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 Fixed Deposit Rates in Malaysia V2, Read 1st post to find highest rate.

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aeiou228
post Oct 26 2011, 06:27 PM

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If you calculate the effective interest rate,
3.20% 12 mths FD interest paid upfront is 3.3056%, about the same as 3.30% 12 mths FD interest paid on maturity. So, not much different if the deposit amount is not significant.
TSGen-X
post Oct 26 2011, 07:05 PM

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QUOTE(aeiou228 @ Oct 26 2011, 06:27 PM)
If you calculate the effective interest rate,
3.20% 12 mths FD interest paid upfront is 3.3056%, about the same as 3.30% 12 mths FD interest paid on maturity. So, not much different if the deposit amount is not significant.
*
True. But Bro, say we actually deposited RM100,000 deposit, use the RM3200 and deposit back into say normal 12 months at 3.3% then can earn another 0.1% (based on RM100,000), so effective interest may be 3.4112% but still cannot beat Promos or Affin 3.6%

This post has been edited by Gen-X: Oct 26 2011, 07:06 PM
aeiou228
post Oct 26 2011, 11:39 PM

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QUOTE(Gen-X @ Oct 26 2011, 07:05 PM)
True. But Bro, say we actually deposited RM100,000 deposit, use the RM3200 and deposit back into say normal 12 months at 3.3% then can earn another 0.1% (based on RM100,000), so effective interest may be 3.4112% but still cannot beat Promos or Affin 3.6%
*
For 3.2% 12 mths FD with upfront interest re-deposit back @ 3.3% 12 mths FD with interest paid on maturity, the effective interest rate I calculated was 3.3056%. I can't get 3.4112%. Mind telling how you get 3.4112% ?
Yes, Affin 3.6% or HLB 3.7% any time better.

This post has been edited by aeiou228: Oct 26 2011, 11:41 PM
TSGen-X
post Oct 26 2011, 11:55 PM

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QUOTE(aeiou228 @ Oct 26 2011, 11:39 PM)
For 3.2% 12 mths FD with upfront interest re-deposit back @ 3.3% 12 mths FD with interest paid on maturity, the effective interest rate I calculated was 3.3056%. I can't get 3.4112%. Mind telling how you get 3.4112% ?
Yes, Affin 3.6% or HLB 3.7% any time better.
*
Bro, the way I calculated

A) RM100K - RM96.8K = RM3200

RM3200/RM96.80K = 3.30575% (close to what you mentioned)

b) RM3200 x 3.3% (say deposit in conventional FD for a year) = RM105.60 interest paid

c) RM105.60/RM100K = 0.1056%

d) A + C = 3.41135%

But you know what, above WRONG way to calculate effective interest, hahaha because end of the day only get RM103,305.60 or effective interest like you said 3.3056%. Sorry to have mislead you blush.gif

thunderaj
post Oct 27 2011, 10:13 AM

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QUOTE(MilesAndMore @ Oct 25 2011, 10:14 PM)
No. It doesn't work like that actually. I'll use a bigger amount as example > RM100,000.

I deposit RM100,000 with HSBC Amanah under their upfront payment scheme TD-i for 12-month. The 12-month profit for upfront payment TD-i is just 3.20% versus 3.30% for the standard scheme TD-i. So, the profit for my deposit is 3.20%. Let say i open the account now under this upfront payment TD-i with RM100,000, they will pay me RM3,200 right away and the TD-i deposit slip will still be written as RM100,000. Yes, you can use the RM3,200 right away and you will get all your RM100,000 back by the end of the 12th month. Just that unlike conventional FD product where at the end of the month, i will get my principal back + the interest earned during the last 12-month. For this HSBC Amanah upfront payment TD-i, i will only get my whole principal amount back (which in my case is RM100,000) at the end of the 12th month. There is no more interest for me because HSBC Amanah already paid me the interest (RM3,200) 12-month ago when i opened this upfront payment TD-i.
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what is the catch for this upfront payment scheme..?
aeiou228
post Oct 27 2011, 03:17 PM

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QUOTE(thunderaj @ Oct 27 2011, 10:13 AM)
what is the catch for this upfront payment scheme..?
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No catch whatsoever. One is interest paid upfront and the other is interest paid on maturity. Both effective return are the same at 3.30%

This post has been edited by aeiou228: Oct 27 2011, 03:17 PM
thunderaj
post Oct 27 2011, 06:18 PM

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thanks mate
potenza10
post Oct 27 2011, 09:33 PM

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Can someone explain here about overdraft..since overdraft is related to FD right?

