AFFIN bank interest is lower than that of Ocbc. Ocbc no more offer saving combo.

Saw the promotion at the bank counter today, it is written 3.3% after showing the calculation example like yours. Ocbc round it up to 3.3% or they know the board rate will be adjusted upwards 3 months from now??

SS is just like normal saving account except the interest paid is according to the amount of money put in.

The deposit of money need not to be on 1st day of the month. As long as you bank in the money, the interest will be calculated based on the amount you bank in. I never bank in on the 1st day of the month.

10 weeks 50k
20 weeks 100k

I mentioned before that deposit into SS account need not to be on the 1st day of the month to enjoy max 2.9% interest. As long as you deposit within the month, the money in the SS will be entited to 2.9% interest rate.
Even though interest is calculated daily, the impact is not relatively high for the additional 1k that deposited.

1000 x 0.029 / 365 = interest earned daily.

For those opening up saving combo earlier or bonus saver,to enjoy 2.9% interest, they have to deposit 1k each month in month 2 and 3 only.
For those just purely open SS account, they need to deposit 1k any day in the month to enjoy 2.9%. And of course no single withdrawal. I remember earlier deposit RM1k is 3% and RM50 is 2.85%. Now 1k is 2.9% but not sure about now if deposit RM50, what will be the rate. Has to check bank website.

Any withdrawal will drop interest to lowest level. In your case rm8 is withdrawn, following bank rule will not enjoy 2.9% rate.
You better check with the bank whether the deduction by bank is considered as withdrawal. My guess is it is deem as witjdrawal because you probably has signed agreement to deduct from SS

This post has been edited by gsc: Jan 6 2013, 01:01 AM

500k

Promotion till 7 march, mach biz hours 10 to 10, including weekend and public holidays. For those visting KL can probably open account.....till 7 March....who know?

https://www.machbyhongleongbank.com/branches

You should have pre-arrange and sign alll the related documents before going overseas.
Now you can only do that through internet banking by transferring money from A to B then open FD in B using on-line.

Fd to saving ratio not 1:1. It is 2:1

On my way to buy a crystal ball....

Sorry for intrusion.......for those above 55 and treating depositing money into EPF as alternative to FD.

Top 26 World’s Largest Sovereign Pension Funds, 2012

Rank Fund Country Total Assets ($mill)
1 Government Pension Investment Fund Japan 1,394,873
2 Government Pension Fund – Global Norway 575,527
3 National Pension Corporation Korea 313,981
4 Central Provident Fund Singapore 159,789
5 Canada Pension Plan Canada 158,669
6 Employees Provident Fund Malaysia 153,890
7 National Social Security Fund China 136,665
8 Government Employees (GEPF) South Africa 112,053
9 National Wealth Fund Russia 86,907
10 Fondo de Reserva de la Seguridad Social Spain 85,250
11 The Future Fund Australia 74,349
12 Employees’ Provident Fund India 57,957
13 Public Institute for Social Security Kuwait 53,867
14 Fonds de Réserve pour les retraites (FRR) France 45,455
15 Labor Pension Fund Taiwan 43,538
16 AP Fonden 3 Sweden 32,000
17 AP Fonden 2 Sweden 30,840
18 AP Fonden 1 Sweden 30,516
19 AP Fonden 4 Sweden 29,994
20 Zilverfond / Fonds de Vieillissement Belgium 23,812
21 National Pensions Reserve Fund Ireland 19,555
22 The State Pension Fund Finland 17,788
23 AP Fonden 7 Sweden 13,987
24 FEFSS Portugal 11,489
25 Fonds de Comp. de la Securite Sociale Luxembourg 11,785
26 The New Zealand Superannuation Fund New Zealand 12,426

When we first stated to work we also dont have much money to keep in FD. And there wasnt any forum like this to share the musical chair. Dont get disappointed at least you are better off than those living on credit card...refer to page one and open FD account with highest rate. There isnt much difference with the promote rate as your principal is low

This post has been edited by gsc: Jan 15 2013, 09:24 PM

wonder how get all the stars

Am bank normal account holder

and UOB for premier customer

UOB minimum deposit 500k to qualify for premier customer.

7 years ago and now are quite different. Now banks offers internet or phone banking and you can renew easily without leaving your house.

PBB public bank? I thought public bank is still using the conventional FD cert. any renewal or withdrawal must back to the opening branch.

That is a good rate. Better be fast because Am bank is known for finishing earlier for its promotion when the quota is met.

For islamic FD they wont call it interest rate, instead they used the term profit rate. Most of the time, it stated as expected but on the FD cert itself, the rate is fixed. So far forum members said they get what the bank advertised from other islamic FD.

right calculation is

FD 83,333.33 and SA 16,666.67.....extra 3333.33 enjoy 4.18% FD rate

Ocbc bonus saver effective rate is 3.81%