I've one expiring in mid-Aug. Guess will go for UOB - 3 mth @ 3.55%, more straight forward. The rest is really too complicated in calculation..

please read post#2282 onwards by ascend and gsc where in was discussed that the 4.5% for FD has no bearing whatsoever in regards to withdrawal from Smart Savers account.

As for the Smart Saver, to earn 3% in a particular month, one cannot do any withdrawal AND need to deposit minimum RM1K. Please refer to OCBC website for the table or my blog.

Maybe you never kena the bank-run of cooperative society and finance company in the early 80s ? 
I still remember one finance company stacked up Rm1mililion hard cold cash in rm500 and rm1000 notes on display in a secured area in order to calm the panic crowd in the bankin hall. 

it may be true that government may back it up in case the nonn-PIDM bank is running into financial problem. But the key question will be, will the government return 1:1 on money deposited with interest (which I doubt) ?

on the other hand the so called PIDM backed up bank limit to rm250k only, for those premier customer like Ocbc and other banks. Your money is not protected after the limit.

in short, individual has to take a calculated risk on his own as this forum is only sharing info.

Another point to be taken into account is timing. Account holders with PIDM banks are guranteed to get their money within a short time frame. A/c holders with Non PIDM banks may eventually get their money but WHEN?

Yah lah, I had to keep reloading the page to view my blog and related info  And I want to thank you for visiting it

As for non PIDM, this was discussed previously and highlighted by cherroy that the government would not let them "wind up/collapse" without refunding back the money to the depositors (can't remember the exact words) and that's a fact as you pointed out once again above. For me, Bank Rakyat branches location not that "suitable" (must be something to do with politicians having a hand in it instead of proper studies carried out to determine convenience to customers and demographics of the area). Furthermore, they don't offer credit card that benefits me, haha.  And the joke is on those anti BN but depositing their money in a bank under the control of BN politicians (and thus in a way supporting them) to earn extra interest 

Having said above, many in this forum also got no confidence with the government with regards to their savings with EPF 

it may be true that government may back it up in case the nonn-PIDM bank is running into financial problem. But the key question will be, will the government return 1:1 on money deposited with interest (which I doubt) ?

on the other hand the so called PIDM backed up bank limit to rm250k only, for those premier customer like Ocbc and other banks. Your money is not protected after the limit.

in short, individual has to take a calculated risk on his own as this forum is only sharing info.

Yah, but there's a downside to it, they are paying miserable interest rates. Anyway, the World's Strongest Bank is not the World's Safest Bank. And I was told because of the Europe Crisis, money from Europe is flowing into that City.
Bro, good point, will PIDM actually have the funds on hand in time of crisis and I also wonder where they deposit the money they collect 

As for death, maybe that will change with stem cell technology 

Yah, 0.5% to 1% difference, over the years it can be kind of substantial. And if you had locked in long term with MBB when they were offering 13%+ during the late 90s crisis, you would have earned yourself 2 Jap cars? And the Jap car you referring to is a Lexus right

As for EPF withdrawal, I guess most probably I will go the same way with you and not withdrawing it IF they are paying higher than FD rates (and also my dream of owing a Bentley should have dissipated by then, haha). As for retirement age, the thing is with Malaysians' average lifespan extending, it is only natural that the retirement age be extended too. In the early 1960s the average lifespan of Malaysians was 60, so retirement age at 55 makes sense, only 5 years to enjoy life before permanently shutting down. Now at 60, still have average 15 years before going to heaven.

How many "bank runs" or banking crisis were there in the first place? Besides the case you and aeiou mentioned, anyone else willing to give us a history lesson (I mean this is a good way) so that we are more informed.

Bro, good for you that you have it all planned out for your retirement. Me on the other hand, getting damn bored with "retirement".

Not interested in overseas bank runs, local ones only.

