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 Fixed Deposit Rates in Malaysia V2, Read 1st post to find highest rate.

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BoomChaCha
post Jan 5 2012, 12:51 PM

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QUOTE(tifosi @ Jan 5 2012, 12:46 PM)
What if I deposit more than 750K? What are my interest for my RM 750000 to the max bank limit? Or did you mean someone needs to deposit in blocks of RM 250K to enjoy the 4%?

It is not very attractive if I deposit only RM 750K. The effective rate is only 3.33333%.
*
When I called to SCB call center:
http://www.standardchartered.com.my/contact-us/en/index.html

They said they did not have this 4% FD promotion..???

rclxub.gif

BoomChaCha
post Jan 5 2012, 01:13 PM

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QUOTE(tifosi @ Jan 5 2012, 12:54 PM)
According to Gen-X, this offer is only applicable to those people that deposited > RM 1 mil during the SCB 5% Oct-Dec promo period. Maybe the CC did not know about this promo as this offer is only applicable to a niche target group. Maybe they will get a call from their RM personally. Who knows.

Edit: typo
*
doh.gif

Ok..Thank you..

This post has been edited by BoomChaCha: Jan 5 2012, 07:20 PM
BoomChaCha
post Jan 5 2012, 05:50 PM

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QUOTE(spikeman @ Jan 5 2012, 11:49 AM)
any idea how long this time its gonna be as the last 5% only for 3 months.
*
For SCB's latest 4% FD promo:
You have to continue your existing minimum of RM 1 million FD placement
in SCB. Existing RM 1 million FD placement will continue and get 3% rate
(no more 5% like previous promo), only new added FD amount will get 4% rate.

For example: If you continue you existing FD for RM 1 million placement, this
RM 1 million will get 3% rate, if you add additional new fund for FD let say RM
20K, this RM 20K will get 4% rate.

So:
(1) Your existing and continuing FD placement for 1 RM million will get 3% rate
(2) Any additional fresh fund will get 4% rate


This was what SCB told me when I withdrew my FD this late afternoon...
BoomChaCha
post Jan 5 2012, 06:17 PM

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QUOTE(MGM @ Jan 5 2012, 05:40 PM)
Went to see a RM @OCBC D.Utama regarding the 5%FD promo, and according to her I need to open 3 accounts, put 150k on 5%FD, and 150k FD on board rate (can't put on another promo rate like 3.8% as the T&C 4.3 stated that the 5%FD Promotion is not valid with any other promotion or other promotions as specified by OCBC Bank from time to time). When I told her others have managed to enjoy both promo rates she said at the end of Jan when they discover the discrepencies they might do some rectification. Looks like diff RM have their own interpretation of the promo.
*
I just called to one OCBC RM based on your story:

She said this is because your fund is OCBC's existing fund, so
you cannot get the 3.8 promo rate...
BoomChaCha
post Jan 5 2012, 06:28 PM

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QUOTE(Dino168 @ Jan 5 2012, 05:58 PM)
If 5% is printed on the FD slip, can the bank still do rectification later?   The FD slip itself is a legal document, right? 

The RM that I contacted, said all RM300K enjoy 5% + opening of saving and current account.   At the end of 3 months, can close everything.
*
The OCBC RM said OCBC can do rectifications on the FD if they find any problems later.

Different RM has different explanation, really do not know which one is correct?
rclxub.gif

This post has been edited by BoomChaCha: Jan 5 2012, 06:30 PM
BoomChaCha
post Jan 5 2012, 06:34 PM

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QUOTE(MGM @ Jan 5 2012, 06:23 PM)
My fund is fresh fund from other banks and I have no more funds in OCBC, debt(CC) yes.
*
Then your OCBC RM is providing you a wrong info --- said from another OCBC RM (not me, I did not say this.
I am just conveying this message from the RM)
BoomChaCha
post Jan 5 2012, 06:45 PM

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QUOTE(turion64 @ Jan 5 2012, 06:33 PM)
how about if u just transfer out ur existing OCBC fund to another bank and then transfer it back, isnt this way make it a fresh fund?
*
(1)
Yes, you withdraw your OCBC fund and deposit it into another bank (say S Bank), then get
a banker cheque from S bank, and deposit back to OCBC.

