No, I didn't get any statement from OCBC. Found out consolidated statement sent only to customers who have current accounts. So, will wait till maturity to find out if full interest is paid on all the FD slips showing the 5% rate. On Wednesday, 8th Feb, I uplifted my one-month Islamic GIA deposit which matured on 4th Feb and was surprised to learn that OCBC does not give back-interest for the 4 days public holiday. They said back-interest is only given for conventional FD but not Islamic GIA deposit.
Also found out that Mighty Savers weekend promo rate of 4% (3 mths-conventional FD) is not restricted only to children below 18 yrs old. Adults also can enjoy the promo rate provided they open a savings account as well. Min placement is 10K and max is 50K. The FD will start on the next working day, meaning if you issued a cheque for 50K to open FD on Saturday, 4th Feb 2012, the term will only start on Wednesday, 8th Feb 2012 (minus the long weekend holidays). It does not matter when your cheque is cleared. A strange thing about OCBC is that kids above 12 yrs old can open savings account in their own name if they have an IC. But, if you are to open a Trust Savings Account, meaning parent/legal guardian in joint names with the kid, OCBC need the child's original birth cert even if he/she has an IC. The parent/guardian can enjoy the promo 4% FD only if they open the Mighty Savers Account which is a Trust Savings Account. Unless you are really intent on opening a Trust Savings Account for your children, I think it is much more straight forward to just go with the adult version of the Mighty Savers Weekend promo which is on every first Saturday of the month.
Talking about ICs, please note that HSBC requires passports to open accounts with them even if you have a red PR IC. Also, their GIA deposit cannot be uplifted on the same day it matures. You will have to wait for the next working day. Thus, if your GIA deposit matured on Friday, 3rd Feb, you cannot touch your money until Wednesday, 8th Feb. That's about 5 days of 'lost' interest! I am sure they, like OCBC, do not give back-interest for GIA deposits as I have to 'lose' one day's interest when my RM made a mistake on my GIA deposit with them. After rectifying the mistake, she could not back-date the GIA deposit slips - the term starts on the next working day. She said she could have back-dated the placement if it had been a conventional FD. So, beware if you want to open GIA deposits.
Added on February 11, 2012, 4:51 pmCheck out
http://www.hlb.com.my/pfs/dep/depflexifd_f...flag=depflexifdHas anyone have any experience with this type of FLexi-FD? I understand Citibank has the same but early partial withdrawal is in multiples of RM5000 instead of RM3000 in HLB's case. I think Citi's rate is also lower.
HLB's 12 mths rate of 3.25% or 3.35% for premier customer may not be very attractive but I think it allows you to quickly respond to a great promo like the SCB one (which is unlikely to happen again in the near future) or a good investment opportunity that requires you to move fast or any other emergencies that need cash fast without you having to forfeit the interest earned on the balance amount left behind in the account.
Was told that interest is paid monthly into your savings or current account and that pro-rated interest is paid for the partial amount you uplifted. You must also keep a mininum balnce of 10K in the account which continues to earn the 3.25% interest right up to maturity.
Added on February 11, 2012, 5:14 pmSorry, wrong advice from call centre.
OCBC do give statements - it just came in through the letter-box. Yup, interest on FD still 5%
Fingers crossed that Gen-X and I can enjoy the full amount
Thanks for the information. Did not know about this. All the while I thought it is for the kids looking from the banner.
Jan 15 2012, 10:49 PM
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