My fund is fresh fund from other banks and I have no more funds in OCBC, debt(CC) yes.

The OCBC RM said OCBC can do rectifications on the FD if they find any problems later.

Different RM has different explanation, really do not know which one is correct?


This post has been edited by BoomChaCha: Jan 5 2012, 06:30 PM

With all this confusion on OCBC, I will go for UOB's promotional FD rate.

300k is alot to commit too.

how about if u just transfer out ur existing OCBC fund to another bank and then transfer it back, isnt this way make it a fresh fund?

Then your OCBC RM is providing you a wrong info --- said from another OCBC RM (not me, I did not say this.
I am just conveying this message from the RM)

Just call the Premier Phone Line @ 1300 881966. At first the CS confidently said that I can put all 300k in the 5%FD. I then insisted she double check and she came back to tell me she made a mistake and the combo of 5% & 3.8% FD is allowed. When I told her about the offer from the RM @OCBC DU of 5% & 2.8%, she offered to triple check and will get back to me.

The CS called back to inform me that the dept in charge of this promo has confirmed that the combo of 5% & 3.8% is allowed.

This post has been edited by MGM: Jan 5 2012, 06:46 PM

(1)
Yes, you withdraw your OCBC fund and deposit it into another bank (say S Bank), then get
a banker cheque from S bank, and deposit back to OCBC.

You can top up some extra amount on S bank banker cheque so it won't look like the same
amount when your withdraw from OCBC --> this is optional

This will call fresh fund and this is the "legal" and proper way.

But this will make you lose few days of interest because of the back and forth bank transactions.


(2)
Another way is to withdraw cash from OCBC, and re-deposit back into OCBC counter on the spot,
but top-up some cash money maybe like RM 2 K more. This method you will not lose interest and
save your time and sweat. I know somebody is using this method.. Ha..ha..



This post has been edited by BoomChaCha: Jan 5 2012, 06:49 PM

Lol. what a big loop-hole that sticking out like a sore-thumb!

(2)
Another way is to withdraw cash from OCBC, and re-deposit back into OCBC counter on the spot,
but top-up some cash money maybe like RM 2 K more. This method you will not lose interest and
save your time and sweat.

Last time I mentioned to use this method to UOB counter, the UOB teller said this withdraw and re-deposit
cash on the spot method would not be accepted by UOB, then I said: I would top up RM 2K more so that
the RM cash amount would not be the same in between cash withdraw and cash re-deposit, she suddenly
became panic..and she said she wanted to confirm with her manager to see if this method was feasible...??
Then I said no need to bother, I was just asking only... Ha..ha...

---

Added on January 5, 2012, 7:12 pmHa..ha.. This is what I have been thinking about...

This will make life easier...

---

Added on January 5, 2012, 7:18 pmI doubt they have a proper product training before they launch this product...

Maybe we should have OCBC to sign on black & white to confirm this
promo is valid, and no other alternations later, this sales is final binding by law...

---

Added on January 5, 2012, 9:17 pmIt is better to take OCBC 3.8% for 9 months term
rather than UOB FD promo...





This post has been edited by BoomChaCha: Jan 5 2012, 09:17 PM

OCBC got 3.8% for 9 months term. Sorry to ask this, we only get 3.8% after one year of deposit right?

I forecast and calculate the average FD rates from OCBC is roughly 3.9% p.a.
after 9 months.

Let's assume if withdraw the portion of 5% fund from OCBC and deposit it to another
bank for 3.5% rate after 3 months, 3.5% (another bank) + 3.8% (OCBC) = 7.3% divided by 2 = 3.65%


(1) 1st month 5% + 3.8% = 8.8% /2 = 4.4%
(2) 2nd month 5% + 3.8% = 8.8% /2 = 4.4%
(3) 3rd month 5% + 3.8% = 8.8% /2= 4.4%
(4) 4th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(5) 5th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(6) 6th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(7) 7th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(8) 8th month (3.5%) + 3.8% = 7.3% /2= 3.65%
(9) 9th month (3.5%) + 3.8% = 7.3% /2= 3.65%
____________________________________________
(4.4% x 3 months) + (3.65% x 6 months) = 35.1% / 9 months = 3.9%


This is only a rough estimate...
Does this make sense..?

---

Added on January 5, 2012, 10:07 pmYou will get 3.8% interest p.a. after 9 months.



This post has been edited by BoomChaCha: Jan 5 2012, 10:07 PM

Example of a coop bank is Bank Rakyat, please see Post#2.


Well, fast fast go deposit with that RM, waiting for what


With many of us reporting different versions of what we were told, in my opinion, the person who drafted and also the person who approved the Terms and Conditions are to be blamed.

Bro, as I mentioned before, if you want 9 months FD, yes, better you go with 3.8% because if you average out the 3 months promo and current 6 months board rate, you'll get lower than 3.8%.

If you want 12 months, go with UOB.


**Edited** - after I posted read post below

fourth month and above you may not get 3.5%, current board rate for 6 months 3%.

**Edited Again**

I reread your post again, you're forecasting, well, what if SCB offer 5% again in 3 months time The fact is we don't know.

This post has been edited by Gen-X: Jan 5 2012, 10:47 PM

That means the highest FD rates as of now is from OCBC which is 3.8% for 9 months instead of UOB 3.75% for 12 months?

where exactly is the OCBC FD 5% Terms & Condition URL ?

Bro, next time please read last few pages before posting. I just had to say it to be seen impartial to newbies, hahahaha.

Click here, post#388

edited
sorry ...wrong thread.

This post has been edited by aeiou228: Jan 6 2012, 12:57 AM

I admit being damn lazy... was looking for it in your blog... but too black to find it.

Captain, I predict UOB or other banks will have another FD promo after 29 Feb 2012,
so I forecast the FD rate 3.5% as a conservative figure.

I doubt anybody today will park their extra money in FD based on board rate, unless they do
not read newspaper at all...

I will take OCBC's 3.8% for 9 months term as I think this is easy for me.

Did you know that UOB revised their board rate for 12 months FD lower on 15th December 2011.

And if you see the trend, HLB is offering lower FD rates compared to November's offer.

I am not saying that there will not be any promos but we don't really know. Then again, we can always go with Affin.

well, gark does

I will tend to agree if you are looking at 9 months FD because it is the best rate for now (for major commercial banks and foreign banks).

hahaha, the link to OCBC T&C is there too, next time use a torch light

This post has been edited by Gen-X: Jan 6 2012, 12:40 AM

This is the main point..
Thank you Captain...