You can top up some extra amount on S bank banker cheque so it won't look like the same
amount when your withdraw from OCBC --> this is optional

This will call fresh fund and this is the "legal" and proper way.

But this will make you lose few days of interest because of the back and forth bank transactions.


(2)
Another way is to withdraw cash from OCBC, and re-deposit back into OCBC counter on the spot,
but top-up some cash money maybe like RM 2 K more. This method you will not lose interest and
save your time and sweat. I know somebody is using this method.. Ha..ha.. thumbup.gif



This post has been edited by BoomChaCha: Jan 5 2012, 06:49 PM
BoomChaCha
post Jan 5 2012, 07:10 PM

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QUOTE(turion64 @ Jan 5 2012, 06:47 PM)
Lol. what a big loop-hole that sticking out like a sore-thumb!
*
(2)
Another way is to withdraw cash from OCBC, and re-deposit back into OCBC counter on the spot,
but top-up some cash money maybe like RM 2 K more. This method you will not lose interest and
save your time and sweat.

Last time I mentioned to use this method to UOB counter, the UOB teller said this withdraw and re-deposit
cash on the spot method would not be accepted by UOB, then I said: I would top up RM 2K more so that
the RM cash amount would not be the same in between cash withdraw and cash re-deposit, she suddenly
became panic..and she said she wanted to confirm with her manager to see if this method was feasible...??
Then I said no need to bother, I was just asking only... Ha..ha... thumbup.gif

Added on January 5, 2012, 7:12 pm
QUOTE(gchowyh @ Jan 5 2012, 06:31 PM)
With all this confusion on OCBC, I will go for UOB's promotional FD rate.

300k is alot to commit too.
*
Ha..ha.. This is what I have been thinking about...

This will make life easier...

Added on January 5, 2012, 7:18 pm
QUOTE(MGM @ Jan 5 2012, 06:41 PM)
Just call the Premier Phone Line @ 1300 881966. At first the CS confidently said that I can put all 300k in the 5%FD. I then insisted she double check and she came back to tell me she made a mistake and the combo of 5% & 3.8% FD is allowed. When I told her about the offer from the RM @OCBC DU of 5% & 2.8%, she offered to triple check and will get back to me.

The CS called back to inform me that the dept in charge of this promo has confirmed that the combo of 5% & 3.8% is allowed.
*
I doubt they have a proper product training before they launch this product...

Maybe we should have OCBC to sign on black & white to confirm this
promo is valid, and no other alternations later, this sales is final binding by law...

rclxub.gif

Added on January 5, 2012, 9:17 pm
QUOTE(gchowyh @ Jan 5 2012, 06:31 PM)
With all this confusion on OCBC, I will go for UOB's promotional FD rate.

300k is alot to commit too.
*
It is better to take OCBC 3.8% for 9 months term
rather than UOB FD promo...





This post has been edited by BoomChaCha: Jan 5 2012, 09:17 PM
BoomChaCha
post Jan 5 2012, 09:58 PM

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I forecast and calculate the average FD rates from OCBC is roughly 3.9% p.a.
after 9 months.

Let's assume if withdraw the portion of 5% fund from OCBC and deposit it to another
bank for 3.5% rate after 3 months, 3.5% (another bank) + 3.8% (OCBC) = 7.3% divided by 2 = 3.65%


(1) 1st month 5% + 3.8% = 8.8% /2 = 4.4%
(2) 2nd month 5% + 3.8% = 8.8% /2 = 4.4%
(3) 3rd month 5% + 3.8% = 8.8% /2= 4.4%
(4) 4th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(5) 5th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(6) 6th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(7) 7th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(8) 8th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(9) 9th month (3.5%) + 3.8% = 7.3% /2= 3.65%
____________________________________________
(4.4% x 3 months) + (3.65% x 6 months) = 35.1% / 9 months = 3.9%


This is only a rough estimate...
Does this make sense..?

