4% for 3 mth FD at OCBC during Mighty Saver Weekend.

This post was mentioned earlier by one member and I asked the bank and was told not true. however, a couple of weeks back, the bank staff said it is true.

1st Saturday & Sunday of the month is the mighty saver promotion period.

To eligible for the 4%, you either have to

1) open a mighty saver account for kid or
2) open a saving account or
3) open a current account

Last Saturday approached the bank and the staff said no. I insisted she checked it up and later she said yes. Another incident showing the staff DOES NOT know their own products.

I waited till I personally can actually opened the saving and enjoyed the 4% for 3 mths last Saturday, then only shared here because it will be embarrassing if it is not true.

Min FD placement RM10k and max RM50k. For existing FD customers, it has to be fresh fund.

asked the bank staff and she said dont know when promotion ends.
saving account RM20, think has to remain open for 3 mths. Cant remember exactly coz not a big sum to be kept there

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Added on April 10, 2012, 10:12 pmthanks. In that case Rentas in the morning and open FD in the afternoon will be safer


This post has been edited by gsc: Apr 10 2012, 10:12 PM

For this promotion you have to physically appear in the bank.
I went to Batu Maung branch in Penang Island. Only 2 branches in the island. One in the town which open only on Sat whereas Batu Maung sat and sunday. If not mistaken next mighty weekend is Vesak day. Better call the bank to check your own area.
RM said cannot. they want customer physically appeared

Banks sometimes do change the policy. That is why I only reported after I have confirmed through opening of FD

HL bank 1% extra for staff

Bank dont allow joint name, even joint name with parents also not allowed

maturity day is not counted....coz if you re-open a FD on maturity day, the new FD will start on maturity day itself

mind share the 3 different rates? Thank you

interesting....promo rate is meant for fresh fund. OCBC will not give promo rate if you are using OCBC banker cheque.
Theoretically if your wife withdraw as cash and you cash in for FD, then it should be ok for the promo rate. Safer if you add on RM1000 on top of your wife FD. Let's us know the outcome so that we will learn from this, thank you

thank you very much...

you can open a mighty saver account for your son on next mth mighty saver weekend and your wife can enjoy 4% interest for max RM50k. Has to be fresh fund. You can use personal cheque. Do your own calculation to see if it is worth to wait for next mighty weekend- May 5 and 6.

One member answered my question before that using IBG, money will not be available on same day and has a limit.

It seems that B Rakyat has a better rate for 6 mths at this moment.

thought not all states recognise it as holiday. Penang 5 May close but 6 May open in Batu Maung branch

all banks of course want you open up saving account with their own banks where you earn the high FD rate

This post has been edited by gsc: Apr 24 2012, 12:45 AM

3 mths 4% better or 6 mths 4%?

If in 1 Aug there are other banks offer 4% or more then 3mths 4% is better. Am I right?

that dependents on your OD rates, FD amount and interest rates, any penalty on pre-mature withdrawal, do you need to use the full amount of FD?? (Citi bank allowed partial withdrawal) etc

thought promo end 6 May?? Do you mean after 6 May can still top up to get 4% interest? Then when will the top up promotion ends?

5.6% OD versus 4% FD, on paper may not worth it....as I said dependent on your FD amount..

Assume you take out RM16500 funds on 3-May
1-May : Day End Balance = RM36500
2-May : Day End Balance = RM36500
3-May : Day End Balance = RM30000
4-May : Day End Balance = RM30000


Should be RM6500 not RM16500?

If RM 16500, balance is RM20000

the tracking period is also used to monitor your fund, ie did you move from FD to saving account.

I just opened the step-up FD on 3 May and get to know this cash back on 4 May through this Forum. I was thinking of withdraw as CASH from my FD today and deposit RM30+k into saving account. But the bank staff said bank will monitor the fund movement and capture it as NOT a new fund (even though I bank in as cash) and hence not entitled to the cash back.

The cash back will be given on 15 Aug, she advised to withdraw money only on 1 Aug.

As we need to perform at least one transaction per month, we need to have enough money for 3 transactions to maintain the balance of RM30k.

I am confused here some members said just deposit on RM30k on 31 may and one said RM46k, whiich one is right?

It seems that the bank favoured new account holder, should have closed my e$aver earlier as it will affect my daily balance

the members here said one transaction throughout the promotion period but the bank staff said once per month....

Think I will join in the second period 1 June promotion when all facts are clearer.

Thanks for your reply