neither

Pls read back a few pages

anyone ?

Deposit RM30,000 (and not touch this amount) and get 1% return after 3 months... aka 4% per annum (1% x 4)
AND perform at least one of the following transactions from any of their Ringgit Malaysia personal current or savings accounts with SCBMB or SCSB during the relevant Tracking Period:
i. online bill payment, or
ii. cash withdrawal via automated teller machine (ATM), or
iii. a purchase transaction using a debit card.

To achieve the 2nd criteria
i. Pay RM1 utility bill via SCB Online Banking Portal
ii. Withdraw RM10 from the CASA account
iii. Swipe RM1 at anywhere

This post has been edited by ronnie: May 4 2012, 10:48 AM

I'm talking about the offer of deposit in bank of SCB, they now offer up to RM300 as an interest of putting a sum in. Isn't this sound like FD?

From last year to now there already had come up some really good offer. If you with them for a while, you know they don't like to play trick..






This post has been edited by lkcheng: May 4 2012, 10:47 AM

3% divide by 366 days (for year 2012), multiply by number of days in FD, multiply by amount in FD = Interest upon maturity

Bro, do update us more on the T&C besides what mentioned by ronnie and when do you actually get the cash back (or is the cash back the so call 1% for RM30K deposit and you get nothing extra if you deposit more than RM30K?).

Ronnie's explanation is straight to the point. Need to confirm with SCB staff now. But have called SCB this morning actually, the girl wasn't able to explain how the cash reward calculated.

This post has been edited by lkcheng: May 4 2012, 10:54 AM

Standard Chartered Deposit CashBack Rewards Campaign and Gold Coin Contest
4. To participate, new customers must open an e$aver or SuperSalary account in either May or June 2012 and existing customers must have a
current or savings account (CASA) with Standard Chartered Bank Malaysia Berhad or Standard Chartered Saadiq Berhad before 1 May 2012.
5. Average balance = Total of day-end balances in the CASA account every day in that month/ Number of days. Average balance growth is the
increase in average balance as compared to April 2012.
6. Customers must perform at least one online bill payment or ATM cash withdrawal or debit card purchase transaction from their Standard
Chartered account during the promotion period.
7. To be eligible for CashBack, customers must have minimum RM10,000 CASA average balance growth in either May or June 2012, as
compared with April 2012 CASA average balance, and maintain the amount of that growth for 3 months, as well as satisfy all other criteria.
8. CashBack amount depends on customer’s CASA average balance growth.
9. For the Gold Coin Contest, customers are entitled to 1 contest entry for every RM5,000 in their total CASA average balance growth in each
campaign month (May or June 2012) as compared with April 2012 CASA average balance.
10. The above is merely an excerpt of the Terms & Conditions governing the Standard Chartered Deposit CashBack Rewards Campaign and
Gold Coin Contest; and the Free Transaction Fees & Debit Card CashBack on Debit Card Promotion.
Click the above links for full Terms and Conditions.

Excerpt from T & C

Table I
Total CASA Incremental AB (RM)
CashBack Rewards (RM)
10,000 to 19,999.99
100
20,000 to 29,999.99
200
30,000 & above
300
EXAMPLES
Continuing from Example 1 above:
From Example 1, Mr A’s Total CASA comprises 1 Savings and 1 Current account with SCBMB, and his Baseline is RM20,000.
The total of day-end balances in Mr A’s Total CASA during May 2012 is RM1,000,000. His Total CASA AB for May 2012 is RM1,000,000 / 31 days = RM32,258.06. His Incremental AB for May 2012 is therefore RM32,258.06 – RM20,000 = RM12,258.06, which satisfies the May minimum Incremental AB requirement.
Mr A uses his Standard Chartered debit card to pay for petrol on 15 May 2012. He therefore satisfies the Qualifying Criteria in May, and his Tracking Period is from 1 May 2012 to 31 July 2012, (92 days).
The total of day-end balances in his accounts during the Tracking Period is RM5,000,000. His Total CASA AB for the Tracking Period = RM5,000,000 / 92 days = RM54,347.82.
In this case, Mr A’s Incremental AB = RM54,347.82 – RM20,000 = RM34,347.82; which means Mr A will be eligible for RM300 CashBack Rewards.


CONclusion

Can please deduce from the above what is the total needed to get RM300 cashback ? n wat trigger the cashback. Pls inform me n maybe I may not comprehend wrongly. My apologies if misunderstood n no banks play tricks , its just that we ASS..ume

This post has been edited by magika: May 4 2012, 11:11 AM

Thanks for the info. Still learning about it. Should be worked as what Ronnie described.

Free Transaction Fees & Debit Card CashBack on Debit Card Promotion
1. Valid from 1 May until 31 December 2012.
2. Note: Priority Banking – Unlimited withdrawals. Preferred Banking - Unlimited withdrawals, provided previous month’s average balance in
customer’s account is at least RM5,000. Personal Banking – First 4 withdrawals, provided previous month’s average balance in customer’s
account is at least RM5,000.
3. Valid from 1 May until 31 December 2012. The debit card CashBack is 1% of the total amount of purchases for any petrol purchases, and
purchases from Watsons, The Store, Carrefour, Giant, Tesco, Parkson and Jusco in Malaysia using the Standard Chartered Debit Card.
Maximum total CashBack is RM50 per month per debit card.