I thought you already went with the OCBC Combo.

gsc did a good job in summarizing the "best" interest rates yesterday (post #2408) and I added for 3 months HSBC Amanah New Branch Promo at 5%.

And once again, you do not need to maintain the 20% in Smart Saver Account for 3 months for the Combo deal. And to get 3% with the Smart Saver you need to deposit RM1K every month and no withdrawal done. If you see post #1, there is a quote by MGM where if you were to consider the Smart Saver interest rate of 3%, one can earn equivalent 4.25% for 3 months. But if you were to withdraw the money from the Smart Saver account the next day and deposit it to another FD promo offering higher than 3% for 3 months, you may then earn more than 4.25% (but take note you got to maintain RM20 in the Smart Saver account).

And for the 12 months, it's not PM but Bank Rakyat at 4.01%. Not only that, with Bank Rakyat, the dividend can be paid monthly if you deposit more than RM20K as highlighted in my FD Page.

Gen-X, Magika, and all,

thanks so much to u guys for all the sharing. definitely will benefit many ppl.

from what i read, can i summarize as below?

for 3 months, fo for OCBC 4.5% FD (80% fund) and savings 3% (20% fund) combo deal.

for 6 months, 12 months, kuwait bank 3.85% (for PB 4%)

is it a fact ? EPF says quite a number of depositors never make it to age of 60 ? what is the percentage ? If true, then extending to the age of 60 for full withdrawal is bad for the depositors

Bro, most of it is summarized in my Fixed Deposit Promotion Page lah. I should charge you some fee for wasting my energy for retyping here again (wasting time not applicable for my case) on your account 

HLB pwp, nothing complicated if you only want to deposit RM10K (for PB RM50K) where you will earn 3.95%. The 1% in savings account is based on ADB prior to signing up for the promo if you got a previous savings account. New Savings account just add 1% to board rates.  Once again refer to MGM quote in page#1 for effective interest rate assuming you have Junior Savings Account. The other promos for 12 months are very straight forward; that is if you got a young child (too bad you not considered a Senior Citizen yet) to open Junior FD account where interest deposited monthly into Junior Savings Account (same thing for Senior FD). And for Priority Banking, they offering special rates for 3 and 6 months and if you deposit X amount, you get a free Breakfast Maker (you want pic let me know then I go post at my FD page).

Leng Lui at OCBC know nuts, better talk to old timers there first and then go sign up PB with Leng Lui later, hahaha. I had to inform my young Leng Lui RM some of the T&C of the combo promo where she had to check and reconfirm what I told her before I sign up for it; and she also failed to inform me I don't have to maintain the amount in SS for 90 days (that time the full T&C not up yet at OCBC website). If you have yet to open Premier Banking Account with OCBC, what Happyman said may makes sense eventho he did not give a complete picture. Sign up or upgrade to Premier Banking and you'll be entitled to 5% 3 months FD for half your AUM if you sign up for 3 products.

1. Assuming you sign up for PB and depositing RM300K and got no previous accounts with OCBC.
2. You are then entitled to RM150K for 3 months FD at 5% (this is the first product, if not below will give you 1st and 2nd product).
3. So go for Combo plan and that's 2 products automatically. RM125K in FD 4.5% 3 months (considered as 1st product if above not applicable) and balance RM25K into Smart Savers (2nd product)
4. For the 3rd product (if necessary), just open a basic saving account with RM20.

As for the GIA-i 5% offer with other products, that one I need a time machine to calculate the effective interest rate, hahaha.

RM10,000 x 5% x 3 / 12 = RM125

FD rate is USUALLY quoted in per annum terms

Gratitude for your precious advised as well.

Allow me to make below assumption:
Let us say Bank A offers 3.5 % interest rate per annum.
I deposited RM10,000, is that mean after 12 months. Money I got from interest equal to RM 350.
Please justify me if I was wrong.

I suspect Bank Rakyat just lost RM75mil after it bought fake gold.

Then you need to understand how bank operate.

