Gen-X, thanks for simplifying OCBC combo deal. Was dilly dallying between maintaining at existing bank n OCBC. Looks now more towards OCBC, can call lenglui RM at OCBC to chit chat.

Mind simplifying Hong Leong or OCBC Purchase with Purchase deal..

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Added on July 29, 2012, 11:21 pmDont mentioned it, sharing will strengthen us, sharing will rectify mistakes that we ASSume is correct..

This post has been edited by magika: Jul 29 2012, 11:21 PM

Bro, most of it is summarized in my Fixed Deposit Promotion Page lah. I should charge you some fee for wasting my energy for retyping here again (wasting time not applicable for my case) on your account

HLB pwp, nothing complicated if you only want to deposit RM10K (for PB RM50K) where you will earn 3.95%. The 1% in savings account is based on ADB prior to signing up for the promo if you got a previous savings account. New Savings account just add 1% to board rates. Once again refer to MGM quote in page#1 for effective interest rate assuming you have Junior Savings Account. The other promos for 12 months are very straight forward; that is if you got a young child (too bad you not considered a Senior Citizen yet) to open Junior FD account where interest deposited monthly into Junior Savings Account (same thing for Senior FD). And for Priority Banking, they offering special rates for 3 and 6 months and if you deposit X amount, you get a free Breakfast Maker (you want pic let me know then I go post at my FD page).

Leng Lui at OCBC know nuts, better talk to old timers there first and then go sign up PB with Leng Lui later, hahaha. I had to inform my young Leng Lui RM some of the T&C of the combo promo where she had to check and reconfirm what I told her before I sign up for it; and she also failed to inform me I don't have to maintain the amount in SS for 90 days (that time the full T&C not up yet at OCBC website). If you have yet to open Premier Banking Account with OCBC, what Happyman said may makes sense eventho he did not give a complete picture. Sign up or upgrade to Premier Banking and you'll be entitled to 5% 3 months FD for half your AUM if you sign up for 3 products.

1. Assuming you sign up for PB and depositing RM300K and got no previous accounts with OCBC.
2. You are then entitled to RM150K for 3 months FD at 5% (this is the first product, if not below will give you 1st and 2nd product).
3. So go for Combo plan and that's 2 products automatically. RM125K in FD 4.5% 3 months (considered as 1st product if above not applicable) and balance RM25K into Smart Savers (2nd product)
4. For the 3rd product (if necessary), just open a basic saving account with RM20.

As for the GIA-i 5% offer with other products, that one I need a time machine to calculate the effective interest rate, hahaha.

is it a fact ? EPF says quite a number of depositors never make it to age of 60 ? what is the percentage ? If true, then extending to the age of 60 for full withdrawal is bad for the depositors

Between age 50-60 48,023 did not make it out of 130,135 mortality rate which is equivalent to 37%..

In the company that I work for mortality rate for those under 50 is very, very high. Figured if I can make it pass 50 then 60 wont be a problem...he..he.. Thats why me n my better half went for full medical checkup just in case..

This post has been edited by magika: Jul 30 2012, 10:35 AM

Guys, I have called HSBC in Taman Maluri, but nobody answer.
That's why i request help from here.
According to page 1, HSBC is offering Promotion 5% FD for 3months (particular branch only).

Is that mean when i put in RM10,000, i will get back RM 500 after 3months?
correct me if i was wrong

Thanks, spend you Starbuck coffee virtually..

Oh, its HLB PwP ? I was thinking OCBC. Max amount quite low..

Already have PB with OCBC, so only promo left will be be Combo Promo..

SCB DU branch called me last Friday, asked me to transfer my step -up saving FD plan to another plan (6 months @ 4.5 %), which is more attractive, and he claimed that this is even more atttractive compare with the gradual rate step up plan. Anyone can comment on this? plan to top up another RM100K for this.

RM10,000 x 5% x 3 / 12 = RM125

FD rate is USUALLY quoted in per annum terms

n also in days..

OMG, didn't notice "per annum"
So the maturity date will be ended after 3months?
What if I want to continue, the rate will back to normal isn't it??

marketing ploy

1st, attract u to deposit with them with wonderful rates BUT for short term e.g. 3-6 months

After that, if other banks also no give FD promos i.e. FD rates among banks are similar, u will lazy to move ur FDs

Ya,you pointed out the main point
What if I got 10k on hand, which bank you will highly recommended?
Any precious opinion you can suggest?

no particular bank

for me, chasing those short-term FD promos are not worth the trouble
cos u won't know what would be the FD rates available after the maturity of your 3-6 month FDs...what u gained during those 3-6 months, might be offset by ur opportunity cost after that

just hunt for the best 12-M FD u can find, end of story

You meant entire FD@4.5% for 6 months? Cannot find anything on this new plan on SCB website. Please share more info on this.
Thanks.

before maturity, follow up in this forum ......welcome on board on musical chair ......

if for only 10k and you foresee not going to use the money in the next 12 month, then place in 12 month FD

you sure it is FD? Most probably bond or structured investment and period longer than 6 months. Next time ask 1. Principle guaranteed and 2. Interest guaranteed, if both items is YES, then report here

Article at Malaysian Insider:
Malaysia most vulnerable to economic ‘perfect storm’, says Dr Doom’s consultancy

This post has been edited by Gen-X: Jul 30 2012, 02:52 PM

Gratitude for your precious advised as well.

Allow me to make below assumption:
Let us say Bank A offers 3.5 % interest rate per annum.
I deposited RM10,000, is that mean after 12 months. Money I got from interest equal to RM 350.
Please justify me if I was wrong.

about there but calculated in */365 days

This post has been edited by magika: Jul 30 2012, 05:04 PM

too bad, no data for 55-60 range. however with the assumption older age will pass away earlier, it is safe to assume that the mortality rate is even higher than 37% for 55-60 range. In that case government shouldn't raise the age limit to 60 yrs old for full withdrawal.

The mortality is strangely higher when the average life span of Malaysian is male 72 and female 76.

If your company mortality is v very high for those under 50, it sounds like a dangerous occupation?

Then you need to understand how bank operate.

For simple example.
A bank has 1 billion of own capital, so it can lend out 970 million (if it is a 3% SRR) as loan,
but on the other hand, bank can take in deposit of 10 billion and lend out 9.7 billion as well.

So if more than 10% of the depositors withdraw deposit suddenly (a bank run), means bank need to come out with 1 billion cash to pay back the depositor, 1 billion means entire bank own capital.
What if 20% of depositors suddenly want to withdraw in full?

Those loan made cannot be recalled instantly. Housing loan take decade to be pay off once lend out. Same with car loan, and many other loan.
Worst still if those housing loan are underwatered, aka real estate value has plunged severely after the loan being made.
For eg. bank lend out 500k housing loan for a 500k property previously, now the property only worth 300k in the market.

So bank needs to access to the interbank market to borrow money from other bank to fund it, or central bank. If both channel is not accessible due to whatever reason (like global financial crisis time, whereby inter-bank lending became stand-still due to fear counter-party bank collapse/default), then bank may have hard time to survive.

That's why regulators in most countries nowadays want banks to have strong tier 1 capital as required by Basel accord, aka means leverage level cannot be too high in the future.