Aiyah what hard work, I use my phone also can calculate lah

Firstly, interest paid is based on days not months. Therefore your monthly interest calculated from your hard work is not very accurate.
Secondly, the interest rate is based on FD tenure and not as you have shown above.

you can count all you want, your answer will still be wrong based on your assumptions, hahaha

OMG, you don't even know how FD interest is paid and you want to tell us the interest earned

Like I said, not only is your interest calculation not accurate but the interest payable is based on interest rate tied to the fixed tenure and not like you assumed.

You want us to teach you how to do your homework? It is against rules and regulation lah, but I already gave you the definition of the formula. For further information, go google for it.

This post has been edited by Gen-X: Dec 10 2011, 05:21 PM

Bro, I have actually given you the definition of the formula, once gain, in case you did not comprehend what I spoon fed you earlier, here it is again

"the interest payable is based on interest rate tied to the fixed tenure"

and once again, you have to note what I mentioned about calculating interest is based on days and not months.

If you understand the definition, then you can come out with the correct formula and even expand on it. Furthermore, there is no point in calculating future interest payable after the fixed tenure unless you can predict the future and knows what is the interest rate will be. Another thing, for FD more than a year, interest may be paid monthly or half-yearly depending on the terms and conditions and this said interest paid does not earn the same interest rate as the Principal.

FD interest earned is the simplest as it is fixed based on the rate and tenure accepted.

UOB on 15 December revised their FD rates lower!

http://www1.uob.com.my/assets/pdf/announce...ate15122011.pdf

Last month Alliance did lower their FD Gold rate too.

SCB 5% another 2 weeks to go, hopefully got more banks offering promotion rates come 1st January 2011. Else may have to go check personally to Bank Rakyat and check them out.

Just walk into any UOB branch and you'll get 3.75% for 12 months FD promotional rate for fresh funds above RM10K.

For HLB, call the branch most convenient to you on 3rd January 2012 to see if there are any promotions for FD. Call OCBC too.

Please read 1st post next time.

For amount less than RM100K, HLB offer above may not be as good as UOB's FD offer where both expire on 29 February 2012.

However, if you have Hong Leong Bank Junior Fixed Deposit Account, the Hong Leong Bank Chinese New Year Fixed Deposit Promotion is great, click here to read my comments on it at my blog.

This post has been edited by Gen-X: Dec 27 2011, 12:05 AM

Well, Junior Savings Account is a savings account right and it comes together with Junior FD anyway.

As for PB, as Miles mentioned, deposit RM200K but it is not automatic, you got to go to a PB centre and apply for it (say if you currently have more than RM200K deposited at a branch). I am not sure if you will get to enjoy the PB rate if you are not a current PB member. If you are interested, go ask any HLB PB centre and you get a better answer.

Junior FD Account do not qualify one for Priority Banking if you deposit RM200K into Junior FD, but final say depends on HLB management (for my case, they did approve my application for PB even though I don't have RM200K in conventional FD or CASA). Only benefit from PB status is I save bloody RM2 when I request for cheque but still got to pay RM0.15 And the thing is, I don't go to PB centres to do banking because the centres are packed during certain hours, instead I go to any branch and be served first (go to counter with Prioirity Banking logo)

OCBC the best, the other day withdrew my FD and requested that they write 2 different cheques and both were FREE and I not even a PB member with them

This post has been edited by Gen-X: Dec 27 2011, 02:06 PM

Moving of funds from savings to FD is entitled to the 3.5% Promo?

oops! I really blur

Bro, I also now contemplating to either shift my funds from SCB to either UOB or HLB Junior FD. Where you deposited yours?

As for Privilege Banking, this is what I know should one AUM falls below the required amount to maintain PB status:

Alliance Bank - they do give you grace period for you to top up if you fall below the required AUM.

Citibank Gold - your PB status is maintained for about 6 months. But I close my all my Citi accounts immediately after their promo rate ended.

HLB - don't know, like I mentioned, technically I don't even qualify since almost all my funds are under Junior Account.

HSBC - don't know.

RHB - PB status is like forever, hahaha. Click here to read my article about me getting PB status at SCB in October when they offered the 5% interest rate and had to withdraw my funds from RHB and yet get to maintain my RHB PB status.

SCB - I was told that they will allow some grace period for one to top up to the required AUM. I am more concern what will happen to my SCB VI since I am going to withdraw all my funds except for RM1, hahaha.

UOB - don't know, still have yet to withdraw my funds, in actual fact may even add more now that SCB offer over.

This post has been edited by Gen-X: Jan 2 2012, 08:45 PM

Decided over dinner to withdraw all funds from SCB instead of leaving RM250K with them just for the PPM and earn RM1250 less for nothing when comparing their rate for 12 months FD at 3.25% versus UOB 3.75%.

Bro, I don't get you, HLB Junior FD and Savings Account rates are not indicative but guaranteed nor are they Islamic accounts.

