I just checked with SC today on the spot. RM3K min to open ac today. The min amount goes up day by day until end Oct. Anyone has the same feedback?

SC T&C requires a min of "ADB" of 3K throughout Oct (31 days). It means that if you deposit 3K on 1/10/11 and maintain it for 31 days,it's OK. If you open the account on 11/10/11 then you need 4.4286K. That is 4.4286 x 21/31=3. If you open the ac on 31/10/11 and it'll be 93K. Wah lau !

Better be quick if you want to take advantage of the promo.

It's daily interest based on 5% pa. You can open the account with an ADB of 3K during promo month of Oct 2011. Interest given above the normal interest rate (like 0.6%) is term as "bonus".

This post has been edited by kwokwah: Oct 2 2011, 09:52 AM

I think the T&C is very clear about the "ADB" requirement. If you don't satisfy the 3K ADB during promo period (OCT) you are not eligible for the bonus interest (the diff of 5% abv normal interest).


http://www.standardchartered.com.my/person...rpromo/tnc.html



6.1
“ADB” means the average daily balance in an account or accounts in a calendar month. ADB is calculated as follows:
For accounts opened in October 2011

ADB in October = Total of day-end balances in the account from account opening
date to end of October
Number of days for which the account was open in October

ADB in November or December = Total of day-end balances in the account every day in that month
Number of days in that month
Example

Ms B opens her account on 22 October 2011. The total of day-end balances in her account in October 2011 is RM150,000. Ms B's account has been open for 10 days in October 2011. The ADB in that account forOctober 2011 = RM150000] / 10 days = RM15000.
For November 2011, the total of day-end balances in that account is RM200,000. There are 30 days in November. The ADB in that account for November 2011 = RM200,000 / 30 days = RM6,666.66


8.2 To be eligible for Bonus Payments in any month of the Bonus Period:

(a) a New Customer must have an ADB of at least RM3,000 in their Promotion Accounts during the Promotion Period. Customers who do not satisfy that minimum ADB criteria will not be eligible for any Bonus Payments in that account even if they achieve a higher ADB in later months; and
(b) the ADB in the Promotion Account in that month must also be at least RM3,000.[

If you bank in a 3K cheque on 1/10/11 and gets credited on 4/10/11 (keep constant for 1 month) your ADB is technically <3K and not eligible for "bonus" interest. This is a very important point to consider.

This post has been edited by kwokwah: Oct 2 2011, 04:54 PM

SC customer relations officer mentioned that there must be an incremental of ADB of 3K each month to enjoy Nov and Dec's bonuses but I can't find it in the T&C.

This post has been edited by kwokwah: Oct 2 2011, 05:29 PM

For existing customers it should work like this: CASA incl. all savings & current accounts (esaver and super salary included). They don't want you to shift funds from existing CASA to promo accounts. If you shift it will have incremental ADB for promo but not CASA (no increase). If you put new funds in promo while existing CASA remain you will see same incremental in both. Go figure, it took me some time to understand.

It matters for those that have huge cash pile. Imagine the difference at 500K where SC limits you.

AFAIK Super Salary (current ac with cheque) - 1.5%pa (cannot join name). e$aver (saving ac) 0.6%pa (can join name). Max promo interest rate for both is 5% during campaign period. When campaign period is over and you don't have time to withdraw immediately, Super Salary ac give you some better returns over the other. No need to top up in Nov and Dec but ADB of RM3K in Oct applies to both