so little affin branches for fd hmmm

Can we Malaysian open this account?

Its really a high payout time deposit..

I also want to know how it work out.. seem interesting..
check the net..
2 month 13.42%pa

Do it calculate like that :

seen Minimum deposit of VND 10,000,000 converted = Rm 1450~+-

than if I bank in two month :

RM1450 *2/12* 13.42% = my interest?

How about the bank fee?

I very no sure about foreign currencies..

now a day, foreign country economy no stable...

Those super high rate currency, generally has considerably high risk of its currency depreciation.

Generally those country is under severe inflation problem, thus having high interest rate.

Hi guys, I got a question about FD which I'm not sure about. Hope can get explaining from expert here.

Let say I have 100k right on hand now, and I intend to put it as monthly (with auto renewal) FD in bank with the interest is 3% per month. Meaning that I will gain 3% / 12 months * 100k?

This post has been edited by fylon: Sep 14 2011, 02:17 PM

yes, u earn around RM250 per month

And you get compound interest every month..

Only if your instruction is to renew the whole principal + interest.

Absolutely..

Thanks so much for the info guys! Was helping my dad to clear her doubt actually.

Update:
This technique does not work on UOB. UOB needs fresh fund only.

When FD matured take out the money from one counter and bank in trhu another counter, then it is considered as fresh funds. Did that early Sept.

maybank 4.1% - 6 months

Minimum Placement
•RM20,000 for Individuals
•RM50,000 for SME
•RM50,000 for Business Banking

from 9 September 2011 until 9 October 2011 only

For FD promo rate, your method whether can work or not is depending on the bank (use strict bank policy or flexible personal relationship).
Fresh fund means a check from a different bank.

Based on your story, apparently your bank did not require fresh fund for the promo rate; or perhaps your bank did it flexible for you.

For UOB FD promo rate, UOB wants fresh fund only, strictly no negotiable for existing fund.

---

Added on September 18, 2011, 12:12 pmLet's make this information more accurate for May Bank's 4.1% FD on 6 months tenure:

For 1st and 2nd month: 3.1% (3.1% for the first 2 months)
For 3rd, 4th and 5th month: 3.25% (3.25% for 3 months)
For 6th month: 4.1% (4.1% for last 1 month)

So, the average FD rate for 6 months from May Bank is only 3.34% pa.

I think so far UOB 's FD rate is more competitive at 3.5% pa for 6 months tenure.

This post has been edited by BoomChaCha: Sep 18 2011, 12:12 PM

I will agree with MGM that the method will work since we withdraw it out as cash and not in cheque form. Done it with UOB, withdraw as cash and then reopen another FD at same counter (so no cash was actually given to me) BUT did top up a bit.

Oh.. I had never thought about withdraw cash from FD and re-deposit cash into new FD

FD 3% when will it increase more? My 50K FD only return RM125 a month, so pathetic!

I will go for Hong Leong Bank's 3.8% pa for 1 year tenure.

If you have a kid, you can consider 4.5% pa for 2 years tenure (in Hong Leong Bank)

Or you can consider 3.5% pa for 6 months tenure in UOB.
Or 3.4% pa (average from 3 months) for 3 months tenure in UOB.

I do not put FD for 1 month term now.

The ROI % just not good enough.

Low risk low return, my friend