Bro, the TnC says max TD-i placement is RM100k for Premier customers but must top up Total Relationship Balance to a minimum of RM200,000 in Eligible Accounts. Not so worth leh. or I missing something ?

The tnc says maximum rm50k placement per customer. So, according to my little understanding, I don't think do-able.
Furthermore tbheng already mentioned in few posts above that customer can close account at any HSBC branches, which means every branch is like a home branch.

Tough question indeed. But I try to make it simple for you.

Withdraw your FD in banker's chq then bring the chq to SCB then tell the bank teller you want to place FD deposit. They will do all the documentations for you.

Previuosly ex-eon charged rm4 only. Now rm14
Must make sure 1 day interest loss is greater then rm14 before using Rentas.

My OCBC FD matured today and I just had it "RENEWED" (ya, kind of) with the combo plan.
Yes... you may wonder how I managed to "renew" when the combo plan requires fresh fund.
Well, the trick is, OCBC regards my persona chq issued from my 3rd party bank's O/D account as fresh fund for combo FD placement . Then I withdrew the matured FD in banker's chq and deposited into my O/D account in the same day. No O/D interest will be incurred.
Talking about usefulness of an O/D account.

If you don't have an O/D account, then you need to RENTAS the FD withdrawal to your current account in the 3rd party bank of which you issued the chq. But unlike O/D account with ready fund, this method is solely rely on the reliability of the RENTAS transfer. Any hiccups in the remittance may jeopardize your FD "renewal"

@ Gen-x
OCBC AUD spot is 3.13xx today. The drop is due to 25 basis points cut yesterday. 1 week spot-zero contract is 14.xx%

This post has been edited by aeiou228: Oct 3 2012, 05:01 PM

I don't know about your banker.
For me, no interest incur, been there, done that.

Maybe your banker shortchange you ?

This post has been edited by aeiou228: Oct 3 2012, 06:51 PM

My OD is from other bank. There are many types of ODs, the most common ones is to pledge your house as collecteral for the OD facility. Applying is easy, just bring a copy of your house title and see a credit officer.

I guess I need to be a little more technical on this.
When you bank in a chq before 4pm today, the chq amount will be credited in your a/c as Ledger Balance in the same evening but the fund is still floating or unavailable. By tomorrow evening the chq is cleared and it will be added to your current Available Balance.

The above are the fundamental knowledge of clearing of non house chq deposit.
The next thing you need to understand is the calculation of OD interest is based on the Ledger Balance. At least for my bank.
If your bank charge you OD interest because they calculate OD interest based on your Avaiable Balance, please share it here, so that we can all avoid these banks. Also, these banks will most likely commence your FD placement by chq upon chq clearing day.

Ya go try it la, I believe chq clearing procedures are regulated and all banks should have the same standard.

Really ar ? aiyo... rugi liao...... I still sit on this option because I have very little knowledge about gold investment and prefer to do a research first before jumping in....the problem is I keep delaying the research day after day.

OD is best taken when buying a house inorder to save processing fees. Then "deploy" the FD funds to cover up the OD account to earn save loan interest.
Other advantages of having an OD account are:
* Minimise contingency fund / credit balance in low yield CASA.
* Minimise the chances of premature FD withdrawal.
* Can play chq clearing timing game to your favour and convenient. ( this one pretty technical, can't explain all)
* apply IPO.
* temporary fund to grab near expiring bank's promo before FD maturity in the near future.
* banyak lagi....

Yes, as Gen-x said, there is a 1% commitment fee for OD facility exceeding rm250k. So just limit your OD application to below rm250k. However the are rare exception though for the exemption of 1% commitment fee but I can't remember which bank.

As the matter of fact, I used both OD chq and Rentas tricks yesterday because the renewal amount is greater than my OD limit.
I issued one chq up to the limit of my OD facility for immediate fd placement. Then issued a second chq ( current dated, no need post dated) amounting to the balance of the Rentas amount (Rentas amount minus OD amount ) and gave it to the Relationship Officer and pre signed all documentation. I told the RO to prepare the FD only after i give her a confirmation call in the afternoon. Normally Rentas transfer can be good around 2pm if transfer done in the morning. The RO will then prepare the placement of second FD receipt on current date and mail the receipt to me.

