SCB

Went to see SCB officer, this is the info. for new account holder, i asked only for new account.

Starting 1/Oct, open e$aver account or supersalary(?) account, with minimum of RM3000,
you will enjoy 5% interest.

condition is you must maintain RM3000. (average daily balance)
interest is calculated daily (logical coz you may add or withdraw any day between 1/Oct to 31/Dec2011, see scenario B)

Example

Scenario A
1/Oct I put in RM 10,000.
the interest is RM 10,000 x 0.05/365 = 1.370 per day
no withdrawal in Oct.
then the interest I earned is RM 1.370 x 31 = RM 42.47 (Oct interest)
no withdrawal in Nov
then the nov interest is RM 1.37 x 30 = RM 41.10
Oct plus Nov interest earned = RM 83.57

Scenario B
If 1/Oct -31/Oct, balance is RM 10, 000 but on 15/nov, deposit RM 3000
then
1/Nov- 14.Nov, interest earned RM 1.37 x 14 days = RM19.18

15/Nov interest for that day RM 13,000 x 0.05/365 = RM 1.78
meaning
15/Nov to 30/Nov, interest earned RM 1.78 x 16 days = RM28.48
Oct plus Nov interest earned = 42.47 + 19.18 + 28.48 = RM 90.13
account can be closed after 31/Dec/2011
no need ATM card unless you want to pay RM8 per year

SC T&C requires a min of "ADB" of 3K throughout Oct (31 days). It means that if you deposit 3K on 1/10/11 and maintain it for 31 days,it's OK. If you open the account on 11/10/11 then you need 4.4286K. That is 4.4286 x 21/31=3. If you open the ac on 31/10/11 and it'll be 93K. Wah lau !

Better be quick if you want to take advantage of the promo.

let say i deposit rm3k, for three month i will only get rm37++ rite? izzit consider high compared to other bank?

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.

Thanks Ronnie. Not sure whether BSN is guaranteed by the Government. But I did come across an article by a newspaper a few years ago where it mentioned that PIDM guaranteed for BSN. But then I would prefer it to be official as in PIDM states it at their website.

Wonder anyone else knows the answer to this? Thanks.

A lot of banks offer higher interest rates for competitiveness. however, as we look into it on how the interest given then u will see differences.

For Eg:
UOB offers 3.85% FD promo rate.
condition: 30% of the amount placement hold for 3 mths in High Yield Account (with 0.2% interst) where it will be released proportionally each month.
thus, effective rate is only 2.755%

CIMB offer 4.5% FD rate.
condition:
1-3mth: 3%
4-6mth: 3.1%
7th mth: 3.4%
8th mth: 4.5%
thus effective rate is only 3.28%

Maybank offer 4.18% FD rate:
condition:
1-2mth: 3.1%
3-5mth: 3.25%
6th mth: 4.18%
thus effective rate is 3.36%

RHB offer 3.7% FD promo rate.
condition:
1-2mth: 3.45%
3-4mth: 3.5%
5-6mth:3.55%
7-8mth: 3.7%
thus effective rate is 3.55%

Wow, mind to show the way you come out with the effective rate?

hi guys, any account maintenance fee or acct opening fee that we need to pay?
thx

Standard chartered offer 5% but with T&C. n the 5% bonus is based on the incremental amount only if not mistaken. n the min amount in the account is rm3K.
should calculate the total $$ u may get n the capital u have in order to enjoy the 5%.

The above policy applies to exiting customers only.
Existing customers will get 5% interest on each month top up of each single deposit only, not
flat 5% rate for 3 months of total deposits.

For example, exiting customer A makes a deposit for 3K in October, then a 5% rate for 3K will pay to existing customer A.
Then, existing customer A makes another deposit for 4K in November, a 5% rate for 4K will be paid; but the 3K deposit made in
October previously will not get 5%.

For new customers, they can make deposits anytime (or top up) during October only.
New customers will get flat 5% interest rate for 3 months from October to
end of December 2011.

Interest will calculate on daily basis.

Then add RM10 or RM100 cash , settle  . According to definition CASH is new fund.

ronnie: I kind of missed the offer rates after 17 Oct, thanks for highlighting. As you can see from above, MNet has posted above my "hard work" where I have updated it.

But updated it further at my blog, it seems UOB also also offering 3.5% 3.6% and 3.8% for 6, 9 and 12 months with RM25K, fresh fund of course..