The sharing ratio showing 20:80 on my OCBC FD cert for 12 month, anyone hv further explanation?

Based on the SMS, the 4%FD is for priorty banking customer only.

I just confused, if the FD profit rate is 4.0% p.a. and they say profit sharing ratio is 80:20, is that we get 80% profit out of 4% interest they pay?? TQVM.

Do you know how many months the 4% is for?
If I apply to be a priority banker, do I get 4% on all my deposit?

80:20 is just an explanation of the profit sharing, but they will still pay 4%.

The customer service guy was very confident about the islamic FD interest rate not being fixed.
I wonder how can we confirm this since OCBC's officers ALWAYS seem to have different versions of the same product!

Again, we are very confident with our answers because we opened this kind of Islamic FD before. And it happened between late 2008 - 2009 where the OPR was cut a few times yet i still got the 3.70% interest. 3.70% is the interest shown to me when i opened the account in 2008 and by the time it matures, the interest rate was down to 2.00% but the profit i received was still based on 3.70%.

Seriously, there seems to be no way to convince you what we said is true. So why don't you just open the account for 12-month tenure and hopefully there will be change in OPR in the next 12-month and see if your OCBC Islamic FD is affected.

Thanks for the reply. I think i really need to go to OCBC branch to check it out.

Sometimes customer service people just want to play safe of what they say, similar to the SCB customer service advising one of the forumer here to keep the esavers account balance until 4th Jan at low interest rate in order to qualify for the special bonus interest. It was later proven unnecessary.

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Added on January 11, 2012, 2:06 pmYou can't get an official answer that indicative profit on deposit investment based on mudarabah principals is guaranteed. But off the record, they might verbally tell you it is more or less fixed.

This post has been edited by aeiou228: Jan 11 2012, 02:07 PM

What is the reason more and more banks are attracting deposit with attractive rates lately? Something is brewing for Ringgit?

Too many people borrowing personal loan kua?

Banks need more reserves....

Thank you for your detailed explanation.
Is not about being convinced or not but now with your explanation I can now confidently debate with the customer service guy on your facts.

I have been reading about the many versions those OCBC officers give even for the Premier banking promotion so I was very confused. Because of that, I initially ignored OCBC & went ahead with UOB's 3.75% 12 months FD.

hi guys ,

I am one of the SCB 5% that yet to withdraw the money out .Would like to give a try to Kuwait Bank , but would like to ask anyone did join and put the money in already ?

dont flame me , been browsing this thread back few pages only and get the info about SCB 5% from here and gen x blog as well.

Don't worry. Rest assured that your profit rate definitely won't be affected

I withdrew mine on Jan. 5 and still considering if I should go for the 4% offered by Kuwait Finance House but I am kind of skeptical, so temporarily
I park in PBB for 1 month and some in OCBC for 3 months. Both 6 and 12 months tenure seems to be a long period of time as we cannot predict what we will have in store after 3 months. I am thinking in terms of Bank Negara's OPR and the upcoming General Election issues, for instance in the Middle East nobody expected this 'Arab Spring' thing to happen.

yea , I think I will do the same and looking at the #1 post of this thread , all the banks will come up with various of new promotions after the end of their new promotions..hoping for another 5% by SCB

Your best bet is to read the terms and conditions!!

I often find myself knowing more about banks' products than those who are working in the bank, be it standchart, HSBC or Maybank!! In fact, for a couple of times I had to argue with them and show them the terms and conditions!!

These people who work in the banks often don't know what they're talking about, they don't even know what products they're selling!!

Shame!! They should be some sort of QC - quality control, like exams to make sure they understand what they're selling!!

IMO they are preparing for possible 2012 financial crisis....

http://www.standardchartered.com.my/edm/de...0112/index.html

It’s good when you are given preference for special interest rates

As a way to further reward our valuable customers, we’re pleased to extend a privileged offer to you - a special interest rate of 4% on new fund top-ups for 3 months (January to March 2012) in selected* e$aver Account(s).

It’s always our pleasure to help you make the most out of your relationship with us. Your Relationship Manager will be in touch with you to share more details.

Should you have any enquiries, please do not hesitate to contact your Relationship Manager or our general line at 1300 888 888.

e$aver Account is eligible for protection by PIDM.
#Terms and Conditions:
1. The 4% CASA campaign will run from 1 January 2012 till 31 January 2012, while the bonus period is from January to March 2012.
2. This Promotion is open to customers of Standard Chartered Bank Malaysia Berhad who have received our invitation to participate in this campaign AND have an existing e$aver account with SCBMB before and throughout January 2012.
*3. This promotion applies only to the account(s) specified by the Bank. Your Relationship Manager will inform you of these account(s).
4. To get the special rate in each month of the bonus period:
(a) customer's incremental ADB in the promotion account for January 2012 must be at least RM10,000, and
(b) customer's incremental ADB across all the Standard Chartered Bank Malaysia Berhad and Standard Chartered Saadiq Berhad Savings and Current Accounts in each month of the bonus period must be equal to or more than the incremental ADB of the promotion account.
5. Bonus Payments are paid only on the incremental ADB in the promotion account, up to a maximum incremental ADB of RM250,000 per account.
6. For full Terms and Conditions, please click here.

http://www.standardchartered.com.my/edm/de...2/pdf/terms.pdf

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Added on January 12, 2012, 1:39 pmCeh....! Waste my time reading the SCB T&C, another “Incremental ADB" after CIMB.

This post has been edited by aeiou228: Jan 12 2012, 01:39 PM

you are right Bro



Those of you interested still can look into HLB GIA-i


haha, anyone going to take terminate their recent FD and shift back to SCB?

However is not as straight forward as previous offer where we only need to have Average DAily Balance of RM3K. This offer is based on incremental ADB. And below is what is state in the T&C.

“Incremental ADB” means the increase in the ADB in an account in a month, as compared to the ADB in that
account during the comparison month of December 2011.