Er..Maybe my posting confused you, I refer those who make FD placement in the blocks of RM200K or higher as rich people who has millions of $ in their bank accounts.
eSavers is a savings account and the rates are tiered basis, if there is no cap, these rich fella are best benefited because they don't need play musical chair for the OCBC 5% but 1m cap.

By the way, i noticed Standard Chartered has just revised the interest rate for the e$aver Account. The interest rate for RM0.01 - RM100,000 was 2.5% when this account was first introduced in late 2007.

By the way, Reserve Bank of Australia cut the interest rate before the end of last year. I think there is little hope for BNM to increase OPR in the near future. Consider ourselves lucky as long as they keep the OPR at this rate for now and do not cut it again

The other day i met this bunch of ppl, who are active into pledging FDs. But i also got to know these ppl have tons of loans (including housing) which are not paid off and the loans are much more than the FD sums. Wouldnt it be more prudent to park the moneys into the housing loans to enjoy the "savings"?

Anyone here who does the same care to enlighten me a bit?

Oh, I read wrongly. It is eSavers account. Somehow I don't know why in my mind was playing the FD tune. Maybe reading too much on FD or because of your post

But I would still like to know what if I deposit more than 750K? What are my interest for my RM 750000 to the max bank limit? Back to normal eSavers interest I supposed?

I think we won't see an increase in OPR this year based on what predict. I also don't think they will lower it. Well, need to judge the 1Q then only we can get a clearer picture.

Ok..Thank you..

This post has been edited by BoomChaCha: Jan 5 2012, 07:20 PM

No... if your property have tenancy, it is better to have outstanding loan, you can offset your interest paid from rental income in your Income tax returns.

Either that these people is pledging more FD to have more loan margin since they are not able to liquidate their positions and/or their positions is at net loss.

This post has been edited by gark: Jan 5 2012, 01:28 PM

Last time we can use 30% term loan and 70% OD to buy a new house. So being kiasu like bro GEN-X, After I kira kira kira, FD so miserably low, I "park the FD into OD" and voila....my "FD" suddenly worked overtime to "earned" me 6% to 7% interest. Until now my OD facility is still there unused right from the disbursement but the best thing is I use the OD facility as a no cost, no commitment yet highly liquid "Opportunity Fund" to standby for opportunity deployment.

Bro Gen-X,

Just wondering what are the differences between the below (because u stated Affin offer the best rates) :

12 months is by Affin Bank at 3.6%.

9 Months by OCBC at 3.8%

12 Months by UOB at 3.75%

thx bro.

Cant understand how FD park into OD can earn 6%? I used to have an OD but converted into term loan. Of course the term loan is reducing monthly which unlike OD, the loan facility is fixed.

Share opportunity deployment if you come across, tq

Just a note to those who invest in foreign currency FD, UOB no longer allows deposit & withdrawal of physical foreign currency notes.

Oh sorry, I put it too briefly. It simply means instead of placing money in fd, place it in od to cover up the outstanding overdraft. OD interest is always higher than fd interest. i don't earn the OD interest actually but I save from paying the high OD interest. So my cost of borrowing is actually equivelent to the fd rate.
As for the opportunity deployment thingy, I just learned these jargon from bro gark today. I used to call my standby OD fund as contingency fund but now I know i can name it as opportunity fund too.

The thing is my going to be ex-SCB RM started off by telling me I DON'T QUALIFY and she did not mention the rate after RM750K and no point I ask because I already was told I was not eligible for it.

I just check, my saving account also now ESAVER Plus, I guess that's why my RM told me to maintain RM250K with her as I will be getting 3%. But heck, with 3.8% interest from OCBC, that's equivalent to extra RM2K per year buta money if it was for a year FD. So withdrew my funds and going to surrender my SCB VI soon

Bro, when I mentioned Affin's rate the best, I guess I was comparing over the counter rates (for major commercial and foreign banks only) and not promotional rate.

So currently, if you have RM10K and above, UOB 12 months rate at 3.75% is the best if you do not consider Coop Banks.

If you are looking at more than RM10K deposit for 3 months and 9 months, then OCBC promotion rates at 3.6% and 3.8% respectively are currently the best, once again if you do not consider Coop Banks.

Above should be the correct way instead of depositing cash into FD and end up paying more in interest when one utilize their OD. The OD facility is there when you need it anyway. And see, it is good to be kiasu, even it that means going for FD with a little bit more interest, you'll end up earning more And I guess you benefited from reading the threads at credit cards where some use BT to save on their housing loan interest

This post has been edited by Gen-X: Jan 5 2012, 04:56 PM

So Affin bank rates still best to me since i have only less than RM10k. BTW, do they accept internet online placement?

Went to see a RM @OCBC D.Utama regarding the 5%FD promo, and according to her I need to open 3 accounts, put 150k on 5%FD, and 150k FD on board rate (can't put on another promo rate like 3.8% as the T&C 4.3 stated that the 5%FD Promotion is not valid with any other promotion or other promotions as specified by OCBC Bank from time to time). When I told her others have managed to enjoy both promo rates she said at the end of Jan when they discover the discrepencies they might do some rectification. Looks like diff RM have their own interpretation of the promo.

thanks for clarifying. what does coop bank means?

For SCB's latest 4% FD promo:
You have to continue your existing minimum of RM 1 million FD placement
in SCB. Existing RM 1 million FD placement will continue and get 3% rate
(no more 5% like previous promo), only new added FD amount will get 4% rate.

For example: If you continue you existing FD for RM 1 million placement, this
RM 1 million will get 3% rate, if you add additional new fund for FD let say RM
20K, this RM 20K will get 4% rate.

So:
(1) Your existing and continuing FD placement for 1 RM million will get 3% rate
(2) Any additional fresh fund will get 4% rate


This was what SCB told me when I withdrew my FD this late afternoon...

If 5% is printed on the FD slip, can the bank still do rectification later? The FD slip itself is a legal document, right?

The RM that I contacted, said all RM300K enjoy 5% + opening of saving and current account. At the end of 3 months, can close everything.

I told her that too but she replied that the bank has the rights in B&W but I did not argue with her. So I decided not to transfer my funds. Seems like the RMs have diff intepretation. Maybe they could use the T&C signed by Depositor as the reason for rectification.

This post has been edited by MGM: Jan 5 2012, 06:14 PM

I just called to one OCBC RM based on your story:

She said this is because your fund is OCBC's existing fund, so
you cannot get the 3.8 promo rate...

Yes they do, you can easily do FD placement using your online account once is created