I got an sms from RHB today, offering 3.25% for 12 monthfor existing customers.

I posted earlier RHB got special rate for existing customers, well today was at RHB and yes they do have promotion for 12 months FD at 3.25%.

come Monday we can start seeing banks revising FD rates up.

yah, i was kind of surprised that the rate for 1-3 months increase to 2.75% whereas MBB 12 months FD rate almost stagnant. Why is this so? Is it because they expect interest rates to drop in the near future or is a way to encourage spending or more like not encouraging longer term savings.

Anyway, RHB now have step interest rate like PBB for new funds. The effective rate for 6 months deposit is like 3.2% pa but need to deposit minimum RM50K.

I learned something today thanks to you.

Anyway, I went googling and here's the link for OSK FD rates
http://www.osk188.com/page.jsp?name=TreasuryDeposit#FD

Saw Agro Bank ad in The Star sometime early in the week, FD rate 3.6% for Wargamas (age 50 and above). Just check out their website, their rate for 12months FD 3.4%. And wargamas get 0.2% higher than normal FD rate and interst paod monthly.

Below link to Agro Bank
http://www.agrobank.com.my/agrofd-sijil-simpanan-tetap

If they already have an existing FD account, then they don't need to be present if you use the same account.

However if you are thinking of opening a NEW account or have a joint account with one of your parent (his/her name as principal to get higher FD rate) then the person whose name is on the FD cert will have to be present to sign on the "signature card" for the bank's record. Having said that, if you know the bank's staff, he/she may let you take back the card for your parent to sign on it.

Got a call from one of HSBC;s new Amanah branch personel offering 5% FD for 6 months until end Sep (I think, can't recall) but need to deposit RM100K and another RM100K on other products (can be FD also).

I actually went to HSBC Amanah today to confirm that the girl who called me was giving me accurate info. Well, the 5% FD is not for 6 months but 3 months.

Yah, need to deposit total 200K where RM100K will enjoy 5% FD for 6 months and the other RM100K you can either deposit into another FD account (based on normal current rates) or invest in their products such as UT or whatever.

Any minimum or maximum amount? Can't seem to find link to promo.

No need buy banker's cheque. Just ask MBB write RM1m cheque in your name, Then go Affin Bank and you can straight away with the RM1m cheque open a new FD account or multiple accounts with different tenure and or amount. No need wait 1-2 days for the cheque to clear.

Yah, nowadays the stupid banks charge few ringgit when ask them write cheque. Not sure about MBB but HLB charges RM3 for cheque if I recall correctly.

Agro Bank followed by Affin Bank.

Anyway, for individiual to be safe or thinking forward, wise to place your FD less than RM1m or even less than RM100K as our flip flop government always changes policies and may go back to 5% witholding tax policy tomorrow.

This post has been edited by Gen-X: Aug 31 2010, 09:53 PM

300K for 3 and 6 months also got special rate at some banks.

As Thrust said, split the 300K to 100K or even less.


Please let us know which bank gave your relative 6-7% for 500K FD.

joeychin: so which bank is offering 6-7% for FD RM500K?

If that's low, putting is savings account is worst. Play stocks high risk but gain also more

If you got children, then you can consider Hong Leong Bank Junior FD where they are offering until of this month 5% for 4 years tenure. Interest is paid monthly into the Junior Savings account where the rate is 2.75%. Also you can withdraw in multiples of RM3K without any penalty. Go to HLB website for more info. The best rate I know so far until joeychin2323 mentioned 6-7%.

Yah, joeychin found out which bank yet?

the RHB offer is that you have to deposit above RM100K right?


Min is 2.85% for 12 months. AMBank was offering up to 4% for 5 years tenure in October and I think they extended it. Go check their website. Nowadays, most local banks have some kind of promotion for FD but not stated in their websites. Do, do check around as new offers keep popping up.

Come to think of it, if I recall correctly, I don't think RHB offering presently offering 3.5%, it was something like 3.35% and there are 2 rates for different amount but I am sure that it has to be >RM100K.

very competitve rate for six months.

Just to update all, RHB FD promotion untiil end of Dec offering various rates. Below is part of the propmotion.

12 months: RM100K-RM199,999 3.3%, RM200K-RM299,999 3.35% and above RM300K 3.4%

15 months: Above RM300K then only 3.5%

Can't remember 6 and 9 months rates.

**Edited**

You are right on the penalty thingy. My bad. Just read the T&C.

(6.0) Partial Withdrawal of Fixed Deposit from JFD -
6.4) Early partial withdrawals of fixed deposit from JFD are permissible with a minimum withdrawal of RM3,000 or in multiples of RM3,000 or any other amount to be determined by HLB at any time or from time to time. In the event if the fixed deposit is less than RM3,000, then such fixed deposit may be withdrawn in total.
6.5) For any premature withdrawal, the withdrawn amount will be subject to ABM rules.
6.6) No interest will be paid on JFD uplifted before the completion of a minimum tenure of 3 months. For fixed deposit that has been placed and completed a minimum tenure of 3 months, half of the contracted interest rate will be paid on the withdrawn amount. The paid interest will be deducted from the principal amount of such fixed deposit.
6.7) The remaining balance sum of the deposit will continue to earn the contracted fixed deposit rate.

From the above, if withdraw before 3 months, no interest will be paid. However after 3 months, half of the interest paid on the withdraw amount will be deducted from the principal. Not too bad deal as interest paid for the amount withdrew still higher than savings account (2.5% for 4 years tenure) and still get 5% for balance. The partial withdrawal is good for emergency case when suddenly need money.

HLB Senior FD not the same case, can do partial withdrawal but interest subjected to ABM rule. Can someone please inform me what is ABM rule on early withdrawal for FD, say if tenure was 3 years and uplifted the FD after 1.5 years.





This post has been edited by Gen-X: Nov 22 2010, 07:05 PM

Anyone care to reply to above?