What you need to buy is a Banker's Cheque. Once you buy the Banker's Cheque (Maybank charge RM5 if i'm not mistaken), deposit it into Affin Bank/Public Bank. When the Banker's Cheque is cleared which usually takes 1 - 2 working days, then go back to Affin Bank/Public Bank to open the FD account. You can ask them to separate it into 10 FD accounts or just put all into 1 FD account.


The withholding tax on interest earned from FD has long been abolished. Therefore, it is absolutely not necessary to divide your money into so many FD accounts.

Besides, when the withholding was still in place. People always divided their money into RM100k maximum per FD account to avoid the 5% withholding tax. So it was not less than RM100k.


Please refer to the post above.


Every banks have different rules. You should refer to your bank. As far as i am concerned, many people i know used to have more than 10 FD accounts at HSBC but not anymore. Not anymore since the 5% withholding tax was abolished anyway.


Since the 5% withholding tax had been abolished, you do not have to separate your RM1 Million into 10 FD certificates. Just put everything into one FD certificate. There is absolutely no tax to worry about.

This post has been edited by MilesAndMore: Aug 25 2010, 12:07 PM

Do we have to pay for the cheque ? I usually buy a banker's cheque from them when withdrawing my dividend earned from ASNB products and their banker's cheque is very expensive compared to Public Bank, CIMB Bank etc.

Overseas bank like UOB Bank ? I think not. I am never a customer of UOB Bank so i am not sure why they told you otherwise. Anyway, major foreign players such HSBC, Standard Chartered and OCBC Bank told all of their customers that the 5% withholding tax had been abolished. The rule is regulated by LHDN and it shouldn't be any different for UOB Bank.

Oh ... it's the corporate one. May be that is why it is different. The 5% withholding tax that was abolished is the individual one.

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

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.

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

Certain banks such as AMBank and Alliance Bank can offer you a higher interest rate if you can commit to a 5-year contract. Anyway, if it is just for 12-month tenure or less, then the interest for all banks are more or less the same. Banks such as AMBank and RHB Bank are offering 3.10% for 12-month tenure while Agrobank and Affin Bank are offering as much as 3.30%.

Unfortunately that is the best you can get so for for 1 year placement. Anyway, you can expect the interest rate to go further up next year.

Not quite true. Unit trust is amanah saham too.

No

All these answers can be found in the ASNB thread.


For the non-Bumi, fixed price ASNB funds are hard to come by. Moreover, even the Bumi portion of ASW2020 has fully subscribed. This is why the next alternative is time deposit unless you want to go for something of higher risk that may potentially yield a much better return.

They extended the Top Rate FD twice already in just these few months.

If you just max out your wife's ASB just 2 years ago then the average return for the last 2 years should be around RM15k - RM16k only. You've been giving ASB too much credit by saying RM20k/pa and rising Besides, you won't get the full bonus as you need to consistently to have the same amount of money in your ASB in order to get the full bonus.


Is that pure time deposit or bundled with other investment products ?

Alternatively, one can consider the RHB Bank Commodity Murabahah Deposit-i. This is a type of Time Deposit account. You can choose to take an upfront payment, monthly, quarterly and so on. This is similar to HSBC Amanah Term Deposit-i account. From what i understand is that the HSBC Amanah Term Deposit-i money is invested in Malaysia crude palm oil.

By the way, rates listed below are all regular board rates

A few possibilities >
- to prevent capital outflow
- to attract new deposits
- to strengthen their deposit base
- playing a catching up game with the big players
etc.

It's an endowment plan and this is a pure fixed deposit thread. Please do not mislead other people here.

That's true. They will mail the receipt to your correspondence address.

It will automatically renew each time it matures as per your instruction for a period of 7 years. After that you will need to give them a new instruction. This is how it works with HSBC. I'd assume it's the same with all other banks too.