1. How to take overdraft?
2. Normally, what is the cause of people take overdraft?
3. How to pay back? Monthly with interest?

Thanks in advance!

This post has been edited by potenza10: Oct 27 2011, 09:34 PM
TSGen-X
post Oct 27 2011, 11:39 PM

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QUOTE(potenza10 @ Oct 27 2011, 09:33 PM)
Can someone explain here about overdraft..since overdraft is related to FD right?

1. How to take overdraft?
2. Normally, what is the cause of people take overdraft?
3. How to pay back? Monthly with interest?

Thanks in advance!
*
Well, there is another thread on OD if not mistaken, do a search. Homework question ar?

1. Say you pledge RM10K FD, you will get RM10K overdraft to utilize.
2. Short term loan.
3. Pay back as soon as you got the funds, can be next day.

hackwire
post Oct 28 2011, 07:27 PM

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if want to keep money for 10 years , putting in FD is better or buy insurance saving plan minus the investment one. i mean the endowment plan .
echoesian
post Oct 28 2011, 11:42 PM

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Endownment plan better
SUSbuysell
post Oct 29 2011, 05:28 PM

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This FD 3.x% really no mood. doh.gif When will the % increase again?
mklm
post Oct 30 2011, 11:59 AM

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did mine at UOB recently. 3.8% for 1 year. min 10k per slip, and have to be fresh funds.
ronnie
post Oct 30 2011, 11:31 PM

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Starting 1 Nov 2011, those with SCB Online Banking should keep an eye open for the first payout of the 5% interest promotional rate.

Do report in....
nomen
post Oct 31 2011, 01:50 AM

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QUOTE(ronnie @ Oct 30 2011, 11:31 PM)
Starting 1 Nov 2011, those with SCB Online Banking should keep an eye open for the first payout of the 5% interest promotional rate.

Do report in....
*
According to the T&C interest payments will be calculated at the end of each calendar month and credited into the Promotion Account on the third working day of the next calendar month.

ycs
post Oct 31 2011, 09:08 AM

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QUOTE(ronnie @ Oct 30 2011, 11:31 PM)
Starting 1 Nov 2011, those with SCB Online Banking should keep an eye open for the first payout of the 5% interest promotional rate.

Do report in....
*
do you mean to verify the interest payments?
ronnie
post Oct 31 2011, 09:58 AM

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QUOTE(ycs @ Oct 31 2011, 09:08 AM)
do you mean to verify the interest payments?
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For the benefit of those without SCB e-Banking logon
wu ming
post Nov 1 2011, 07:00 AM

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CREDIT INTEREST / HIBA CR MYR2.22 for my SCB MYR4,500.00 deposit. doh.gif
Is it already kena tipu?

ronnie
post Nov 1 2011, 09:00 AM

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QUOTE(wu ming @ Nov 1 2011, 07:00 AM)
CREDIT INTEREST / HIBA CR MYR2.22 for my SCB MYR4,500.00  deposit. doh.gif
Is it already kena tipu?
*
This is only the normal eSaver month-end interest... wait a few more days for the 4.4% portion
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base7632
post Nov 1 2011, 10:35 AM

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Standard chartered e-saver account:

What is the formula for calculating interest ?


ADB= Total day end balance / Days account opened in that month

Interest for the month = ADB*5%*(Days account opened in that month)/365

DAys account opened in that month = 8

I received an interest today Nov 1 of RM 53.47, appreciate if any insider could tell me if my formula is correct?

I can't seem to get what they are getting.



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