As mentioned in my earlier post, I have personnally tried similar product in AmBank in Dec 2010, where the AmBank Islamic having promo for 11-month tenure with indicative 3.321% p.a. (The calculation is based on 54:46 profit sharing, I work it out it is based on 6.15% being shared). I din know about Affin Bank 3.6% back then. Upon maturity in Nov 2011. I get exactly the mentioned interest at 3.321% p.a. no more no less. I was skeptical at first back then, but the AmBank teller told me that the Islamic products always having slighly higher rate than convensional products. (I remember seeing ronnie also pointed out the same a couple of page back). Due to this past experience, that's why I have the confidence in taking up the OCBC GIA-i product now. I had looked at Bank Rakyat 4.01%, but someone here said it is not really a bank and not covered by PIDM, and I had no prior experience with them before, hence I backed off. Now this OCBC GIA-i is covered PIDM, and I had FD with them before, so personally feel more confortable.

Before I knew of the OCBC 5% promo, I thought Bank Rakyat's rate wasn't too bad. So, I made a call to check. Was told that their product sort of investment linked and thus the payout fluctuates. The branch manager assured me that they had so far been on target with their projection of the profit. She also said that they and their products are not PIDM insured, but, not to worry, they have insured themselves with Takaful. She urged me to try them out with perhaps a small amount like 10K. Well, of course, I didn't.

If OCBC can offer 4% for 12mths for Islamic Time Deposits with PIDM coverage, why would you want to risk your money with Bank Rakyat which offers only a midge more at 4.1%? Anyway, Bank Rakyat is a cooperative bank whose principals, I am told, are making losses.

Bank Rakyat is actually a profitable bank... well, or so reported. The high interest rate is not the best thing about Bank Rakyat. If you managed to buy the Bank Rakyat fixed price share a few years ago, then you'll be very happy as they have been consistently giving out 20% of dividend in the past few years. No joke! This is even better than the government backed Amanah Saham Bumiputra (ASB)

Ya, think the bank itself got no problem, just worried about its principals. I am risk-averse (Kia-si) so better put my money in an old and trusted bank. But, that's not a guarantee - look at Lehman's and !

Thank you for your information about Bank Rakyat.

I want to commit to a longer term of FD with better rate.
The special deals from SCB, OCBC, UOB, and HLB are not consistent.
It is a bit tired for me to look for other options once my FD is matured.

After reading tbheng and your post, I will definitely go for OCBC's 4% promo rather than Bank Rakyat.

But I will still study Bank Rakyat as a back-up option

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Added on January 7, 2012, 3:21 amEverybody is Kia-si.

We understand no risk no gain, it depends on how do we make a brave decision.

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Added on January 7, 2012, 3:27 amTuan, What do you think about MBSB?

Do you have any ideas about the strengths and weakness in between Bank Rakyat and MBSB?

I called MBSB yesterday, MBSB said Bank Rakyat was their primary competitor..




This post has been edited by BoomChaCha: Jan 7 2012, 03:27 AM

According to the teller, Bank Raykat's 'FD' profit is paid monthly.

For example : if you sign up for their 60mth tenure (4.6%), you will receive 4.6% profit monthly. If u withdraw the principal before maturity at the 12th mth (4.01%), the extra profit given to u will be deducted from your principal based on 4.01%.

I was told by Bank Rayat, actually depositors can choose their desired term of monthly payment.
For example: to get paid interest every month, or to get paid interest every 2 months, or every 3 months
and etc.... Interest will bank-in into depositors' Bank Rakyat saving account.

The good thing is depositors can receive interest payment fast, and can put the interest into other banks as FD
to roll interest again.

In addition, the board rates are still negotiable, depending on the FD deposit amount.

Good. Which branch u go to?

I called to PJ branch, I did not go there.

To negotiate for a better rate, they will need to send
email to their boss to ask for approval.

Oh. I will consider try small sum on this product.

MBSB's board rates are negotiable too, and it depends on the FD amount
and the business relationship history with them.

But MBSB's 4.7% rate for 5 years tenure is strictly not negotiable, they
claims that 4.7% is the best rate in the market...

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Added on January 7, 2012, 4:42 amI think the same way...

MilesAndMore also said that Bank Rakyat is a profitable company loh...

Can go for OCBC 4% promo and Bank Rakyat simultaneously, but the only different
thing is: put large sum into OCBC, and put a very small sum into Bank Rakyat for testing purpose...

And at the same time, study Bank Rakyat business model, background and etc...I think MilesAndMore
knows pretty well about Bank Rakyat...

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Added on January 7, 2012, 4:51 amAccording to the teller, Bank Raykat's 'FD' profit is paid monthly.

For example : if you sign up for their 60mth tenure (4.6%), you will receive 4.6% profit monthly. If u withdraw
the principal before maturity at the 12th mth (4.01%), the extra profit given to u will be deducted from your
principal based on 4.01%. ---- from turion64

So, this means that the principal money will not be lost if premature withdrawal? They just took back the
given interest but depositor can still make a small amount of interest? (4.6% - 4.01%)

This post has been edited by BoomChaCha: Jan 7 2012, 05:16 AM

Is this bank rakyat shares still available? I missed it as I was abroad..

1 billion new shares were offered in april 2011.
Heard that is for the privileged well-connected people who get to buy more shares and new member only 500 shares, is this true?

That is true.

But my question remains, is it still available?

With only 1 billion share and was launched seven months ago and consistent giving dividends double that of ASB, what do you think?

But if you want assurance, this info which I copied from their website might help:

•Your suggestion and enquiry can be channelled through our Call Centre tele-Rakyat at 1-300-88-1BANK (12265) every Monday to Friday from 7:30am to 9:30pm and Sunday from 8:30am to 5:30pm except on Saturday and Public Holidays. During other time, please call our Data Centre at 03-26129708.

Anyway this thread is more for FD.

While googling for "Bank Rakyat" came across this:

http://www.nkkhoo.com/2011/11/09/special-p...i-and-non-bumi/

Is this really happening?

This post has been edited by MGM: Jan 7 2012, 09:58 AM

Based on OCBC GIA product description, it is the same as HSBC Amanah AGIA-i, so it means the profit rate is fixed. However, it is an Islamic product, so the product description is a little bit different than conventional FD product. Instead of telling you the profit rate is fixed, they will tell you that you will get the profit based on an agreed profit sharing ratio when you opened the account.


MBSB is not a bank unlike Bank Rakyat. MBSB is something like a financial house only. I don't know much about MBSB.


There are a few types. Profit can be paid on a monthly basis, on maturity or on the day the account is opened similar to HSBC Amanah TD-i (upfront payment scheme) and RHB Islamic Commodity Murabahah Deposit-i.


It depends on which Bank Rakyat "FD" you go for.


No.


Yes.

I think CIMB Step Up Fixed Deposit is a good choice also beside Bank Rakyat..

how about the tax and deduction? anyone can give me idea

FD interest received is TAX-FREE

But Bank Rakyat is a co-op, better check if they are in the IRB list.

This is so good to the freaking rich members here.