I went to CIMB to open a joint FD with my 6 months old niece (photocopied birth cert) but was told that only parents/legal guardians are able to do so (using original birth cert). Is there any way I can open a joint FD with my niece then? using her IC (she of course cannot sign yet) ?

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Added on July 13, 2012, 3:15 pmI wrote to HLB and it is only 3.25 % per annum for 12 months Senior Citizen now.

This post has been edited by Human Nature: Jul 13 2012, 03:15 PM

How you guys transfer big amount money from one bank to another for fixed deposit placement purpose?

IBG has limitation and if by bank draft need 2 days clearance, then we need to go back to bank after clearance to placve FD?

Can use banker's cheque.

Personal cheques are accepted for FD placement

Banker's cheque also need to wait for clerance right?

yes for bank rakyat, never encounter such problem with CIMB/UOB/Ambank.

That means we can go anybank with the banker's cheque to place FD and shall effect immediately. thanks.

next time call the bank like I mentioned in 1st post.

http://www.hlb.com.my/promo/pfs/dep_bankwide_flexi/tc_en.pdf

guess what, kids always get more at HLB

http://www.hlb.com.my/promo/pfs/dep_bankwide_jfd/tc_en.pdf

fastest is through Rentas. do it in the morning and fund available in the afternoon. Ocbc charges rm9 and If I am correct UOB or citi charges only rm7.

Rentas is handy for those bank requires fresh fund coz you can Rentas in the morning and open fd in the afternoon use your personal check or banker cheque.

you have to calculate the interest earned versus the rm9 you have to pay for Rentas. in general if the fund is big Rentas is worth.

usually bank will tell you interbank giro takes two working days but so far I hv tried out morning giro the next day money is availble

hi, thanks. the Customer Relationship Officer didnt highlight this promo, told me to refer to the normal board rate instead

looks like there is no mechanism for me to open a joint FD with my niece as it requires parent or legal guardian. low rate of 3.15% for 12 months also tak kisah.

No, at the branch i do my FD, no need to wait for clearance. FD starts on the day you gave Bank Rakyat the cheque.
However for the FD cert they may not give you on the spot if you are not their listed customers.

Thanks for correcting me. Yeah, have to go another day to collect the cert. FD starts on the day itself.

i wondering the 1month 3% interest FD how to calculate it ? Example : 10k deposit for 1 month 【 10000 x 3% = rm300】 ？！

[Investment Amount * Rates (%) * Number of days] / 366 OR 365 days

what do you mean? for example 6 month rate is 3%. meaning we need to divide half as the 3% is per annum? please enlighten me

In simple terms, yes.

But actually the number of days for that 6 months duration will have to be counted (some 30, some 31 days).

oh.. meaning if i put for 1 month and its 3% basically it would be 0.xx% lor?

Taking your RM10000 example:

interest gained = RM10000 x 3.00% x 30 / 365

*assuming 30 days month, 365 days year

This post has been edited by Human Nature: Jul 14 2012, 11:14 PM

in simple the interest would be around 0.2465% PER MONTH (if you consider 3% pa).

If you invest RM10,000 at 3% PA,
10,000 * 0.2465% = This is what u get monthly.

If we have RM1 million, we can get RM2465 a month of passive income