Hmmmm hope tat sumone who recently drew out from junior fd can verify that haha.... Still feel shocked over the amt...abit too much

Nop not ex eon... This one junior fd with original hlb damansara perdana branch ... Haiyoo the workers there slowwww like crazy n dun really know their product... The manager needs to read the brochure @@ mayb thats t charge me 5bucks, maybe the clerk dunno the act amt


This post has been edited by mIssfROGY: Jan 18 2012, 12:51 AM

Hi just a simple question to those experience people here, can I transfer my savings account to FD without going to my branch where I opened my savings account?

I've opened and closed FDs before but always done in the branch where I originally opened my accounts. So I'm asking if it's possible to do so in another branch. Maybank is the bank in question here.

And can I close my FD in another branch different from where I started the FD? Like I started a FD in KL and want to close it in Penang for example?

Thanks in advance.

This post has been edited by skiddtrader: Jan 18 2012, 02:00 AM

But, if transfer fund for new FD promo in another bank, most banks do not accept personal cheque.

That must be Arctic Banks.

This post has been edited by MGM: Jan 18 2012, 07:49 AM

I have not met any banks in Malaysia that do not accept personal cheques. Very impractical to carry around large amount of cash. Care to name any? In fact they even credit you the same day if you bank in before 4pm.

I also have not encounter what tbheng mentioned and would like to know which bank does not accept personal cheque. And also the date of the FD starts from the same day I deposit with cheque and not after cheque is cleared.

More like Antarctic Bank.

This post has been edited by Gen-X: Jan 18 2012, 09:11 AM

Full.

you mentioned Most banks, you must have tried many banks and they don't accept it haven't you ? so what is the reason the banks don't accept your cheque ?

CIMB Bank 5% bonus interest is ending soon. You do need to be a CIMB Preferred customer to be eligible for this promotion.

http://www.cimbbank.com.my/promo/bonus_interest/

is this islamic fd promo still on @4% pa?

5% for how long?

I got an offer of cash on call, annual interest just 3.6% flat.

Thinking to get this and invest in FD.. .then earn 0.4%

For another two weeks only. This promotion started back in October last year.


You still need to pay them back in installment on a monthly basis. It means that you won't get the 0.4% interest. It's so much less than that. Citibank offered me a similar deal last month. I was thinking to take up the offer and put it all into my mom's ASB but in the end, i rejected the offer.

If put in KFH (interest upfront), then can earn the 0.4% and more (if have a good investment plan on the interest earned) ... But don't think it is that easy, BANKs would have calculated every loose ends ....

For every 10k, just RM40 only.

as MilesAndMore said, you still have to pay back monthly, there is no way you going to get 0.4% i.e. you have to deduct the interest you may earn from the portion you pay back.

Why made the calculation so complex?

The bank charges the interest upfront. And then the principal, you have to pay back equally.

Then you put the money into FD. At the end of 12 months, you get back the principal + interest earned. Overall, still earn RM40.00

Of course you need to have ability to pay the monthly instalment la.

You don't get it, and it is not complex at all. Anyway, my above stated is so that others are not mislead into thinking that they are getting 0.4% as you put it in your example above. But for those who calculate like you, yah, it makes life simple, hahaha

Mind to illustrate it using excel?

edited:

paiseh: IRR only 0.068%

This post has been edited by jack2: Jan 18 2012, 02:48 PM


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Bro, I not smart enough to illustrate it I just figure it out in my head that if I have pay monthly and deposit the balance into monthly FD at 4%, that would also mean I would earn less in interest monthly and no way can end up making RM40 profit at the end of 12 months (based on initial RM10K and using part of this capital to pay back the upfront interest in the first month).

Actually, after posting above, I did do a quick check based on what I mentioned above and ended up earning less in interest compared to interest paid, i.e. negative, making a loss I guess it is like those Islamic FD where they pay you interest upfront, in this case, you are not getting RM10K loan but RM9640.

Other points to be considered:

First thing to note is that interest is charged upfront and therefore the effective interest rate will be much higher than what is stated. For example RHB Easy Cash is a similar plan where they advertise the interest rate is 8% but they are transparent and inform that the effective interest rate is 14.45% for the 12 months plan.

Second thing to note, is there any handling fee besides the upfront interest.

Third and most important, since it is a credit card related promo, is there any penalty if you pay in advance to settle in full/final payment (even if it is a day early) and what interest rate will you be imposed if you pay the day after.

nice work The last number 416-674 but in your example, you need money in hand to pay the installments which also means you ain't going to earn interest from it.

Having said the above, if one does end up with even RM1 profit, it is like infinity interest since the capital came from nothing, hahaha

This post has been edited by Gen-X: Jan 18 2012, 04:47 PM