Oh...now i feel you. no wonder you said chasing after few % extra is a waste of time. A very valid point indeed.
But wait till you reach the level when it is no longer practical to split the FD into blocks of RM20k because it is so time wasting for you and the bank teller, you will know the significance of slightly few % interest.

Got no choice but bring this clause to his attention. Wanted his confirmation that my intepretation is right. That way, he can't wranggle his way out if he is wrong which is precisely the situation now. I went and parked so much money in FD because he confirmed and concurred with me that I will not be affected by the 50% cap and that the full sum will enjoy 5% interest. If not, why would all the FD slips show the 5% interest? The reason he called me last evening was because he was worried that I will hold him responsible for the shortfall in interest should clause 3.1.3 be invoked. Of course, as you all know, I did not bother with him last night. Know what? He called me first thing in the morning and asked to see me to discuss the matter. After my meeting with him, I posted the following update.



I decided to let him off the hook because I did not enjoy watching him squirm and making him miserable over a small sum of money. We all make mistakes don't we? The cost of the mistake may be higher for him than me - he could well lose his job. I believe in giving people a chance, especially a green-horn like him. That was also the reason why I did not push him about the other products. I already had the Esteem Savings acct and the GIA deposit in mind, but I was hoping he could advise, like your RM, some other even more 'economical' products to fulfil the 5% promo conditions, but, clearly he was out of his depth and the pretty RM 'friend' he dragged in to help explain the products was not much help.



I am well aware of the modus operandi of RMs. That's why whenever I was assigned one, I would tell them upfront not to get their hopes high that I will be a 'captured market' to push their products, firstly because I am very risk-averse, thus this obession with FDs and secondly because I can be very fussy with details on things that I am not familiar with (meaning the products they may try to sell to me). This usually put most of them off and they would give me a wide berth and let me enjoy their tea/ coffee and cookies in peace



My thoughts, exactly. You could tell that the people at the Premier Centre were very territorial and they were not making it easy for this young punk who sabotaged what was rightfully theirs, since this is a Premier Account promo. They sure put him in his place, i.e. 'bawah' and that was where I had to conduct business with him the last two days - the open banking hall. Had the feeling that he dare not go to the 'atas' area.



Gark, I can understand why you feel this way. If you are working or your precious resource, time, can be better used elsewhere to help you earn higher returns than FD, then playing musical chairs with your money is such a pathetic waste of time. For me, I am a housewife with grown-up children, I have plenty of 'wu liao' time to play money musical chairs to earn me some small change to pay for my Unifi connection (no money for Ipad2 or Iphone whatever) and perhaps a pair of Vincci slippers. My dear husband likes to chant this nursery rhyme and shakes his head whenever he sees me checking on my FD interests - " Four and twenty black birds sitting in a pie and la, la, la,... and the queen is in her parlour counting pennies" Well, 'pennies' is the operative word here.


**Post edited to fix the text quote's code.

This post has been edited by MilesAndMore: Jan 5 2012, 02:29 AM

You meant OCBC...

Oh..sorry...

I meant OCBC, not Standard & Chartered Bank...

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Added on January 5, 2012, 4:48 amPlease check out below economics report, although it is an old news, but no harm to learn more about interest rate forecast for 2012 from expert:


Bank Negara Malaysia may declare higher inflation forecast for 2011

Mar 23, 2011 - HomeGuru.com.my

Higher inflation forecast might be in store this year, with Credit Suisse predicting a three to four
percent rise — a predicament based on the government raising petrol prices in June and November.

Bank Negara Malaysia (BNM) could declare a higher inflation forecast for 2011 when it unveils its 2011 annual
report later today.

Wu Kun Lung, Economist at Credit Suisse, predicts the new forecast to be approximately three to four percent, compared to 1.7 percent last year.

The inflation barometer, acceptably the Consumer Price Index, will see a three percent hike by mid-2011 and float
at around three to 3.5 percent for a good part of the second half of this year.

“This is assuming the government hikes fuel prices two more times — in June and November, by a similar magnitude as last year's hikes,” said Mr. Wu.

He predicts that the central bank will resume the rate hike by the second half of 2011, if industrial production and exports remain well below pre-crisis levels.

“We expect BNM to resume its rate hikes in the third quarter but it could be earlier (in May) if the government hikes retail fuel prices in the first half amidst a strong pick-up in domestic growth.”

Mr. Wu expects that the Overnight Policy Rate (OPR), which currently stands at 2.75 percent, to increase to 3.25 percent by end-2011 and possibly 3.5 percent by end-2012.

