Boss, it is just like FD, but they put it in different term..

have u got account with them before?

No, I do not have account with Bank Rakyat, but probably I will
have one soon.

I just called Bank Raykat an hour ago, they said they calculate interest
rate based on monthly basis, but not on daily basis. So this means that
FD depositors can get more money.

And they can pay interest to depositors on monthly basis.

For example, if I put RM 10,000.00 into their 1 year FD tenure
for 4.01 % rate, so I will get RM 401 interest after one year.

RM 401 / 12 months = RM 33.41, so every month I will get
RM 33.41, this RM 33.41 will deposit in my Bank Raykat
saving account.

But Bank Rakyat is not under PIDM

Also, I heard Bank Raykay is not a bank, it is a financial institution like
"korperasi"...



This post has been edited by BoomChaCha: Jan 6 2012, 05:00 PM

well, her term Musical Chair is most appropriate, take current OCBC and UOB 3, 9 and 12 months tenure for example. Deposit in any of these three promos now and come next month HSBC got offer 8.88% for 1 year, we all loose out, but the one having his FD maturing next month will be laughing at us, hahaha.

I like gark's term "deploy", his FDs are on stand by where any of his squadron are ready to go (to be deployed) to seek some actions immediately and if necessary, reinforcements can be sent in and ETA all predetermined

Yah, and also Ambank got no offer for Top Rate FD for months. Just to add, Alliance also lowered their FD Gold rate for 12 months in October last year.

For discussion sake, if a bank wants new funds, the best time is to start their promo in April. Reason being:

1. Many people went for the SCB 5% in October (I was at a HLB branch that time and an uncle withdrew RM1M to go deposit at SCB, whereas me on the other hand, was depositing into HLB Junior FD to get 4.5% because I thought interest rate won't be going up this year )

2. And on 3 January 2012, the Priority Banking hall I was at was packed with many aunties and uncles waiting for their turn to withdraw their funds. Point is many shifted their funds to SCB in October and now that offer is offer, they are shifting it elsewhere.

3. Taking note that SCB offer was for only 3 months, now many would also move their funds to OCBC where the average 3 months FD comes out to be 4.3% (Edited) which is pretty good. So come April, there will be many people looking for places to shift their funds again.

Having said that, I think the best offer will be in the 4th quarter where the banks would compete for fresh funds to have more cash for their year end report.


As the Advisor, your invaluable past knowledge is precious and when the time comes for you to deploy your funds, we will follow you to your chosen bank.

see, you did conclude you are freaking rich, hahaha

you belong to the FRMONBWFDP club

Too bad that I can't be going for higher risk investment for at least a decade (that is I have yet to get lung or throat cancer and die) as one by one of my children are (or should be) entering college I have allocate limited resources to deploy should the stock market take a big dive where my main target is MBB. So meantime, play musical chair and got to feel SCB VI, haha

Bro turion64, click here to read Bank Rakyat's history. It was under the supervision of BNM in 2002 and since then under numerous Ministries

BoomChaCha, the Bank Rakyat guy told you that deposits not insured by PIDM? I think it is safe lah since it is placed under government.

This post has been edited by Gen-X: Jan 6 2012, 06:33 PM

Okay, here is my encounter with OCBC...
This morning, I withdrawn from SCB eSaver and headed to OCBC with the intention on 5% & 3.8% FD promo. (As it is the best combo so far.) The RM said they just got a new memo yesterday that combo promo is not allowed as per clause "4.3. This Promotion is not valid with any other promotion or other promotions as specified by OCBC Bank from time to time". I told some friends got it, she said at end Jan, the backend will revalidate and rectify accordingly.

So I left with option of 5% & 2.95% for 3-month which give effective 3.98% p.a. Of course she tried promoting some investment plan with 4.5% guaranteed returns but no uplift for the next 5-year. Hmm, this does not suit me.
At the end, I decided on 9-month 3.8% promo just to avoid the frequent "musical chair" spin.

