It means profit will be paid to you monthly if you invest/deposit 6 mths period RM20k above. Contrary to that, BR assured me that deposits above 3 mths, interest can be paid monthly.
So it does not say what happen if you did not keep your end of the bargain I mean investment....
Pls go to BR and ask... as I have been to BR to inquire on your behalf.

To understand it further look at KFH terms & conditions which are much clearer, or we can discuss until the cows come home..

Ps: In Islamic Banking it is willing buyer & willing seller. Both must keep to their contract. Bank agrees to pay as mentioned while you agreed to deposit as mention ie 60 mths. In Muslim countries, at bazaar, the standard phrase are said, (interpreted) Saya Jual, Saya Beli..

This post has been edited by magika: Aug 14 2012, 09:37 PM

Here bro

Referring to your enquiry, the profit rate that customer will enjoy if invest the money more than 60 months is 4.6% and the profit will be paid monthly and will credite into Bank Rakyat saving account. There is no penalty if the customer withdraw in 1 year but the calculation of profit will be calculate as a floor rate.




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Can ask what is the floor rate. I did ask and even saw the actual floor rates at 2.94% Nobody said about penalty.
Ok nevermind , enough discussion already.

I only intend to keep one year FD but open five years FD to enjoy the 4.6% rate. At second year I withdraw my FD and complained if I don't get 4.6%?

Floor rate = board rate

if at 2nd yr u withdraw, it will follow the rate which is 4.2%
http://www.bankrakyat.com.my/web/guest/125

Hello, do u even understand the concept of FIXED DEPOSIT?

U get 4.2% if at the onset u opt for 2 years FD and u keep it to maturity.
If u place 5 years i.e. 60 months FD at 4.5% at then withdraw after 2 years, u get 4.5% x 1/2 x 2 years (applying conventional banking FD rules), NOT 4.2%

This post has been edited by Pink Spider: Aug 14 2012, 10:19 PM

Actually, I have an official copy (official internal circulation allowed only) of floor rate for premature withdrawal. As mentioned 2.94%.. and still you persist. Official copy also dont want to believe whats more to say lah..

Ps: Official copy is not allowed for external circulation because in case premature withdrawal (too many depositors withdraw) then it will be reviewed lower. If you have a copy of it, then you will demand for it. Thats why the email reply mentioned floor rate but did not mention at what floor level.

This post has been edited by magika: Aug 14 2012, 10:44 PM

Come post here ur internal copy

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Added on August 14, 2012, 10:44 pmthen u get how much pa according to ur conventional banking FD rules ?

4.5 x 0.5 x 2 = 4.5% pa ? OR 4.5% for 2 yr ?

This post has been edited by MNet: Aug 14 2012, 10:44 PM

If you are a person of principles then you will understand what you are requesting. I can show people personally but I cannot allow others to copy it. One thing you must be aware of is that I do not gain anything from the info I willingly and using my own time(not to mention kill a lot of brain cells in the process) enquire for you. Must sometimes learn to trust people..

Appreciate that bro

u can always PM me if you really mean to help

Rest assure the copy will not be redistributed.

When u withdraw PREMATURELY, u get HALF of the contracted rate

Go figure what this phrase means

Its a promise I make to a friendly bank official. Will you respect me If I break a promise just because you dont trust me ?

sounds like your FD logic work like this,

example 3 mth FD 3.5%, 6 mth FD 3.6%, 9 mths FD 3.8%, 12 month FD 4%.

if a person open 12 month FD and decided to withdraw prematurely

after 3 month will get 3.5%
after 6 month 3.6%
after 9 month 3.8%

???

This post has been edited by gsc: Aug 14 2012, 11:03 PM

Nope as this info as it benefit for the consumer

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Added on August 14, 2012, 11:07 pmNope

3 month 3.5pa
6 month 3.6pa

see the pa?



This post has been edited by MNet: Aug 14 2012, 11:07 PM

I think we are dungus for depositing at 3 mths when we should be depositing at least 20 years. Come to think of it why not 50 or 100years..?

Why not 20 yr if the rate is right and profit paid out monthly and the money u will not using for the next 20 yr ?

Does not matter if 20 years get 1% as can cancelled anytime by your logic can go back 3 mths rate ..

I'm confused by wat u mean... can u elaborate what u understand from what i'd say ?

I'll gv u example, deposited 10k for 60month at 4.6%pa . Withdraw it at end 2nd yr.

The board rate at end of 2nd yr 4.2%pa if deposit for 2yr.

How much is the profit?

Here is from wat i understand: And what is ur understanding?

10k x 365/365 x 4.2% x 2 = 840

off course its not compounded

No offence, but SERIOUSLY your understanding of FD is TOTALLY FLAWED and yet u talk like everyone else is wrong

magika, gsc and pink spider, you guys must be new to this forum/section entertaining Mnet, hahaha. MNet playing with you guys, he has been active in FD Thread since original version and knows more about FD than me