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 FD rates in Malaysia, Which bank offer the highest FD rates?

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BboyDora
post Nov 20 2010, 03:47 PM

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wanna ask question about interest rate.

I googled on bank website and saw those interest rate, 1 month - 60 month.

1. What is the diff between 1 month - 5 months when the interest rate is the same? let say RHB
2. How the interest rate being pay to us if FD for 1 month.

Let say I put 10k for FD 1 month with 2.75% interest, my FD saving will be RM10K + RM 275 (interest) on the 2nd month?


FD beginner

This post has been edited by BboyDora: Nov 20 2010, 04:14 PM
BboyDora
post Nov 20 2010, 04:48 PM

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QUOTE(gark @ Nov 20 2010, 04:28 PM)
If you put 10k FD with 2.75% interest p.a., the following calculation applies :

On 2nd Month, RM 10,000 + (10,000 x 0.0275/12) = 10,022.92.
You will only gain RM 22.92 for 1 month, remember the rate is per year, so you have to divide over how many month you are depositing.   laugh.gif

If the interest rate is the same, it is better to put at the lowest month available with auto renewal, that way you can a little bit more as your interest will get interest as well.  nod.gif
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Ohh..the months stated (1 month - 60 months) mean how many months I`m going to deposit it. Noted. rclxms.gif

"your interest will get interest as well"

is it mean when 2nd month : 10,022.92
3rd month : 10,022.92 + (10,022.92 x 0.0275/12) = 10,022.92 + 22.97 (interest)
= 10,045.89

4th month as per above calculations

correct me if wrong ..thank you.notworthy.gif

This post has been edited by BboyDora: Nov 20 2010, 04:51 PM
BboyDora
post Nov 21 2010, 09:36 PM

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QUOTE(gark @ Nov 21 2010, 12:33 AM)
You are correct, that is why if the rates are the same, choose the one with the lower month, so your interest will compound.  laugh.gif
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Thank you, Gark rclxms.gif
you info helped me a lot to understand it better thumbup.gif
BboyDora
post Nov 24 2010, 11:08 PM

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I just deposit in the 3 months for 3%. The staff told me is due to promotion that they carried out. He told me after 3 months auto renewal and still 3%.
BboyDora
post Dec 7 2010, 12:22 AM

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QUOTE(gark @ Dec 4 2010, 09:03 AM)
Auto renewal will always based on the new & current rate. If CIMB revises to 2.75%, your next renewal will be 2.75%, but your current term will still be 3% until maturity.
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Yup. My friend who work with bank also tell me the similar thing
BboyDora
post Aug 6 2011, 02:55 PM

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for a quick question coz I dunno where to ask this question.

I have RM 500 worth of coins (5 cents coins to 50 cents coins) which I saved for quite some time and I would like to bank in to my account. Is it possible to do so where I need to bring the two big containers to bank or is there any other way?

thanks notworthy.gif
BboyDora
post Aug 7 2011, 09:36 PM

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QUOTE(MGM @ Aug 6 2011, 06:57 PM)
Some kopitiam will gladly accepts them and probably give you extra.
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haha thanks tongue.gif
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