Guys, I'm confused, what is the minimum amount to deposit to scb supersalary/e$aver account to be eligible for special 5% interest? Is it 3k?

Yes, monthly average balance of 3K.

Thanks tifosi, I was confused by my friend and SCB T&C in calculating ADB.

If I am not mistaken, if open your account on 24oct2011 and you bank in rm3000 on 25oct2011 and keep that amount until 31oct.
Days your account is opened in oct=8 days
Your total DB= rm3000*7 = rm21000
Your ADB = 3000 * 7/8= rm2625, so u don't qualify for the 5%.

Thanks for the explaination, I've deposit more than 3k.

how is this fd?..is it paid monthly or annually..

rm 1000 > tenure for 1 month>3% interest=after 1 month i got rm rm30..?

is it works like that?

This post has been edited by ojay: Oct 25 2011, 01:12 PM

After Dec 2011, SCB's 5% back to what %?

Back to the respectively savings rate of btw .5 to 1.5% , i THINK.

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Added on October 25, 2011, 1:19 pmBetter calculate the ADB if the amt is closed to rm3000, just to make sure.

OCBC has taken down the promo from their website.

This post has been edited by MGM: Oct 25 2011, 01:19 PM

1 month 3% RM2.50
1 year 3% RM30.00

what does AB stand for ?

ADB = Average Daily Balance.

It's a Fixed Deposit actually and works exactly like regular FD, just that it is a Shariah compliant product. There are standard scheme and upfront payment scheme for this TD-i. For standard scheme TD-i, the interest (or profit as they like to refer it for all Islamic savings products) will only be paid out at the end of the tenure of your deposit while for upfront payment scheme TD-i, you will get all your interest first, just like CIMB Islamic "Why Wait FD"/Maybank Profit Now! Account-i. I've changed all my FD at HSBC to this Islamic FD

Noted on your suggestion and you better do the graph bro

After 31st December withdraw all you money in the account and go find best FD rates in town. But remember to maintain RM1 for at least 3 months before you close the account.

By the way bro, where is the comparison which you are suppose to post here i.e. FD vs Insurance scheme.

Noted. But to me this up front FD doesn't really make any difference. Say for 3.3% 12 months. I deposit RM100, bank give me RM3.30, so actual fact I depositing RM96.70 and end of 12 months I get back RM100.

No. It doesn't work like that actually. I'll use a bigger amount as example > RM100,000.

I deposit RM100,000 with HSBC Amanah under their upfront payment scheme TD-i for 12-month. The 12-month profit for upfront payment TD-i is just 3.20% versus 3.30% for the standard scheme TD-i. So, the profit for my deposit is 3.20%. Let say i open the account now under this upfront payment TD-i with RM100,000, they will pay me RM3,200 right away and the TD-i deposit slip will still be written as RM100,000. Yes, you can use the RM3,200 right away and you will get all your RM100,000 back by the end of the 12th month. Just that unlike conventional FD product where at the end of the month, i will get my principal back + the interest earned during the last 12-month. For this HSBC Amanah upfront payment TD-i, i will only get my whole principal amount back (which in my case is RM100,000) at the end of the 12th month. There is no more interest for me because HSBC Amanah already paid me the interest (RM3,200) 12-month ago when i opened this upfront payment TD-i.

This post has been edited by MilesAndMore: Oct 25 2011, 10:19 PM

Sir, I understand your example above and it is still the same as my example The slip may state RM100K, but if you withdraw the amount the next day after you deposit, you ain't getting RM100K. Most probably you will only get RM100K- RM3.2K, so actual fact you only deposited RM96.8K.

Everything is the same actually. It is just that you will the interest upfront in cold hard cash and you can do more with RM 3200 on hand now rather than the full amount of RM 3200 in 12 months time like the conventional FD.

Wow, bro is still remember me that I wrote to give the comparison but yet to provide here.

Previously there was a thread by someone about ING savings and it was deleted. I did post up some info about IRR.

Soon i will calculate my CIMB MAX-Invest and to see if I should continue for the remaining tenure or withdraw now to minimise the loss.

use the rm3200 to deposit into more FDs and let it mature for another 12 months
how can it be the same?
definitely can make more $$$ la
no meh?
getting the interest 12 months later = lost 12 months of time to work with this 3200

Maybe I did not elaborate it correctly.

By the same I meant, at the end of the day, you will get the same amount from the bank. It is either at the beginning or at the end of the tenure. RM 100000 + RM 3200

I was just trying to say in my last post that one could do more with cash in hand rather than cash so it is more beneficial.

Ah... re-read your post. Got it now. Thought you were saying you'll get a few Ringgit less when the TD-i matures because i did not read your reply properly

Anyway, i think this upfront payment TD-i is good for those who do not want to use the money they already have on hands. It's pretty generous of the bank to pay the "profit" on the first day we opened the account. Besides, the "profit rate" is just 0.1% lower compared to standard TD-i. Despite the 0.1% difference, mine's all on the standard TD-i

This post has been edited by MilesAndMore: Oct 26 2011, 06:14 PM