Added on January 5, 2012, 10:07 pm
QUOTE(Subconcious @ Jan 5 2012, 09:47 PM)
OCBC got 3.8% for 9 months term. Sorry to ask this, we only get 3.8% after one year of deposit right?
*
You will get 3.8% interest p.a. after 9 months.



This post has been edited by BoomChaCha: Jan 5 2012, 10:07 PM
BoomChaCha
post Jan 6 2012, 12:30 AM

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QUOTE(Gen-X @ Jan 5 2012, 10:17 PM)
Bro, as I mentioned before, if you want 9 months FD, yes, better you go with 3.8% because if you average out the 3 months promo and current 6 months board rate, you'll get lower than 3.8%.

If you want 12 months, go with UOB.
**Edited** - after I posted read post below
fourth month and above you may not get 3.5%, current board rate for 6 months 3%.

**Edited Again**

I reread your post again, you're forecasting, well, what if SCB offer 5% again in 3 months time tongue.gif The fact is we don't know.
*
Captain, I predict UOB or other banks will have another FD promo after 29 Feb 2012,
so I forecast the FD rate 3.5% as a conservative figure.

I doubt anybody today will park their extra money in FD based on board rate, unless they do
not read newspaper at all...

I will take OCBC's 3.8% for 9 months term as I think this is easy for me.
BoomChaCha
post Jan 6 2012, 12:46 AM

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QUOTE(Gen-X @ Jan 5 2012, 10:17 PM)

Bro, as I mentioned before, if you want 9 months FD, yes, better you go with 3.8% because if you average out the 3 months promo and current 6 months board rate, you'll get lower than 3.8%.

If you want 12 months, go with UOB.

*
This is the main point..
Thank you Captain...
BoomChaCha
post Jan 6 2012, 01:17 AM

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QUOTE(Gen-X @ Jan 6 2012, 12:37 AM)
Did you know that UOB revised their board rate for 12 months FD lower on 15th December 2011.
And if you see the trend, HLB is offering lower FD rates compared to November's offer.
I am not saying that there will not be any promos but we don't really know. Then again, we can always go with Affin.

Yes..agree



well, gark does

Because gark is a rich man


I will tend to agree if you are looking at 9 months FD because it is the best rate for now (for major commercial banks and foreign banks).

Yes, will go for it..Thanks Captain

*
Added on January 6, 2012, 1:22 am
QUOTE(gsc @ Jan 6 2012, 12:51 AM)
On method 2 I did ask the UOB teller and she said cannot withdraw, top up and re-deposit as fresh fund.

Later that month I withdraw all my FD cash from another branch and went lunch with friend. After lunch my friend said why dont give it a try instead of coming back the next day to deposit. I was lucky, with different counter teller and she took it fresh fund
*
Ha..ha..ha thumbup.gif biggrin.gif

You were lucky.. smart guy... notworthy.gif

But what if you see the same teller again?
When she asked you:"how may I help you?"
Did you prepare what were you going to say..?

Ha..ha.. biggrin.gif biggrin.gif



This post has been edited by BoomChaCha: Jan 6 2012, 01:27 AM
BoomChaCha
post Jan 6 2012, 11:00 AM

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QUOTE(echoesian @ Jan 6 2012, 10:48 AM)
I think overall UOB rate is higher because OCBC only provide max 9 months for 3.8% p.a, so the effective rate is only 2.85% p.a. I'll go to UOB later smile.gif
*
Yes, if you want FD for 12 months term.
BoomChaCha
post Jan 6 2012, 03:05 PM

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QUOTE(turion64 @ Jan 6 2012, 02:10 PM)
Bro Gen-X,

The Bank Rakyat's Qiradth investment account is it a FD? Because it sounds too good to be true.
*
Bank Rakyat offers very good FD rates:
http://www.bankrakyat.com.my/web/guest/125

I was wondering how reliable is Bank Rakyat?
Can we trust them to put FD there?
BoomChaCha
post Jan 6 2012, 04:07 PM

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QUOTE(echoesian @ Jan 6 2012, 03:55 PM)
I think this is not a FD, it's kinda islamic investment account..
*
Boss, it is just like FD, but they put it in different term..
BoomChaCha
post Jan 6 2012, 04:17 PM

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QUOTE(turion64 @ Jan 6 2012, 04:10 PM)
have u got account with them before?
*
No, I do not have account with Bank Rakyat, but probably I will
have one soon.