Wonder why I prefer the service of RO instead of RM ? Because things gets done more effectively and faster and she is more hands on and always in the atas office.

This post has been edited by aeiou228: Oct 4 2012, 05:08 PM

Do you mean savings account need to wait for chq clearance before interest can be computed ??

May I know what time you bank in the chq yesterday ?? via chq drop in box (without date/time stamping) or chq deposit machine with scanner ??

If you bank in before 12pm using chq deposit machine with scanner, I believe you will not be charged the OD interest.



This post has been edited by aeiou228: Oct 5 2012, 04:45 PM

Even bank in at 2pm, I still believe that you wouldn't be charge OD interest. Check you Citibank tomorrow.
If my guess is right, you citibank statement will show both debit (your chq) and credit (OCBC Chq) entries on the same day 4th Oct.

I normally do it in the morning to play safe and I never kena OD interest before.

I'm confused on the Transferred X amount of money from OD account to cover cheque

"shown", means money is already in the Ledger but floating hence LEDGER BALANCE. I can safely say that you wouldn't be charge OD interest as long as your ocbc chq credit entry "shown" as ledger balance on 4th Oct.

Again, overdrawn account doesn't need CLEARED chq to cover the overdrawn amount, a "shown" ( float chq) amount is good enough to cover the OD. "cover" means preventing the computation of OD interest.

You can go to your Citibank internet banking to verify your transactions or get a transactions print out from the bank. otherwise you will have to wait for the statement next month.

This post has been edited by aeiou228: Oct 6 2012, 09:13 AM

Chq account, OD account, Current account whatever name you call it is actually the names we commonly used to describe the type of current account we have.
Actually it is just ONE account that is CURRENT ACCOUNT with one account number only.
A Current Account can be link to an Overdraft facility thus commonly know as OD account.

The bold words above are the root cause. I thought you issued the chq directly from OD account.
But why didn't you bank in the chq directly to you OD account ? You can avoid the OD interest by doing so.

I issued the chq directly from my current account with overdraft facility.

What I meant was u can transfer od fund to cover the chq account on 4th and bank in the OCBC chq to your od account on the same day. There will be no od interest charge if u do it this way.

The bank has limit ma, u can't minus spot too low one
What is your goal for this contact ? hoping to convert to AUD or don't want to convert ?? If want to convert just take 1 Week spot minus 0 and enjoy about 13% interest. If can't convert, roll over it for another week contract and you don't have to waste the 2 days lapse ie. 7+7.

I compared the interest rates with citibank, OCBC is better.
Citibank indicative spot at 10am today is 3.1160 and spot-0 7days contract is 7.91% nia.
Disadvantage in Citibank DCI is that if you roll-over for a new contract, the 7+2 also apply.

This post has been edited by aeiou228: Oct 8 2012, 10:07 PM

For Junior savings account, I think OCBC's Young Savers Account is the best.

2.85% p.a.
No tier.
Unlimited free withdrawal.
Cash reward for scoring As in public exams.
5% bonus interest if no withdrawal made in a calender month. (Effective rate is 2.9925% p.a.)

Please share any savings account better than the above that pays good interest without ceiling limit yet flexible to withdraw without interest penalty.

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Added on October 11, 2012, 11:42 amWhat is the product name of Affin bank's 3.6% saving account ??

This post has been edited by aeiou228: Oct 11 2012, 12:56 PM

Quota for non bumi all sold out. You can discus about it here: http://forum.lowyat.net/topic/2256158

Is the same old "INCREMENTAL AVAREAGE DAILY BALANCE" trick again.
If really 5% p.a. effective, this thread will be the first to share it long ago.

1% extra is definitely good idea . But I don't get you Opted for early retirement then join a bank ? where is the retirement then