CITIBANK currently is offering 5% p.a. for time deposit (exclusive for new Citigold client) , no investment product tie up.

Kindly contact me for more detail.

Email - wei.xiong.liau@citi.com

hi i had a question , as i see ocbc giving 3.5% p.a for 3 month without any condition right? so if let's say i put 20k for 3 month so it's will be RM20000 x 0.291 = Rm58.2 per month x 3 = Rm174.2 ? please correct me if im wrong .

isit worth for it ? i mean to earn Rm174.2 but your money need to stuck/freeze for 3 month ..

Rm174.2 quite lowwww..

Hi guys, last week i got myself a cashier order for FD placement at Affin, the officer asked me to deposit the cashier order in a newly setup savings a/c and wait for 3 days clearance before they can proceed with the FD placement. Since it's a new joint saving a/c, the officer also asked me to pay RM10 stamp duty for Letter of Indemnity (applicable on Joint saving a/c).

Is it a normal practice in Affin? I mean need to wait for cashier order clearance in order to open a FD a/c? and Stamp duty I hav to bear the cost??

And the officer also recommended the GIA over the Conventional FD for 12-month tenure, as the Indicative rate is slightly higher @ 3.608% vs 3.6%, and partial/full withdrawal is allowed without any penalties, eg. If withdraw before maturity after 3 months, the rates given will follow the 3-month tenure indicative rate @ 3.097% p.a. Is the GIA a better deal? I m abit worried on the indicative rate as opposed to conventional fd rate.

Pls share ur thoughts. Thanks in advance!

Hi Ronnie,

Thanks for your formula. I just made a quick table with your formula and if you don't mind, can you help me verify ? (I'm sure this is already on top of your head hehe)

I just took an example of RM5,000. I'm deciding on weather to put on 1 month basis or 12 month basis. For example PBB now gives 3% for 1 month and 3.15% for 12 months. I do not plan to touch this money till 12 months later so If I put on a 1 month basis, I will let it roll.

So with your formula, I came up to a total of $5,149.97 after 12 months on a 1 month basis (3%). Compared to $5,157.50 after 12 months on a 12 month basis (3.15%).

Please tell me there is an error with my calculation. If not, just a mere "increase" of $7.53 ???

That being said, if I really had some kind of emergency right on the 364th day, if I go for the 12 month I will end up with only RM 5,000 - probably RM 20 for penalty right?? If I were to go for 1 month basis, I should still end up with $5,137.30 - 20 because I'd have roll over 11 months of interest?

Is my calculations correct ?

Hi thanks for your reply Well based on the table I came up with, even with 50k, the difference is also only $75.32 (just times 10? lol?). My table correct onot lol ... so I mean risking not touching money for 12 months just to get 75bucks ? Abit the what right ... eat less 1 nice dinner oredi got more than 75bucks oredi ...

Correct. Higher capital may yield higher interest rate, can the rate can nego with the banker.

Agree with u. Just to point out the possibility that... at least with 1mil, 4%-4.5% pa is negotiable.

I dont know why you all wanna put long term (1 year and above) FD at the rate of 4% or less. Becos you all want only certain 'branded' type of banks?

Me i dont care. As long as they pay the highest rate, i go, even if no PIDM . So far so many years still ok, they never go bancrupt.
I remember the 10% rate at some finance then, was it MBF or Sime... people said better dont go, still it went till maturity without problem. There was also the 8% from EON bank, still at the end manage to go till maturity....That was last time la.