BSN 3.15%. I once heard the BSN staffs told me they often fail in marketing plans though the FD rates offered is the highest.
Plus the interest is guaranteed.

Basically, its a FD savings plan involve no investment at all and interest are guaranteed. Hong Leong Assurance offer a skim like that. If you're interest to know more, you can PM me or call me for further details.

Hahaha, HLA offer something 14% interest?

All saving plan, interest are guaranteed lah. But not as 14% on your capital as claimed, this I can assure. 14% interest, everyone become rich by this kind of return rate.

Saving plan is saving plan.
FD is FD.
Saving plan is never a FD.
Please don't mislead people.

FD saving plan?

Try to surrender any saving plan or pre-mature cancellation of saving plan, see how much you are getting back.

There is a blog explained the real situation.
http://malaysiapersonalfinance.blogspot.co...aving-plan.html

Also put 12.5%, quite near to 14% as well.

If one is talking about HLA cash builder, please proceed to here. This has nothing to do with FD at all!
https://forum.lowyat.net/topic/1231190/+20
There are detailed analysis as well.

Saving plan is not FD

This post has been edited by cherroy: Aug 20 2010, 11:11 PM

Dear Wilz,
Considering you are a bank manager (as mentioned in your other posts), could you please elaborate further on this
'FD Savings Plan'? I'm sure other forumers would like to know in details how is it possible to get this high interest returns?
Come on, there must be some terms and conditions that you're not willing to disclose, perhaps?

if i have 1million,Which bank offer the highest FD rates for 1 year...

Affin Bank is offering 3.30% at the moment while AmBank and RHB Bank are both offering 3.10%. If the total placement in one single bank is more than RM1 Million, only the 1st RM1 Million will get the usual board rate. The rest of the money will be subject to tier-2 rate which is normally lower than the usual published rate. AmBank normal board rates (tier-1 rates) and tier-2 rates however, are exactly the same.

Ehem..ehem... as i only dealt with MLTA, i don't sell this product. I bought it. What am i doing now is putting aside RM5.5k per year for 6 years and getting interest of RM700 p.a(guaranteed). Interest i already opt to re-invest and compounding of 5.5%(not guaranteed) will be given. Lock for 6 years but however on the immediate 7th years if i withdraw, i will still get back my principal which i assume break even point on 7th years. If i don't withdraw, I may collect interest till I'm 90 years old + maturity bonus as well!

Even being a bank manager, you gotta wait til I wanna sell this plan, then I will surely open a thread with complete details and terms to get opinion from you guys sifu here.

The RM700 you are getting is cash payment, not interest!

Ooo.. Correction on terms being used in insurance not interest nor cash payment. Cash payment is when you buy things or pay for something. We term it as cash dividend.

Satisfied?

It is not about satisfy or not issue.

When somebody put the term of FD saving plan - it is a misleading statement to start with, it give wrong impression it is a FD. There may a lot of people non-financial savy people could fall into this misleading statement made.
Insurance company never use the word "FD saving plan"!

When someone said it is interest with guaranteed at 14%, then it is misleading for people thinking, I put 1000, then I get 140 interest. It is never the case here.
Neither insurance company put up a statement 14% interest guaranteed.

They are both misleading statement to start with.

The actual situation is out of 140, a significant portion is come from your initial capital/premium paid. Just like I give out 1000, you give back 100 + 40 interest.


We don't want to see people being misled and taking up a long term saving plan, then after years, only then found out, hey it is not 14% interest, it is a 14% cash payment. It is not as good as 14% interest.
But cannot cancel the policy as it is a long term commitment, and pre-mature of cancellation may lead to losses.
Then after that, people said insurance company trick them. How many times we heard this kind of cases? Many many.

Insurance company never cheat/mislead people, it is the agent, people (definitely not all,across) that send the wrong message.
No offence. While there are many agents are sincere and good explaining it as well.

We just want correct information being passed out, and when people taking the insurance time, they knew what is the real deal.

It is a serious issue.

Hmm, the explaination from cherroy is what I'm looking for. Considering that wilz is holding a position in
financial sector, that's why I'm also looking forward to the explaination from wilz.

Guys im just learning bout FD and want to know more .

My question is , if the bank puts the interest rates as 3.4 ..
So if i take the duration of 12 months , is it that i will get 3.4% of
the fixed deposit I put monthly ?

Interest
•To be paid upon maturity
•For savings of more than 12 months, interest will be paid every three months

That is what i got from the AgroFD . So im a bit unsure whether 3.4% is for monthly or 3 months ?

Every banks have different rules. Citibank for instance, will credit the interest earned from your 12-month tenure FD account to your savings/current account on a monthly basis. The minimum FD amount is RM50,000 if my memory serves me correctly.


In the case of AgroBank, the interest earned from your 12-month FD account will be credited into your account on a quarterly basis. The 3.4% rate is a per annum rate, not 3.4% per month or 3.4% per quarter.

if it is 3.4% on monthly (and even quarterly basis), i would already tag it off as a ponzi scheme.

but MilesAndMore is right

Oh okay .. i understand now .. so 3.4% is for the whole year ?
so lets say i have 1000 in FD , i will get 34 bucks in a year ? LOL !

Correct.

Hmm , the amount is relatively very small .. It would only be worth it
if we put a big amount in FD right ? Otherwise it would only be
around 50 bucks per month for 20k ..

Of course. Always remember the golden rule of investment. Higher risk higher gain and vice versa.

How much would u all invest in FD ? As in term of % , so lets say i have RM Xxx . Maybe i'll just put 30% of it to ensure that i would not touch the money in FD . Oh well u understand ..

every individual have different preferences. I would say mainly depends on your lifestyle. Place money into FD and gain interest already have most flexibility. No risk at all.

On FD, every bank will pay you interest upon maturity. In the event premature cancellation will earn you partial interest. However, every bank have different baseline (amount of deposit) for special request such as monthly interest payout, quarterly payout partial withdrawal and etc. Simple to understand if you put FD 1 year and choose monthly or quarterly interest payout, bank will claw back interest if premature cancellation. Cos bank won't pay full interest if you premature withdraw. Example, citibank will pay half of interest rate if premature withdrawal (if 3% p.a, then will pay 1.5% p.a)
,
In terms of interest payout, you can choose to roll over with principal, pay by check or credit into savings or checking account.