For simple example.
A bank has 1 billion of own capital, so it can lend out 970 million (if it is a 3% SRR) as loan,
but on the other hand, bank can take in deposit of 10 billion and lend out 9.7 billion as well.

So if more than 10% of the depositors withdraw deposit suddenly (a bank run), means bank need to come out with 1 billion cash to pay back the depositor, 1 billion means entire bank own capital.
What if 20% of depositors suddenly want to withdraw in full?

Those loan made cannot be recalled instantly. Housing loan take decade to be pay off once lend out. Same with car loan, and many other loan.
Worst still if those housing loan are underwatered, aka real estate value has plunged severely after the loan being made.
For eg. bank lend out 500k housing loan for a 500k property previously, now the property only worth 300k in the market.

So bank needs to access to the interbank market to borrow money from other bank to fund it, or central bank. If both channel is not accessible due to whatever reason (like global financial crisis  time, whereby inter-bank lending became stand-still due to fear counter-party bank collapse/default), then bank may have hard time to survive.

That's why regulators in most countries nowadays want banks to have strong tier 1 capital as required by Basel accord, aka means leverage level cannot be too high in the future.

too bad, no data for 55-60 range. however with the assumption older age will pass away earlier, it is safe to assume that the mortality rate is even higher than 37% for 55-60 range. In that case government shouldn't raise the age limit to 60 yrs old for full withdrawal.

The mortality is strangely higher when the average life span of Malaysian is male 72 and female 76.

If your company mortality is v very high for those under 50, it sounds like a dangerous occupation?

On the contrary, many here do highlight Bank Raykat "FD" rates over and over again like you but there's nothing much to discuss about it since it is straight forward.

Same goes for Affin's 12 month 3.6% which is much better than most commercial banks' promos, but there's nothing to discuss about it too.

On the other hand, other banks have limited time promotions, it is highlighted/discussed so that others are aware of options out there. And most of these promos have T&C attached to it so we discuss about them to work out the effective interest rates. And most "confusing" T&C is by SCB with their ADB requirements for savings account.
More stress and riskier job = Big Money 

Oic, CASA linked.

Personally I do not like CASA linked (which CASA amount need to be earmarked), as it complicated personal cash management issue.
Need to remember the amount being earmarked. Quite troublesome, if account got plenty of activity.

Why can't banks just make it straight forwards?

true enough...
http://www.asianewsnet.net/home/news.php?id=33998&sec=2

thanks for the alert!

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Added on July 31, 2012, 2:41 am
you're wrong... from the website...
Minimum RM500 untuk 2 bulan dan ke atas
Minimum RM5,000 untuk 1 bulan

I have done 1k... 4.01% for a yr..

Will be more specific next time. Mine is for Al-Mudharabah Warga Emas 

haha it's a joint account with my mom. Warga emas used to get extra 0.5% rate last time, but no more. Nowadays,just for the extra life insurance thingy 

Unfortunately I did not go to find out more info. Just stated as follows from its website:

Benefit
•Complimentary Takaful Personal Accident Coverage for investments of 12 months and above

Am Bank FD for senior citizen (50 and above) provides insurance up to maximum RM25k (provided you have RM25k in your FD). There is a maximum age limit which I cant remember how old.

the ISO certification is actually helping the company established the essential system to meet international requirements......but many MR (management representative) misunderstand it and end up the means to the ends become ends themselves.

I still dont really understnd. read those posts d... but being insured by govt of Malaysia  shud also be safe, right? Im just worried if i dun get back my $$ upon maturity of FD. DIE liao.. haha...

by the way, not 1k everymonth la... sometimes 2 or 3 months once only possible. unless i starve...
anyway thanks bro...

My tracking period for the rm300 cash back promo is from 29-may to 31-july but the bank officer just told me not to withdraw until 29-Aug just to be sure. they can't understand their own TNC. Now need read up and bring the tnc again and go back to argue. Just hate this.