OCBC Bank Mighty Saver Programme - Every 1st Weekend of the Month.

Is this applicable for single person ?

Bank Negara Malaysia’s monetary policy committee (MPC) has maintained the Overnight Policy Rate (OPR) at 3%.

Theedgemalaysia

The FD interest rates quoted by commercial banks are based on per annum and interest payable is based on days.

For example you go open a FD account today (5th July 2012) for RM10K 3 months at 3.6%. This means your FD will mature on 5th October 2012. And as MGM rightly pointed out in his previous posting, there will be 92 days (since we have 2 months with 31 days). Therefore the interest calculated is as follows:

RM10K x 3% x 92/365 = RM75.62

3. HSBC Amanah Advance Account-i fee waiver:
a) Campaign Offer: Enjoy 12 months account fee waiver totaling RM120 (RM 10/month) on the opening of an HSBC Amanah Advance Account-i at HSBC Amanah City Centre with a minimum deposit of RM500.

    why didn't raise OPR ? So we can get higher FD rates

You don't actually need to maintain a balance.. just need to open with minimum RM500.
You will be advised to deposit the amount you want for the Term Deposit-i into the Amanah Advance Account-i.
Once cleared, the fund will be auto-sweep to TD-i, leaving RM0 at Amanah Advance Account-i

HSBC Amanah Advance Account-i offers UNLIMITED FREE IBG to other banks too... nice feature for HSBC Advance (and Premier) accounts.
   

Zeti already hinted prior to meeting the rate will remain unchanged. I like your question why didn't raise OPR, hahaha
I was wondering why no need maintain balance until I reread the quote you posted again - there is a monthly fee of RM10 normally. The IBG offer is not that good if you were to consider the monthly fee. But since the account is FREE for a year at the new branch, yah, it's great.

Hi Guys,

I would like to know if anyone participated in the SCB promotion last 2 months where every RM 10k deposit will get cashback RM 100.

I was just wondering how would we know if we qualitfy for it or is there any notification?

I did it in May but I'm not sure exactly how they will know - system tracking I guess.

I didn't make any withdrawal via ATM so far but I did use the debit card and also did online fund transfer.

To All: Here's a thought, for those who are going with the OCBC Combo and wanting to maintain the Smart Saver Account forever after the promotion period.

In my Fixed Deposit Page I have highlighted that the OCBC Smart Saver minimum balance is RM20. The actual amount that we can withdraw and go play FD musical chair again need to deduct RM20. Therefore, deducting this said RM20, the  "effective" interest from the combo promo can be said to be less than 3.6% for deposit of RM10K into FD.

Interest from RM10K 3 months FD at 4.5% = RM112.50 (please note should be more since there are 92 days).
Interest from RM2K 3 months Smart Saver at 3% = RM15
Total amount that can be withdrawn = RM112.5 + RM15 - RM20 = RM107.50
Therefore approximate "effective" interest rate (assuming you are going to maintain the Smart Savers account) = RM107.5/RM12K = 0.00896 or 3.584%pa.

Like I said, this Combo plan is a good way for OCBC to Promote the Super Saver Account. Which is not too bad considering it offers 3% to those who are only going to use  their funds early in the month and need to park their funds (up to RM300K) for 2-3 weeks, but at a one time cost of RM20 until the account is closed.

If I am not mistaken, need to do it once throughout the promotion period....correct me if I am wrong

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Added on July 6, 2012, 12:30 am

I am confused as to better open FD in HL or OCBC combo.....earlier I thought I saw somewhere mentioned the effective OCBC combo is 4.2%?? which is better than that of HL

I did it in May but I'm not sure exactly how they will know - system tracking I guess.

I didn't make any withdrawal via ATM so far but I did use the debit card and also did online fund transfer.

Bro, as shown by MGM, the OCBC Combo is better and can earn one up to 4.25% with the Smart Savers account 3% interest rate. Moreover, HLB offer is kind of restricted with RM10K and RM50K only. To add further, unless one has HLB Junior or Senior Savings Account, the interest from HLB Savings Account is negligible.

Both these two plans requires a certain amount deposited into Savings but OCBC Combo requires a NEW Smart Savers Account whereas HLB don't need to.

My post earlier was just a thought on the requirement of minimum RM20 to be maintained at all times in a NEW Smart Savers Plan and I was merely pointing out that for minimum FD RM10K and deducting this said RM20, one only gets 3.584% to go play next round of FD musical chair. And if one was to deposit more than RM10K, the "effective" interest rates (less this RM20) increases.

Citibank offering new time deposit for 3 months .... http://www.citigold.com.my/portal/citigold/td_63.htm .. 75% in FD (6.3%), 15% in money market or Bond and 10% in checking accounts.

anyone have any details on the interest for the checking accounts?  For 3 months duration, money market or bond is better?

Bro, as shown by MGM, the OCBC Combo is better and can earn one up to 4.25% with the Smart Savers account 3% interest rate. Moreover, HLB offer is kind of restricted with RM10K and RM50K only. To add further, unless one has HLB Junior or Senior Savings Account, the interest from HLB Savings Account is negligible.

Both these two plans requires a certain amount deposited into Savings but OCBC Combo requires a NEW Smart Savers Account whereas HLB don't need to.

My post earlier was just a thought on the requirement of minimum RM20 to be maintained at all times in a NEW Smart Savers Plan and I was merely pointing out that for minimum FD RM10K and deducting this said RM20, one only gets 3.584% to go play next round of FD musical chair. And if one was to deposit more than RM10K, the "effective" interest rates (less this RM20) increases.