My 3-month FD (under my wife's name) with OCBC maturing on 18/4, if I want to continue with OCBC at 3-month promo rate do I need to withdraw and then deposit it into the FD under my own name?

interesting....promo rate is meant for fresh fund. OCBC will not give promo rate if you are using OCBC banker cheque.
Theoretically if your wife withdraw as cash and you cash in for FD, then it should be ok for the promo rate. Safer if you add on RM1000 on top of your wife FD. Let's us know the outcome so that we will learn from this, thank you

Many ways to go around it. My way is I simply issue a 3rd party bank's chq from my od account as fresh deposit for the ocbc promo fd under the same fd account ( no need to change name), then uplift the matured fd by chq and bank in the chq back to my od account on the same day before 4 pm. There will no od interest charges and your new fd commence from maturity date.

Isn't that risky? What if the fd chq you bank in to your od acc has not cleared in time for the chq you issued to OCBC?

As the matter of fact, my chq from the od account cleared first using my od facility but the ocbc fd chq cover up the over drawn on the same day even though it was still pending clearrance. In another words, I borrowed bank's money for 1 day interest free.
This trick was used during the old days when there were these finance companies like mbf finance, maybank finance etc accept same day fd commencement for chq ( issued from my od account) deposited before 4.30pm on friday ( last banking day of the week). I only need to cover up my od by another chq ( from another account ) on Monday and earn 3 days extra interest or effectively increased a 5% 1mth fd to 5.50% 1 mth fd.
That's the convenience of having an od facility if you know how to put it in good use.

This post has been edited by aeiou228: Apr 17 2012, 09:18 AM

which banks can open FD online? I'm currently using HSBC, which is able to create FD online. However the rates aren't so good. So any other banks out there that are able to create FD online?
Even though Stan Chart says their online banking is good blah blah, but it still cant allow me to open FD online....

CIMB, PB, MBB.

Like that also can, clever fella.

Bank Rakyat rates are all the same. The 3 diff fds are
1. Qiradh - fluctuating interest
2. Mubeen - Fixed interest.
3. Warga Emas - Fixed int only diff lower deposit

1 month - 3.26
3mth - 3.65
6 mth - 3.75
9 mth 3.85
12 mth - 4.01
15 mth - 4.05
and so on....

just remember above 50 k single cert can ask extra 0.05

Is the 3 (3.65%) and 6 (3.75) mth tenure from Bank Rakyat is fixed int (type 2 in your list) or type 1 or 3?

type 2 & 3

Do u mean the 3 and 6 mth tenure is available for type 2 and also type 3? So we can actually choose type 2 (fixed interest) for 3 mth tenure with 3.65%.

yes

So Mubeen FD for 6 months for RM50k can get 3.75+0.05=3.8% but need to request?
If so this would be the highest for 6 months.

Thanks for sharing.

What does it mean by fluctuating FD for Qiradh Investment Account-i?
http://www.bankrakyat.com.my/web/guest/125
Based on the rate, its fixed 4.01% pa

thank you very much...

Suggested to my wife to open a new fd joint-account with my son and then cash out the existing fd and bank in cash to the new fd acc, but OCBC offficer said will still not enjoy the promo rate.
Looks like I have to ask her to IBG to my MBB cheque account before 12noon so that I can issue a cheque to OCBC or Bank Rakyat same day after 3pm.

Two questions:
Different banks have diff limits on the IBG amount?
Funds IBG in the morning should be available in the Beneficiary Bank latest by 9.00am on the next business day for all banks?

you can open a mighty saver account for your son on next mth mighty saver weekend and your wife can enjoy 4% interest for max RM50k. Has to be fresh fund. You can use personal cheque. Do your own calculation to see if it is worth to wait for next mighty weekend- May 5 and 6.

One member answered my question before that using IBG, money will not be available on same day and has a limit.

It seems that B Rakyat has a better rate for 6 mths at this moment.

Thanks for the reply, but 5-May is Wesak Day