Public Bank offers 2.1%p.a for 20k - 6 months
this was two weeks ago.

OPINION!!!
currently stock market in m'sia still unstable as all the master looking at the Malaysia Stock Market didn't follow the trend
as global economics changed.
How you all predict in coming future?

Who are accumulating their capital and wait to enter into market now?
How you'll accumulating capital?
who build their capital through FOREX?

izit possible?

MilesandMore, actually i am quite impress with your exposures to the local banking industries as you knows quite a lot about them.

ok, i have a question, i heard that MBSB, is giving out 2.4% annually interest for 1 month fd. have u heard about it ? It is a sub company of EPF? I am chinese, i actually dont dare to enquire them as it isgovernment body.

my questionaire are,
1. are the MBSB FD opened to races and public?
2. is the money protected by PIDM ?
3. WILL OUR NAME SAFE? ( i mean, free of taxman )

if you have above information, kindly share with me. Thanks

With the current global condition where government strive to achieve economy growth for the country. FD rate are likely to stay low in order to encourage borrowing and also maintaining
our currency not over expensive compare to other country in order to encourage export. I think the word diversify should also be practice b'cos u could never get rich by putting ur money in FD seriously. May be some in stock, invest in business, buying funds.

U r welcome to visit my investment and trading blog : futurescorner.blogspot.com

Not all bank offer same FD rate because controlled by BNM? Can share wif me the knowledge?

The usual board rates do not differ much. It is always between 2% - 2.5% for total placement up to RM1 million and 1.5% - 2.3% for total placement more than RM1 million.

Thing is a bit different here compared to other countries. In other countries such as USA, the more money you put in FD in a bank the higher the interest rate will be whereas here in Malaysia it is the exact opposite

The FD board rates offered by banks in the USA also differ much. The difference can be as high as 1.5% for 12-month CD (known as FD in Malaysia) unlike here in Malaysia where the board rates are all the same.

The banks in Malaysia always have some kind of FD promotion every year but the promotion usually is for 3-month to 9-month placement only. I have so far no seen any special promotion for 12-month contract.



Thanks


Sorry. Have no idea what MBSB is.



You have to make sure that you are able to prove where did you get all the money from. Even if you just have all your money in a commercial bank that is that not owned by the government such as Public Bank, Hong Leong Bank, Alliance Bank or any of the foreign banks, when there are a huge amount of money inside your banks accounts BNM will monitor your accounts and if they see your source of income is questionable, then BNM, LHDN, MACC will all come to haunt you.


Agreed. An investment banker just told the press last week that BNM might keep the BLR/OPR at all time low until 2011 as the economy is still very fragile and he doesn't see BNM increasing the BLR/OPR anytime soon. Before that most bankers speculated we will see a rise in our BLR/OPR as early as the third quarter of next year. Not a good news to my FD

This post has been edited by MilesAndMore: Oct 14 2009, 01:13 PM

Some of the currently ongoing FD promotions.

RHB Bank


AMBank

MilesAndMore,

this sounds scary for someone who has not much financial and banking knowledge, normally how much money in the bank will trigger the government checking? it looks like even put money in the bank is also not a safe way!

no point to keep money in FD now. I dump all my saving in my Flexi Home loan, it saves interests 3.75%, better than keeping in FD.

Depends. Some people have RM200 million in a bank and the authority is not checking him/her. Usually these people are businessmen.

If you ask any lawyers or financial planners or even those people working inside banks, they will advice you to move your money overseas preferably in an offshore banking centre.

My dad knows a crook who was a Labuan born lawyer. He cheated other wealthy businessmen money through his fast food restaurant chain and a few other business plans in the 90s. He also worked with someone inside INNOSABAH to cheat his investors money. His investors sued him and he was later declared bankrupt and he could no longer practice law. But you know what ? He still drives a Mercedes-Benz and living in a big detached house in Kota Kinabalu ... This crook managed to moved all the money he stole to overseas before he was charged last time


Put your money in any local banks is definitely safe, be it a government linked company such as Maybank and CIMB Bank or complete privately held company such as Public Bank and Hong Leong Bank as long your money come from a proper source.

Many filthy rich people staying in Sabah make their money by smuggling beers, champagnes, tyres and a lot more from Labuan. These are not clean money and if they keep it in Malaysia and have many properties here then sooner or later someone from LHDN will go knock their doors. It is just a matter of time

i heard only our RM40,000 saving in bank r guaranteed by gov if bank bankrupt, if more than that amount, it considers "burnt" if bank closed, true ah?

I think the usual amount is around RM65,000+-, if my memory serves me correctly. But for now, PIDM will protect all our money in the bank until 31 December 2010.

You have nothing to worry though. No banks in Malaysia will go bankrupt. Not even the seriously ill Citibank. If you're still studying ask your Economics teacher to explain to you This was discussed briefly in Form 6 Macroeconomics.

in fact i really hope the bank closed coz my loan amount from bank is more than my saving if bank bankrupt & i no need to pay back the loan, that's great, i dun mind to "burnt" my saving in Bank But i know it's impossible, we still need to pay back loan if bank closed!

Instead of being shut down completely, the bank will be taken over by some bigger, healthier rival. So if you have a loan you will have to pay back them back someday somehow

This post has been edited by MilesAndMore: Oct 20 2009, 10:57 PM

ya lo, that's on dreaming...hv to wrok hard to settle my loan early, planning to settle my home loan within coming 4 years, hopefully co. no retrenchment.

Affin offers 2.5% for senior citizens on saving account with min. RM5k

Today received sms from cimb, interest rate of 2.55% if place FD 11 month today. Is it true?

2.55% is very high now ah? long time never follow up on FD rates, didn't know it is so low now. last time 3% already low, now worst.

CIMB currently have a FD promotion for senior citizen above 50 y.o. 1 year FD at the rate of 3.8%p.a., you can joined name with your parents/grandparents if u have not reached 50.y.o., Minimun deposit is rm30k. can call up CIMB bank for more details.

But from the information i gathered from CIMB BANK is a bit different. The promotional interest rate for senior FD for 1-month is 2.3% vs the 2.0% normal board rate. The T&C stated that the minimum deposit is RM50K and it must be fresh funds from other bank.