Get to taste different coffee at various banks when playing FD musical chair, haha

Okay, I go join you try luck at Jackpot

That is way better than any FD. Must go find more info on it.

You don't like dragons do you

Went to the banks again today. Updated photos of Chinese New Year Ang Pows from AmBank and Alliance.

I cannot

My EA form is already more than the maximum allowed income requirement How to cheat?

Then you are not classified as poor It is not about cheating but weather you qualify or not AND it is limited to 100,000 households only.

How is it a savings scheme? I would think most would just go with the loan and earn RM50 from nothing, which is like infinity interest. And, in my opinion, selected banks that are the ones that is making money out from this scheme! It would save us more money if the government were to just pay out RM50/month to 100,000 hardcore poor household.

This post has been edited by Gen-X: Jan 13 2012, 03:28 PM

You are also ineligible for it But 30% return... yet they keep on warning us to stay away from all investment schemes that give a return that seems too good to be true. 30% seems too good to be true to me too


I don't just like Dragons. I worship Dragons You are talking to one who was born in 1988, sometime in the month of Leo

The reason i am so keen to get the UOB Bank ang pow is because i have never gotten any UOB Bank ang pow before. I want to get it this year to add in to my ang pow collection Seriously, i would have gotten the Citibank one with gold dragon but too bad there is no Citibank branch in KK.

Anyway, the AmBank one does look nice too with the big dragon word in Chinese. I'll go to AmBank to update my savings passbook next week and ask for some

By the way, no one has seen the Public Bank and HSBC ang pow for this year yet ?


How nice of you to take the time to upload all the ang pow and share them with us

Walaueh! U a Dragon baby and somemore double No.8. No wonder lah you are so always ahead of others and prosperous

I was thick skin enough to go ask for Ang Pows from Citibank where I have closed my account with them and StanChart Bank even tho I already no more Priority Banking Status, haha. But my ex-CB Personal Banker was nice enough to give me few packets SCB damn stingy tho.
Getting HSBC's next week. I got no account with Public Bank anymore so won't be getting any from them. Maybe if I not too lazy wil drop by Maybank.

This post has been edited by Gen-X: Jan 13 2012, 05:31 PM

Simple as they need the money roll out healthcare n education reforms from it as the govt is broke from borrowing any new loans unless they issue the bond

anyway according the scheme it's capital guaranteed and one would earn between rm5k-13k depending on the earnings so it is not guaranteed earnings anyway

After reading Gen-X's blog, I also "See-Pek" kiasu went over to OCBC to collect the angpow. The pretty RM asked me how come you know got premier angpow one ? I said to her I know la....hahaha thanks for gen-x's info.

I wish i was born on 8th August, so that my MyKad number will start with 880808-xx-xxxx. That'd be real awesome

Anyway, i still have a long way to go. I wish to have multiple Premier/Priority/Privilege/CitiGold accounts like you and then eventually, Private Banking


Yeah, Standard Chartered is always so stingy. They gave me just two packets last time and they refused to give me more

Anyway, has anyone opened the Islamic FD at KFH yet ? You must open a savings account with them too right ? The savings account comes with a high profit rate too. The KFH in KK just opened last year in the former premise of UOB Bank, in the Great Eastern building. The branch looks pretty luxurious but i still prefer the interior design of the newly built UOB Bank building just across the street.

Wa you are so young only 24. All this while I thought you are 40 - 50.

This post has been edited by MGM: Jan 13 2012, 06:58 PM

My son's MyKid starts with "080808".

yeah.. before anything else, I've to go through an arrange marriage .. because only married people can have that savings!!

Speaking of that SARA 1Malaysia... let's discuss it further.

Many people are skeptical about it, but I disagree with views on the internet that it is nothing but a scam to raise 500 mil in funds for the administration... one article even claims the return of RM 134 a month is really low for the investment, which doesn't seem right to me.

From what I read, you invest RM 5000 and you get RM 134 for 60 consecutive months (net monthly "dividend" is RM 50 if a loan is taken). Sources also claim the redeemable value upon maturity is RM 13000 (or RM 8000 to 10000 if a loan is taken, but I'm not sure), if the dividends are reinvested rather than kept. Already the monthly dividends scheme seems too good to be true, but at least that has been reported in various sources... the RM 13000 maturity part is the one I am highly skeptical about.

Putting aside all notions of borrowing via the loan scheme on offer, let's review the possible scenarios:

1. You treat it like an ordinary annuity. Interest rates are about 3% pa now, are they not? And that can be assumed to be risk free. So let's assume a required rate of return of 5% pa (I know MGS maturing Sep 2016 coupons are around 4.2% but this is just for argument's sake). That gives a present value of about RM 7120, which means this investment is worth RM 2120. It is worth even more if I use a lower required rate of return of 4.5% pa (RM 2204). That's about 44.1% of the invested sum in present terms, but not the >30% pa you've described.

2. You redeem RM 13000 upon maturity, treating it like a 5 year term deposit. I can't say my calculations are 100% correct, but to me this represents 21.1% pa, which is very high but not quite the >30% pa you've described. I'd be interested to know how you got that. At 30% pa I would expect to receive about RM 18565 at the end, given monthly compounding (because the scheme only talks about reinvesting the monthly dividends, but does not specify how this will be managed, e.g. by monthly injections, and all payments are fixed, so we assume simplicity).

I won't bother with Internal Rate of Return or Payback Period, because I prefer NPV and this is just to demonstrate to some skeptics that the investment has value and is not purely a "scam". To people who yell "scam" at this without some proper consideration: everything is relative... the work that traders, investment banks, and retail banks do is to maximise profit, just like any rational company, but at the same time they also contribute a lot to soeciety/the economy via financial intermediation, so you can see their actions as evil or selfish, or just the ordinary running of a (vital) business like profit-mining pharmaceuticals, medical practices, or governments, which have to cater to the public. Separate corruption from profit-maximisation.

This post has been edited by LightningFist: Jan 14 2012, 07:06 PM

double check before i commit.

best rate now OCBC 3.8% 9 months?

exclude premier / priority banking please.

Can't find any better rate than OCBC 3.8% 9 months if exclude exclude premier / priority banking and Bank Rakyat. So OCBC 3.8% 9 months should be the best now.

Kuwait Finance House, also a bank with PIDM offers 4%pa for 6, 12, 24 mths deposit

another kiasu bro like me

How about OCBC 4% 12 months for their GIA-i? No need PB nor opening of CASA.

kiasu better than regret

min 20k

Sorry, you didn't get me. I was just trying to joke around hence the emoticon

BTW, on Friday, an outsourced survey company appointed by OCBC called me and asked 5 min of my time to rate my satisfactory level on their OTC customer service when I deposited my FD. Told them what they gotta improve on especially on their product knowledge and gave them a pretty average score. Now, I am awaiting the token of appreciation to be sent to my house as promised. Wondering what it is.

another fellow Bro inaugurated into the FDMCG Club and your reply have been adopted as the Motto of the club

Updated FDMCG Club



Ya I was also kidding with the smiley And was kind of stressing that it is applicable to 100,000 household and not individual.

How come I did not get any calls from OCBC? Let us know what gift you got.