Aiyah, based on your latest info, if I had known, I would not have close my Citi Gold Account


This post has been edited by Gen-X: Jan 2 2012, 09:57 PM

LATEST!! Deserve a post by itself.

OCBC Bank Fixed Deposit Promotion 1st January 2012 to 31 March 2012 - Minimum Fresh Fund RM10,000

3 Months 3.6%
**EDITED for typo** 9 Months 3.8%

I think above 9 months would be just perfect because if you study previous FD offers, best promotions in the 4th quarter.


p.s. @MGM, please read my previous edited post.

This post has been edited by Gen-X: Jan 3 2012, 01:15 AM

Bro, branch people who are on holiday won't have a clue until they report back tomorrow and get briefing.

I just had to make a call to Customer Service But I will double confirm tomorrow before I go the branch (kiasu lah as usual).

I had a hunch OCBC will have some kind of promo considering that UOB and HLB are having one currently; and OCBC offers usually are only known on the first day of the week.

And I made a typo as was rushing to the airport, tbheng is correct, it should be 3.8% for 9 months tenure. But if you see the 1st post (and the time I edited it), I stated it correctly at 3.8%.

You're welcome Bros, at least you guys trust me

I am happy too as going to withdraw my funds from SCB tomorrow, like you said - timely. Too bad OCBC credit cards don't offer Priority Pass Membership and the Plat card useless.


I don't really know but standard T&C for HLB Junior FD is that it allows you to withdraw partially. If you think you may need to utilize some of the funds, then split your deposit into 6 months and 12 months instead of being penalized when you do partial withdrawals.

This post has been edited by Gen-X: Jan 3 2012, 01:19 AM

Today went to SCB to withdraw my funds and was informed that they are going to offer 4% interest rate; but, my RM said she has yet to read the terms and conditions and therefore could not advise me.

Anyway, withdrew the funds from SCB and proceeded to OCBC and was surprised that they have promotion for new Premier Banking Account. So ended up opening a Premier Account with OCBC and getting 5% Interest Rate for my FD Click here to read more about OCBC Premier Account which enjoy 5% Promotional Interest Rate for 3 months.

Bro, reread my post, I mentioned "they have promotion for new Premier Banking Account" and you need RM301,020 Even current PB customers do not enjoy the promotional rate UNLESS they open another join account with someone else being the Principal.

Seriously, there is nothing good with OCBC Premier Account i.e. no Premier credit card that comes with the account.

This post has been edited by Gen-X: Jan 3 2012, 02:06 PM

You have been misinformed, I can confirm only need RM1K in new current account because my FD cert clearly states 5% Interest for 3 months.

so sorry you had to read 3 times, next time look for the key word(s) AND I did highlight on the Sub Title in my blog that it is for Premier Account.

By the time my children finish schooling, I'll be close to broke And with your new year resolution, you'll be having the latest Premier credit card in time to come and me still stuck with my current ones

Bro, don't get me wrong, I was also clarifying that the person that informed you know nuts. And also what the OCBC guys informed you the second time also not accurate lah. For our own benefit, better you call the branch and speak to a RM once and for all instead of having a person trying to interpret what they read in the system.

Actually there is another promo for opening 2 account only and if not mistaken the interest rate was 4%.

I guess Citi deal not so good after all, at least for my case.

I was told that there will be a cooling off period before one can reopen a Citi Gold account, that's why I closed mine immediately after thier promo interest rate ended last year.

Having said the above, reopening a Citi Gold account may be different from being classified as a New Customer.

For example, I was required to deposit more than the stated amount in October to qualify for SCB Free Gifts because my name appeared in their system ( I used to have a current and savings account with SCB which have been closed for years).

This post has been edited by Gen-X: Jan 3 2012, 04:03 PM

Bro, it is immaterial which branch I go to because it is applicable to all branches. Offer good until 31st March 2012.

Like I said , go speak to a RM, not anyone else because the offer (with RM1K into current account and RM20 into savings account) is only good for NEW Premier Banking Account. Most RM (if not all for all banks) will be more than happy to entertain opening of new PB accounts because all of them (maybe not the senior ones where they already got lots of customers) have monthly quota to meet on new PB customers.

Actually I didn't even know about the 5% and was looking at the 9 months 3.8%, as usual wanted a cup of coffee, so went and talk to a RM and was informed about the offer.

I had to sign many forms where one of them clearly stated that I'll earn 5% interest with opening of 3 products and the amount I deposited and the interest I'll be getting before the cert was to be printed out.

Now I understand the confusion, click below

http://www.ocbc.com.my/personal-banking/Pr...eal%20Deal.shtm

existing PB customer are also entitled to 5% FD but with different T&C and one of them is:

The maximum placement amount for eligible Premier Banking members is 50% of member’s Asset Under Management on the date of the placement (including the FD placement amount) or RM1 million whichever is lower.

Like I said, mine is NEW account. So Bro, best you go talk to a RM.

This post has been edited by Gen-X: Jan 3 2012, 06:22 PM