No, unless being instructed in the first place.

If not mistaken, 7 years is the time, that being classified as unclaimed money category, aka the money will be sent to BNM in the unclaimed money pool.
You still can claim back, just paper work is needed.

It come with condition, to be a premier customer (with deposit or investment of 200k + sign up credit card

Recently, there is plenty of promotion going on around, as far as I came across the advert.
UOB -
3.2% 6 months
3.5% 12 months

OCBC
3.15% 3 months.
3.25% 9 months

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Added on February 19, 2011, 1:50 pmAmbank
8 months, 3.3%
60 months 4.3%

This post has been edited by cherroy: Feb 19 2011, 01:50 PM

There is no such thing FD saving plan.

FD is FD, fixed deposit.
Saving plan is saving plan -- it is insurance product.

I highly doubt any insurance saving plan can give 8-10% interest.

Please post up your "proof", and don't misled people.

If not willing to share, please keep it yourself and don't promote.

If the product can give guaranteed 8-10%, there is nothing secretive.

BNM doesn't allow secretive of investment product.

There is no such thing called FD saving plan, as far as I know.

FD is FD
Saving plan - is an insurance product.

If not mistaken.

7 years of inactivity, money will be classified as unclaimed money and send to BNM, (all type of account)

You still can claim back, with valid documentation, just a bit troublesome paper work.

Please do not compared saving plan with FD.

Saving plan is an insurance product.
You cannot pre-mature withdraw saving plan without hefty penalty.

FD can.

Fresh fund.

Any account deposit in banks are guaranteed up to 250K.

Even smaller bank cannot compete with large bank, it doesn't mean they will bankrupt.
Mostly they will be acquired or merged.
Even any finance institution facing difficulty, BNM generally will step in, although it is not a must, but from the pov of systemic risk to the financial system/market as a whole.

So risk is very very minimal.

Instead one should look for which provide better service, not to worry more about which is too small to compete, as long as the bank is working perfectly and financial healthy, risk is very minimal.

This is insurance scheme under PIDM.

250K is per account per bank basic.

Don't worry too much on this, this is worst to worst scenario only.

DO NOT compare FD with saving plan.

FD, I can withdraw whenever I like/need, even pre-maturely, I only lose out portion of interest, initial capital is intact.
Saving plan, pre-mature withdraw causing hefty penalty, initial capital is loss.

35 years if not withdraw capital?
I might be not around anymore.

Added other interest?
Not guaranteed portion can come with zero.
You never know.
Something cannot assure, please don't include into the calculation.


This post has been edited by cherroy: Mar 19 2011, 04:30 PM

It is offered to Citigold customer, be it existing or new.

New customer to eligible for Citigold, >200k deposit/investment.
Existing customer, top up new fund in saving/current account, 5.5% is given until 200k, fund more than 200k, not entitled 5.5%, back to ordinary prevailing rate.

Again, it is third month 8.88%, not 3 months 8.88%.

One time.

This, it depends on bank.
Some banks FD mature date policy is adjusting according to working day.
For eg.
If the mature date is Saturday aka 24th, some bank system will automatically shift the mature date to 26th (Monday, working day)

Most foreign banks have this kind of policy, matured date is always working day.

100%, I don't know he/she knew what he/she is talking about.

Dual currency investment is about
You buy (can sell also) a particular foreign currency at a strike rate, when the DCI reach the maturity date, it will compare the rate at particular day vs your strike rate.
If the existing rate is lower than your strike rate, your money in the investment, all will be converted to the foreign currency at strike rate + pre-determined x% interest rate.
If the existing rate is higher than your strike rate, your money remain in RM, but you will get x% of interest rate. The x% is pre-determined when you log into the DCI time, can be varied drom 3-15%, depended on volatility of forex market, there was once reach >20-30% when the financial crisis strike time. But currently, impossible to get such a rate, as market is relative calm across.

DCI time frame can be 1 week, 2 week, 1 month, or 2 months.
Even your DCI can generate 10%, it just means 10% pa for 1 week or 1 month only.
100%?

You are subjected to forex risk, aka if your money converted to foreign currency, and the foreign currency drop, you stand a chance to lose your capital.
For eg.
You do DCI vs USD when RM3.50.
USD drop, your money being converted, while you get x% of interest rate for the particular period.
USD drop to Rm3.02.

You lose >15% in the process.

This post has been edited by cherroy: Apr 6 2011, 09:16 PM

Nowadays, it is a bit reverse.
More money doesn't necessary mean can get better rate.
More money can mean lower FD rate as well due to Tier 2 imposing.

DCI can offer better strike rate than board offering rate (even with discounted board rate)

And when forex market is volatile time, (currently not), the interest rate offering can as high as 15-20%.

Currency trading means you need to exchange the money to foreign currency, while DCI offer an opportunity not to, while getting extra interest rate on it.

It is best suit to one not mind money being converted, while if converted can get better exchange rate than normal.

1) Yes. But it doesn't worth, normal FD rate already 2.75%, 3.63% only a little bit higher than 2.75%.

2) 2 weeks, the tighter and shorter tenure is preferred due to high interest rate can get.
Keep it as GBP in foreign currency account/FD.