to be safe, better deposit more than 3k. let say ADB for month of october is rm3000. i have to topup another rm3000 on nov 1st so that i can enjoy 5%p.a for the month of nov ?

SC customer relations officer mentioned that there must be an incremental of ADB of 3K each month to enjoy Nov and Dec's bonuses but I can't find it in the T&C.

This post has been edited by kwokwah: Oct 2 2011, 05:29 PM

Technically, if account opened on 1 Oct 2011 and only have RM3000, just bring cash to be deposited, no need to use cheque lah
RM3000 is not alot of cash nowadays (30pcs x RM100) only.

I believe this does not APPLY to accounts opened between 1-Oct and 31-Oct.
Only for existing accounts opened before 1-Oct 2011.

If you open an account on 1-Oct-2011, please bring a cheque of RM3206.85 (assume cheque clears on 3-Oct) to be be eligible for the minimum ADB of RM3k.

IMHO, add-on to Nov is not necessary to earn the 5% as the Nov's ADB would be still RM3k (assume no withdrawals)

for existing SCB customer, they have to topup their CASA account and the promotion account also. Make sure ADB of CASA is more or same with promotion account. that means have topup at least rm6000 ??? 3000 in CASA and another 3000 in promotion account. is this correct ?

It was clearly mentioned that the account has to maintain minimum $3,000 to enjoy the 5% interest during the promotion period. Adding $3,000 after a month will mean your account maintain $6,000. If we need to do incremental deposit, then this doesn't seem to match what their rule said. In other word, they are breaking their promise.

No incremental deposit required for new account holder as far as i understand from their staff explanation. They told me that I will enjoy the interest as long as there is at least $3,000 in the account.

The rules for EXISTING account holders are more complex. I chose to ignore it altogether.

The main purpose of this program is to entice NEW customers to other SCB services like CASA, FD, CC, Priority Banking, Loan, ....

This post has been edited by ronnie: Oct 2 2011, 06:10 PM

Ronnie, thanks for your posts on the SC esaver 5% promotion.

For new customers who open this promo account in Oct, they can choose to close this account after 3 months (so sometime in January 2012 when this 5% promo ends 31 Dec 2011) without any penalty?

I presume this must be correct as there is no mention whatsoever of penalty for closures after this promo ends. The exception being where you close the esaver account within 3 months and there will be rm 20 fee.

Also, SC could have done better with their clause here (the way it's written). It can be a little confusing if one does not read this carefully.
4. Eligible Customers will enjoy a total special interest of 5% p.a. on the amounts in their Promotion Accounts which satisfy the conditions set out below, for the months of October, November and December 2011 ("Bonus Period"). This special interest consists of bonus interest ("Bonus Payments") plus interest at the effective interest rate then applicable to the Promotion Account.
i.e. Bonus Payments rate = 5% p.a. – effective interest rate p.a. on that account

For existing customers it should work like this: CASA incl. all savings & current accounts (esaver and super salary included). They don't want you to shift funds from existing CASA to promo accounts. If you shift it will have incremental ADB for promo but not CASA (no increase). If you put new funds in promo while existing CASA remain you will see same incremental in both. Go figure, it took me some time to understand.

so true. their description is so confusing.

7.2 To be eligible for Bonus Payments in any month of the Bonus Period:

(a) an Existing Customer must have an Incremental ADB in that Promotion Account of at least RM3,000 during the Promotion Period. Customers who do not satisfy that minimum incremental criteria will not be eligible for any Bonus Payments in that account even if they achieve a higher Incremental ADB in later months; and
(b) the overall Incremental ADB in that Existing Customer's CASA Accounts in that month must be equal to or more than the Incremental ADB in their Promotion Account in that month.

Looks like the holder needs to top up NOT just their esaver account but their OTHER CASA (current a/c/savings a/c) accounts too. So in total, minimum top up (assuming on 1 Oct) is 6000??

So many uncle aunty came for the promotion but all came empty handed.
Not yet withdraw from other bank and some bring cheque book. Aiyah, cheque also need few days processing time mah.
I come with RM100 x 30. Kautim cerita.

you can always open the account to get the account number first. Subsequently, put Cash into their Cash Deposit Machine..... Best approach for uncles/aunties with loads of cash.

ADB in CASA must be equal or more than ADB in promotion account. Its unfair for existing SCB customer. they have to topup another 3k in CASA just to be qualified.

Got a question here. Is BSN (Bank Simpanan Nasional) fixed deposit guaranteed by PIDM?

I went to their website and they didn't mention BSN.
http://www.pidm.gov.my/About-Deposit-Insur...ution-List.aspx

Thanks.

BSN is guaranteed by the Government, right ? Better than PIDM

All banks are interested in getting new customer base and new fund. Just like the promotion rate offers by Hong Leong and UOB only applicable to new funds deposited.

The cheque is posted on 3-Oct-2011 for the eSaver account opened on 1 Oct 2011. Now just need to wait for month-end to collect my 5% p.a. Bonus Payment

I opened an account today and the guy got me to sign up a saadiq savings account forms saying its the same. Can someone confirm that the forms and account type is eSaver and not Saadiq type?

You were right Ronnie and the bank staff who attended to me was wrong.
Same situation for me but there are two balances in the online account, one is "running balance" which is the amount of the cheque, and the other "available balance" is 0 (cheque not cleared). Which balance will they use to calculate the ADB?

This post has been edited by MGM: Oct 3 2011, 04:51 PM