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.

Just want to share I came across with OCBC that they called credit link investment
from Bank of China.

Minimum investment is RM 250K for 5 years tenure, no limit of maximum investment.
Dividend payout is guaranteed for 4.5% per year, dividend will be paid quarterly.

For example:
If invest RM 250K, dividend payout for every 3 months is RM 2812 for 5 years.

This investment plan ends on 24 Feb 2012, or will end when they hit their target for
100 million Ringgit.

The drawbacks:
(1) Require minimum RM 250K investment

(2)
No guaranteed for capital investment in case if some crisis events happen on Bank
of China in next 5 years. For example if Bank of China bankrupts, then the capital
money will gone... 

(3)
No PIDM protection

(4)
Need to keep an eye on Bank of China activities for 5 years.. since there is no guarantee
for capital investment.   This may cause high blood pressure ah.. 
--------------------------------

Other FD alternatives for 5 years tenure and do not require RM 250K, but without PIDM protection:
(1) Bank Raykat: 4.6%
(2) MBSB: 4.7%

Bank of China 2 big 2 fail under communist government..? 
What do you mean..? 

What is AMbank offer..?

hey, i wonder how much minimum to open a FD account?

Most probably maintain or lower the OPR next meeting, the regional banks has all lowered their rates except for Malaysia... but it is coming. 

My foreign friend has 400K in CIMB FD account 3.6%PA. He asked me are there any bank that offer more like 7%. He want to put 1.5M.

Please share more info on the 5% or 5.5%?  Annually?  Which bank?  Where to get such info?

Thanks.

RM500K can get 6% 3 yrs tenure <--- Got it from a manyzer friend @ OCBC.

3.6% tell the bank fella to go fly kite la.

Eventually you intend to remit the money to Australia for your daughter to use right ? Then i believe you can open a foreign currency account in either Malaysia or Singapore, then debit the money directly from your AUD account and remit it to Australia. I know this is possible in Singapore. Not too sure about Malaysia but i read a while ago that you can do the same too in Malaysia. Once your foreign currency FD matures and you do not intend to renew it, you can transfer it to your foreign currency account (if you have any) in the same bank.

That's what I was thinking but gsc mentioned need to convert back to RM upon maturity. I was thinking of depositing into OCBC promo and earn 8.67% for a month and then continue with their Foreign Currency Time Deposit (NOT Dual Currecny Account). I am going to OCBC to find out more and then report here. And also, I guess I got to have an Australia account too first before I can remit. That's another problem right now.

For foreign currency FD, it can be renewed indefinitely or stay in foreign currency current account which can be remitted if one wish to, just cannot withdraw in hard cash form.

---

Added on April 6, 2012, 10:45 am
Yes.

The big 4 banks in Australia are Commonwealth, NAB, ANZ and Westpac. So presumably they have the most branches and ATM.
HSBC is also a good choice as it allows you to use Westpac's ATM free of charge.
If you are HSBC Premier customer even better - free instantaneous global transfer.

At the moment, some savings accounts in Australia is offering higher interest rates than FD. But the downside is that the savings interest rates can be revised downwards any time.
HSBC Serious Saver: 5.95% for first 4 months, 4.75% after that.
ANZ Progress Saver: 5.76% with conditions (no withdrawal and must increase deposit by $10 a month)
CBA GoalSaver: 5.65% with conditions (one withdrawal a month but must increase deposit by $200 a month)

Bro, i just read your blog and you mentioned about the interest earned from term deposit in Australia is taxable. Anyway, just to inform you that you can actually deposit your money in Citibank Australia through Citibank IPB Singapore. The catch is you must be a Citibank IPB Singapore Citigold Private Client customer (maintain a deposit of no less than USD1 Million at all times). I understand that the interest earned would not be taxable if you do it this way   

You are saying that you deposit the money through ANZ Singapore but then they will help you to transfer the money to Australia ? But is the deposit earned is still taxable ? Because in the case of Citibank IPB Singapore, it is not no matter how many millions you deposit.
HSBC offers a similar fee free service through its global transfer portal to its Premier and Private Banking customers as well with a daily limit of up to USD100,000 (or its currency equivalent).
By the way, OCBC offers a similar service as well in collaboration with ANZ AU