I just called Bank Raykat an hour ago, they said they calculate interest
rate based on monthly basis, but not on daily basis. So this means that
FD depositors can get more money.

And they can pay interest to depositors on monthly basis.

For example, if I put RM 10,000.00 into their 1 year FD tenure
for 4.01 % rate, so I will get RM 401 interest after one year.

RM 401 / 12 months = RM 33.41, so every month I will get
RM 33.41, this RM 33.41 will deposit in my Bank Raykat
saving account.

But Bank Rakyat is not under PIDM

Also, I heard Bank Raykay is not a bank, it is a financial institution like
"korperasi"...



This post has been edited by BoomChaCha: Jan 6 2012, 05:00 PM
BoomChaCha
post Jan 6 2012, 05:50 PM

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QUOTE(Gen-X @ Jan 6 2012, 05:27 PM)
BoomChaCha, the Bank Rakyat guy told you that deposits not insured by PIDM?  I think it is safe lah since it is placed under government.
*
The Bank Rakyat staff only told me that they were not under PIDM,
they did not mention their FD was insured by PIDM or not.

Added on January 6, 2012, 5:57 pm
QUOTE(tbheng @ Jan 6 2012, 05:43 PM)
The pdf is only 2 page mah... tongue.gif
In fact the focus is at the top of page 1 that says:
3-month 3.6%
9-month 3.8%
12-month 4.00%.
*
Ouh...oh... biggrin.gif

Now the new promo from OCBC is 4.00% rate for 12 months terms?

Any terms and conditions like need to bundle with OCBC's saving account
and current account?

Minimum FD placement is RM 10K?
Do you know what is the maximum bullet that allows us to shoot?

This post has been edited by BoomChaCha: Jan 6 2012, 06:36 PM
BoomChaCha
post Jan 6 2012, 06:18 PM

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QUOTE(turion64 @ Jan 6 2012, 06:06 PM)
I also just went to the counter and the staff told me the interest rate is not fixed and it 'fluctuates'.

for example : if u sign up for 12 mth 4.01% tenure, it is not guaranteed 4.01%. and the staff told me it does fluctuates as much as 1%. but never more than that.
Oh... doh.gif I am sorry...

The Bank Rakyat staff did not tell me about the rate fluctuation..

The rate will fluctuate as much as 1%? This mean we could get 3.01%
rate at the end of the year...

I think we can forget it...

Let's focus on OCBC 4% FD rate for 12 months term...
BoomChaCha
post Jan 6 2012, 07:00 PM

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QUOTE(turion64 @ Jan 6 2012, 06:36 PM)
No problem bro smile.gif
After reading tbheng OCBC pdf chart, can't help but notice the 12mth tenure 4% is based on profit rate. (the promotional profit rate have 2 ** on it that stated "indicative profit rate + hidayyah)

I remember the bank rakyat staff kept telling me the 12mth tenure of their product will pay out "profit" instead of using the word "interest"

Could this OCBC based on same islamic profit sharing principles?
Any bros can clarify?
*
** lndicative profit rate + hadiyyah
I am curious what does the above term mean?


Why OCBC changes their FD promotion very fast? rclxub.gif

Who knows next week they come out with 5.0% promo? brows.gif




BoomChaCha
post Jan 6 2012, 07:13 PM

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QUOTE(turion64 @ Jan 6 2012, 07:04 PM)
Indicative means suggested. So its not guaranteed.
*
So, this 4% return rates is not guaranteed, and it could be less....
Thanks Bro



Real Deals Mudharabah General lnvestment Account-i Promotion (Insured By PIDM)

Just noticed this is not a FD plan, it is an investment plan... rclxub.gif
Should we go for it..?

Is OCBC trying to fool us..? vmad.gif



This post has been edited by BoomChaCha: Jan 6 2012, 07:19 PM
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