CIMB bank also.

ADB of >=rm3000 is used as the critiria for bonus entitlement. Is it used to calculate the interest?
Like for your case Int=deposit*5%*26/365 ?

ADB is used for the 5% bonus calculation.

How is the ADB used to calculate the interest, any idea?

Interest = ADB * 5% * Total Number of Days (used to count ADB) / 365

Are u sure?

Lets say
1. open a/c on 1-OCT-11 and deposit cheque rm62000 which cleared on 5/10/11
ADB=62000*26/31=52000.

2. open a/c on 5-OCT-11 and transfer funds by RENTAS which will be credited into SCB a/c on same morning ADB=62000*26/26=62000.

Which means option 2 gives more interest?

Option 1 is calculated wrongly
ADB = RM62000 x 26 / 31 = RM52000 in October
Interest = RM52000 x 5% x 31 / 365 = RM220.82
* this is best guess *

Option 2 will give ADB of RM62000 in October
Interest = RM62000 x 5% x 26 / 365 = RM220.82

Both calculation yields THE SAME INTEREST... interesting

Option 3 - Makes more sense to RENTAS on 3-Oct-2011
Interest = RM62000 x 5% x 29 / 365 = RM246.30


This post has been edited by ronnie: Oct 6 2011, 09:05 AM

If same amt of interest, better opt for option 1 less procedure & the rm9 RENTAS fee.

Anybody knows how to calculate;

1) FD with add on interest?
2) FD with intrest pay out to savings acc?

Which is beter for us as customer?

is standard charted bank opening this Saturday?
apply to all branches?

Yes.. open every Saturday for this month for all branches..

you must also state the maturity date and interest rate for comparison

Opps sorry..

FD with 3.6% pa for interest reinvest (not sure the correct term)

FD with 3.8%pa for interest direct credit to savings account

Anybody know how to calculate? Say put RM10K for 1 year?

u can do a simple excel to calculate the interests...
the fixed one 3.8% will be a bit higher (to be exact, around rm12)
do consider if it is a 12 month FD - meaning you lose the flexibility to move the funds around

The correct term : Compounded interest

Today opened SCB e$aver account.
If you are totally new to SCB, you can deposit by chq and the interest calculation will start from the date of chq deposit.
If you are existing customer, then interest calculation will start from the date of chq clearance.

I don't have any account with SCB but from their system, I was recognized as existing SCB customer probably due to old closed account. I opened the e$aver account with zero balance then RENTAS the fund over from other bank. More worth it to RENTAS if the deposit amount is more than 50K.



For RM10K, the different between interest reinvest or direct credit to SA is too insignificant. Just go for the 3.8% FD.

This post has been edited by aeiou228: Oct 6 2011, 04:08 PM

Thanks for the clarification..... Can earn 2 more days of interest.

Just did a while ago
Not bad quite easy

what is the charge to send by RENTAS?

Maybank E-FD is good because you can uplift at the day of maturity.

Maybank got some FD promotion now, but can only do it over the counter.

This post has been edited by soul2soul: Oct 6 2011, 02:54 PM