CONclusion

This is different from e$aver and SuperSalary accounts eventhough both are from the same promotion. Its like normal cashback credit card.

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Added on May 4, 2012, 11:28 am??? sorry if my explaination still cause u to blur blur.

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Added on May 4, 2012, 11:34 amcorrection, SCB does not offer up to RM300 as interset but as cashback. There is a difference between those two words.

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Added on May 4, 2012, 11:42 am Simple Explaination of SCB Promotion For Esaver & Supersalary Only (not debit card)

CASA April = RM20,000.00 baseline
CASA May = Dep extra RM980,000.00 pls note its 980 thousand
May = Must use debit card to start tracking
May = Total CASA is RM1 million but Incermental AB for 31 days is only RM12,258.06 just above minimun req

This post has been edited by magika: May 4 2012, 11:42 AM

Based on my understanding of the terms and conditions and my calculations, I'm going to do the following:

6-May: Deposit RM11,500 into my existing SuperSalary account (the earliest I can deposit the money since I only know of this scheme now)
22-May: Deposit RM25,000 into my existing SuperSalary account (a bit short on cash now, will get the RM25,000 by 22-May)

Some time in May, I will make a RM10 withdrawal via ATM.

Then I think I will satisfy all the conditions for the RM300 cash back.

Add the RM300 cash back to the 1.5% I will earn from the SuperSalary account, it's roughly equivalent to a total interest rate of 5.45%.

Wonder if there's any flaw in my calculations?

Sorry bro, pm me if u get RM300 back with the above arrangement. I will transfer additional RM300.00 to ur account.

I like this. With your additional RM300, my returns would be about 9.4%.

Here are my understanding about the SCB deposit cash back reward, please correct if any mistake found:

First off there are two tracking periods (promotion periods) which are

a) 1 May 2012 to 31 July 2012 (3 months)
b) 1 June 2012 to 31 August 2012 (3 months)

So if you have fund now, you can take the offer now or you can wait until beginning of Jun to start depositing your money.

The cash rewards that you will get will depend on the total incremental average balance (AB) after the tracking period which is 3 months.

For total Incremental AB from RM10,000 to 19,999.99, the cash reward is RM100, from 20,000 to 29,999.99 cash reward is RM200 and 30,000 & above cash reward is RM300

If you are an existing account (esaver ac, current ac, etc) holder in SCB and like to get the maximum RM300 reward. Based on the calculation, you got to deposit in about RM31,500 today and leave it there until 31 July. And make sure you do one of these in the first month (May) of your tracking period:

i. online bill payment, or
ii. cash withdrawal via automated teller machine (ATM), or
iii. a purchase transaction using a debit card.

Let assumes that your existing account has a balance of RM200 carried forward from April to May and you will deposit RM31,500 in today and leave the RM31,500 unused till 31 July then the calculation of CASA Incremental AB in this case should be:

Total day-end-balances for the tracking period = RM200 x 3 + RM31,500 X 89 = RM2,804,100.00
Total account Average Balance (AB) = RM2,804,100.00/92 = 30,479.35
Total account Incremental AB = RM30,479.35 - RM200 = RM30,279.35

So after the tracking period, the Total account Incremental AB is RM30,279.35, which will entitle RM300 cash reward.

For new customers to open an account today, they only need to put in RM30,000 and leave till Jul 31 to get the maximum reward. Also you must do one of the mentioned transactions as well.

If you have mastered the calculation, then you know you don't have to put in RM30k ++ immediately to get the maximum rewards. Just make sure you satisfy their criteria in first month and then you can deposit more in later.

This post has been edited by lkcheng: May 4 2012, 12:17 PM

dont worry just me pm me the details upon maturity.

A simple calculation for our benefit.

1. Lets assume your total CASA for April is RM0.00
2. Total dep for May is RM36.5k/31 days = RM1177.42 day end balance therfore not qualified. Period...

Total end-of-day balance(TEB) is not total deposit. Say if you keep RM30k for the whole of May your TEB for May is RM30000x31=RM930000, not that you must deposit RM930000 in May.

No offense, but is it possible that u print this simple statement n ask the manager to countersign.

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Added on May 4, 2012, 12:28 pm1 am a millionaire.

Pls check your calculation, should be divide not multply.

This post has been edited by magika: May 4 2012, 12:28 PM

Sigh! The correct formula in your 2nd point should be ((11500 x 16) + (36500 x 10)) / 31 = 17709.68

Will ask them when I'm free. Anyway the total day-end-balance will go over million when your deposit more than $11k in. It is just used for calculating the Incremental AB. Don;t get confuse. You may refer back to SCB site.

This post has been edited by lkcheng: May 4 2012, 12:35 PM

i said simple n sure boh..

assume u deposit RM36,500k on first of May = 31 days =ADB = RM1177.00 only mah