“Although some commodity prices (subsidised), namely palm oil and rubber, have softened in recent weeks, their prices remain well above the average in 2010.”

“Barring a sharp drop, we think the overall impact on 2011 growth should remain positive," said Mr. Wu, addressing the impact of agriculture and mining sectors to Malaysia’s gross domestic product (GDP) growth.


Source:
http://www.fullhouse.com.my/property-news/...gher-inflation-

This post has been edited by BoomChaCha: Jan 5 2012, 04:53 AM

Long time ago AmBank has Top Rate FD promotion, and I have one with 4.3% FD rate.

OPR goes up... mean FD rate will go up in tandem.... NICE !!!

Old news lah. Current trend in OPR is going lower.

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Added on January 5, 2012, 8:11 amDo you need to have a premier account first and a total AUM of rm300K ?

This post has been edited by MGM: Jan 5 2012, 08:33 AM

I bet you were happy when you were told initially that you can get 5% interest for 100% deposit.

BoomChaCha,

firstly, I must apologize to you (and to others) for "misleading" you on the 5% (which is no fault of mine actually since I did get it) until I read the Terms and Conditions (which I posted subsequently).

Your RM better, only advised you to deposit RM400 instead of RM1K.

And what you mean by 100% fund into 5%?


That's why he uses e-FD, haha. Any maybe his RM20K is for every single day. I hate it when uncles and aunties go to the bank with a bundle of FD certs to have them updated and making me wait for my turn.

From what I read, you are a person with high principles

Me too, will tell RM upfront don't bother offering non guaranteed products, maybe that is why none of my RMs ever calls me or maybe they know I don't have much money, haha. But my UOB RM did sent me a New Year greeting and I only met her once when opening the account and talked to her once over the phone.

Nice term there - musical chair Well, at least we have something to keep us occupied,haha. As for slippers - instead of getting a Fitflop slipper, can get many pairs of Vincci and more often too. You must talk to my wife and teach her the joy of counting pennies and that a penny saved is a penny earned.

@Miles - I was wondering how a "newbie" can reply the way she posted until I read the note.

I have been checking AmBank for the past 2 quarters, odd, they got no promo for Top Rate.

That report obsolete lah, with current global conditions, don't hope that BNM will raise interest rate anytime soon.


No, by you depositing minimum RM300K, where 50% say goes to 3.8% and 50% goes to the to 5% 3 months FD (on condition you have another two products with the bank), you would have RM300K in AUM on that day and thus satisfying the condition to be eligible for Premier Banking and the 5% offer.

However, for upgrade to Premier, I think it means 50% of current AUM before upgrade PLUS whatever amount of new fresh funds. Please correct me if I am wrong.

This post has been edited by Gen-X: Jan 5 2012, 09:39 AM

hey guys, currrently i have one fix deposit in RHB bank for 1 year. let's say my maturity date is on april 2012. what happen if i take it out now?

So far I have seen the clerks at the Priority lounge, is just like the normal tellers at the counter . Haven't seen or heard from my RM before, but from letter, the name sound like he is a guy.

This post has been edited by gark: Jan 5 2012, 09:55 AM

You are guaranteed to get back 100% of your deposit but for the interest probably you'll lose all or receive part of it. Best to know is to call you bank.

Some banks will offer u 50% of the interest if the FD is already held for more than 3 months.

thanks for your comments. i was thinking of taking out my Rm 10,000 fixed deposit from RHB bank and put in another RM 5,000 into a new fixed deposit. worth it? or should i wait for the maturity date finish only i deposit it together with my RM 10,000?

Just notice that my e$aver account becomes e$AVER PLUS ...

why dun you have two FDs? dont touch ur 10k, just open a new fd for ur 5k.

This post has been edited by lamode: Jan 5 2012, 10:51 AM

You can put in additional rm5000 fd now without uplifting the 1st rm10k fd. So you don't rugi at all.

So got give 4% as one forumer speculated ealier ?

hmm.. open another one? do they have the same amount at the end of the day? i mean if i combine them together and seperate them. Besides, RHB, which bank offer the best fixed deposit for now?

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Added on January 5, 2012, 10:55 amin that case, when is the maturity date then? push to next year rather than this coming april 2012?

This post has been edited by Subconcious: Jan 5 2012, 10:55 AM

I did not put my money in OCBC, I went there just wanted to
find out more information.

Yes, 5% FD promo is for OCBC Premier account only, and it requires a
minimum of RM xxx AUM.

This post has been edited by BoomChaCha: Jan 5 2012, 12:57 PM

4%-SCB staff told me you need RM1kk to enjoy that

Rm1kk is rm1,000,000 ?