need some time to do some paperwork at back office

Give them a few minutes. Every banks do things differently. Certain banks require signatures from several different senior bankers before they can allow the money to be withdrawn.

Should take PIDM (Perbadanan Insuran Deposit Malaysia) into consideration whereby should banks land themselves into some unforeseen circumstances, your deposits is protected up to RM60,000-00.That's the reason why some prefer to deposit in different banks.

if they say need 1 day then is it something fishy?

Tell them to f*** off. You don't need one day to close the account and you certainly do not have to wait for one day before you can have access to the money. I am very sure on this