I had a look at the T&Cs for the TD-i products (past and present). While the interest rate is indeed attractive, I notice that you need to have funds with HSBC, what they call TRB (total relationship balance).

Is this correct?

I just read this news about BNM 's latest announcement of interest rate dated 31 Jan 2012.

Source: http://www.blr.my/

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31/1/2012


中文版


Bank Negara keeps OPR, cautions impact of global economy on local growth


PETALING JAYA: Bank Negara has maintained the overnight policy rate (OPR) at 3% but cautioned that international financial developments could affect the overall growth prospects of the local economy.

In the latest Monetary Policy Statement released 11 Nov 2011, the central bank’s Monetary Policy Committee (MPC) made an assessment that the global economic outlook was expected to be weaker and international financial market conditions would remain highly uncertain and volatile, going forward.

“While the domestic economy is expected to expand, these external developments could affect the overall growth prospects of the Malaysian economy,” Bank Negara said, adding that it would monitor the developments and assess the risks to domestic growth and inflation.

The central bank said inflation was projected to remain stable for the rest of this year and moderate in 2012.

It expects global energy prices to undergo some moderation and the impact of domestic demand on inflation to remain contained.

Dude not yet

What do you mean?

OPR maintain, for now, that is not bad news for us FDMC gamers.

I don't quite get what you were trying to say. TRB stands for total relationship balance and from what i remember, the catch usually is that you need to sign up for HSBC Premier. For existing HSBC Premier client, you only need to come up with new funds.


Yes. Can be considered as a good news. It's been widely reported since last week that economists around the world expect Reserve Bank of Australia to cut their key interest rate. They already cut their key interest rate once last year and should this trend continues, central banks around Asia may follow suit too.

I just updated my blog and noted that RHB lowered it's 12 months FD rate and SCB across the board! Updated 1st post too, many of the promotions only end this month.

This post has been edited by Gen-X: Feb 1 2012, 07:30 PM

What I meant was that a person has to have some existing funds with HSBC to enjoy that promotion. I guess when you sign up for HSBC Premier you have to commit some funds to the bank?

In other words, those attractive rates are not available to a walk in customer.

Man... this is not good.


Nope. The promotion is applicable to new customer as well. You just need to sign up for HSBC Premier. Basically, they are asking you to deposit RM200k with them.

I see. And this deposit of 200k will enjoy the promotional rates given?

From what I gather in page1 of this thread and also Genx's blog, for a sum of Rm200K, HSBC would give the best returns for 3-month period.
ie. 100k at @4.88% and 100k@3%. (effectively 200k@3.94%.).
Just want to reconfirm.

Yah, looks that way BUT you got to note that after 3 months you get lower rates and if you don't have min RM200 AUM with them, you're imposed monthly fees (as mentioned by MilesAndMore). If purely for FD purposes, wasting time if you ask me; because HSBC Promo rates are only usually applicable only to NEW Premier account and you won't be able to enjoy future promos. Furthermore, their Premier credit card benefits is worst off than their Visa Signature e.g. No Toll Free CS.

You are right very laycheh just for the FD.
Just hate to pay penalty, late charges and interest, especially when they are making money out of us.

From what you guys wrote above, yeah the HSBC thing is quite leceh and not that attractive.

Thanks for the info.

there is something come out from my mind
i take 6 month(3.1%) and 12 month(3.3%) interest as example

First i choose 6 month, after it reach mature date, i get the interest.
With the capital + interest, i choose another bank FD for six month again.

assume 3.1 +3.1 = 6.2% is > 3.3% (12 month)

can somebody enlightenment me ?

If your concept works, I might well put every one month for 3%. Then 3%*12= 36%

It is per annum bro

mean the FD need to wait 1 year to get the 6 month %?
or after 6 month direct can get interest?

The interest quoted is per annum, by the banks
For 3.1% p.a., each month you get interest approx 0.258% per month
For 3.3% p.a., each month you get interest approx 0.275% per month

The interest will be creditted to you at the end of FD tenure (1-60 months)

This post has been edited by ronnie: Feb 3 2012, 03:35 PM

thanks for enlightenment, now i clear my doubt

Just to elaborate further, for tenure above 1 year, interest may be paid half yearly or yearly. So ask when depositing. Then there are some FD accounts like for Senior and Juniors where interest are paid monthly.