When the RM brought up the form, I was surprise to see the 12-month 4.0% Real Deals promo!!!
I was like huh? Is this some kind of joke or what? This is NEW... I verified and confirmed it is the current promo. She says "Yes". Great! I know this is an Islamic product and based on indicative profit sharing concept. It is covered by PIDM. I have tried similar product in AmBank last year.

At the end I loaded all my fund onto this 12-month GIA-i for 4% p.a. Save me some energy to stare at the musical chair for the next 12 months. Of course I open multiple contracts just in case I uplift some as opportunity fund, there are interests paid as long as it is over 3-month. If not because of the RM took the wrong form, I din even know this existed.

I went home to search for this promo, but cant find it online. I scanned the form here for those who are interested.
 OCBC_GIA_i_Real_Deal_Q1_2012.pdf ( 1.66mb ) Number of downloads: 352

Wow! Thank you for the pdf file. But, too long lah, too lazy to read, will just trust you on the 4% rate.

You know what, good bullet when they want to rectify my 5% thingy and maybe can insist that they instead backdate my early deposit to this GIA product.

aeiuo228, see, if wait 3 days, get 4% for a year.

This post has been edited by Gen-X: Jan 6 2012, 05:41 PM

The pdf is only 2 page mah...
In fact the focus is at the top of page 1 that says:
3-month 3.6%
9-month 3.8%
12-month 4.00%.

The Bank Rakyat staff only told me that they were not under PIDM,
they did not mention their FD was insured by PIDM or not.

---

Added on January 6, 2012, 5:57 pmOuh...oh...

Now the new promo from OCBC is 4.00% rate for 12 months terms?

Any terms and conditions like need to bundle with OCBC's saving account
and current account?

Minimum FD placement is RM 10K?
Do you know what is the maximum bullet that allows us to shoot?

This post has been edited by BoomChaCha: Jan 6 2012, 06:36 PM

I also just went to the counter and the staff told me the interest rate is not fixed and it 'fluctuates'.

for example : if u sign up for 12 mth 4.01% tenure, it is not guaranteed 4.01%. and the staff told me it does fluctuates as much as 1%. but never more than that.

hence now i am considering OCBC promo.


i thought OCBC 3 mth tenure is 3.5% ? how does that work out to 4.225% ?

Thanks for the info on the fluctuation. Second confirmation. Decided to remove Bank Rakyat's "fd" chart in 2nd Post and in my blog.

should be (5% + 3.6% )/2 = 4.3% Sorry Bro.


Bro read that, is the clauses below that, haha

Also, I have posted below pic in my blog, if you are not agreeable to it, I will remove it. 1st post too.


This post has been edited by Gen-X: Jan 6 2012, 06:14 PM

Oh... I am sorry...

The Bank Rakyat staff did not tell me about the rate fluctuation..

The rate will fluctuate as much as 1%? This mean we could get 3.01%
rate at the end of the year...

I think we can forget it...

Let's focus on OCBC 4% FD rate for 12 months term...

Luckily I did not go to UOB just now

No, no other bundle product required. I just opened the GIA-i acct only.

No problem bro

After reading tbheng OCBC pdf chart, can't help but notice the 12mth tenure 4% is based on profit rate. (the promotional profit rate have 2 ** on it that stated "indicative profit rate + hidayyah)

I remember the bank rakyat staff kept telling me the 12mth tenure of their product will pay out "profit" instead of using the word "interest"

Could this OCBC based on same islamic profit sharing principles?
Any bros can clarify?

Islamic FD always uses the term "profit" .. normally possible to be slightly higher than conventional FD

Damn, now I'm tempted to move from UOB to OCBC pulak..

** lndicative profit rate + hadiyyah
I am curious what does the above term mean?


Why OCBC changes their FD promotion very fast?

Who knows next week they come out with 5.0% promo?

Indicative means suggested. So its not guaranteed.

So the OCBC 5% is not real??

So, this 4% return rates is not guaranteed, and it could be less....
Thanks Bro



Real Deals Mudharabah General lnvestment Account-i Promotion (Insured By PIDM)

Just noticed this is not a FD plan, it is an investment plan...
Should we go for it..?

Is OCBC trying to fool us..?



This post has been edited by BoomChaCha: Jan 6 2012, 07:19 PM