Yes, you can withdraw your full amount of money from your FD in any AM Bank branches in Malaysia.
But you need to pass the thumb print identification, and you need to present your FD cert and IC as well.

For example, last time I placed my FD in KL branch, and I withdrew my FD in Penang branch, no problem.

If you withdraw FD from the same branch where you place the FD, then the process of thumb print identification
is not required.

gark,

Many thanks ! An expert and a wise man indeed !

Trying to read Economics In One Lesson to understand better how it works but find it hard to digest. I do have problem in reading books by British authors. Easier to read books by American authors.

Appreciate if you could recommend 3 books on economy/stock/wealth building.

Many thanks.

Bro, if i can still recall, the >10% fd rate was during the 80's and I don't remember if there was any 12% or 16% in 1998.. The highest was in 1997 when Thai bath got attacked and Malaysia fd rates gone up above 9% but never breach 10%. After Mahathir pegged the ringgit in 1998, the FD rates then gradually dropped to around 5% to 6 % level.
Year 1998 is the most memorable year to me because of several significant events happened during the year that changed many people's lives including me. In 1998 Malaysia suffered worst economy and currency meltdown, KLCI plunged to all time low at 262 points from 1300+ and I got VSS in 1998. The VSS turned to be a blessing in disguise coz it had given me the right timing and free timing to be in the stock market for once in the life time near bottom sale.

I returned from overseas and started working here in the 1990's. Thought I remember the high FD rate during that period.

Maybe you are right on the timing. Need to take more Chicken Essence now to improve my memory. Ha.

Cheerio.

Bro, FD interest rate did go above 10% in 1997/98 crisis but for a very short period like gark mentioned. That time was really hard for everyone, no cash flow and foreign banks withdrew loan facilities. Many people were laid off. But we learn from it. Now youngsters who have yet to experience a major economy crisis who think market can go up forever will be in for a ride of their life if another major crash comes.

I sold most of my stocks just before the crash and went in again near the bottom but that round did not make much because when it rebounded did not take the handsome profit in full but expected it to go back to same previous high (greedy) Even wrote about it in my blog with graph too.

And like gark mentioned, I was worried our purchasing power will be reduced significantly, so bought my first and only Rolex watch in 1998, haha. Now my no longer in production Rolex watch has become a collector's item

This post has been edited by Gen-X: Sep 17 2012, 09:53 PM

GEN-X,

Noted and thanks.

Case closed. Ha.

Why close?

Anyone "lucky" fellow here want to share if he/she managed to get FD interest >10% (please state rate) and locked in long term?

This post has been edited by Gen-X: Sep 17 2012, 09:57 PM

"Business loans dip" says today's The Star.

What can we infer from that w.r.t. future FD rates ?

Maybe what we are seeing now with the lower FD rates was the result of the decline in business loans some months ago.

My look ahead then is to go for the longer terms FD rather than 1 - 3 months.

Your view ?

I found this chart from the internet.

Another one.


Just read your blog and I was surprised that you too remembered vividly what Tun Daim said about he bought shares for pocket money only and asked the stocks speculators to be cautioned then the next day, KA-BOOM...... hahaha...
Bought my first and only Tag Heuer too, courtesy from the mid 90's super bull run. Now no more wearing watch, use smart phone clock better.

On the contrary, I would rather go for short terms for all my next renewals. As Gen-x said, there is a possibility of shopping spree in the near future if not as rock bottom as in 1998.

This post has been edited by aeiou228: Sep 18 2012, 12:15 PM

aeiou,

Thanks for the graphs. I like collecting graphs like those.

Good point on the short term FD for the spending spree.

I take a long time to analyse and decide on big investments. So, 6 - 12 months FD still suit me, giving me time to decide. Market will take some time to recover and getting in on the recovery up trend is still OK w.r.t. medium and long term investments, in my view.

Cheerio.

Bro, because of you, i went to dig up some FD records, hahaha.

FD placement with MBB

July 1998 - 1 month 10.3%
August 1998 - 1 month 9.5%
Sep 1998 - 15 months 10%
Nov 1999 - 15 months 4.1%

when was the peak I don't know; but a lady I know did lock in for 5 years and got something line 13% sometime during the crisis. must be around mid 1998 (based on the above as you can observe July to August interest rate for 1 month tenure started to drop).

since 1999, interest rate for 12 months hovering around 3-4% with the exception of 2009 where it went below 3% (also shown in the graph you provided).

New Promo?

I can remember there was once 10% + Free Astro decoder/Free Astro subscription for 1 year, if my memory still ok, correct if I am wrong.

But there was nothing to be happy about with those kind of high interest rate as normally it meant economy situation was facing some problem.

wah, that time Astro decoder was like above RM1K right.

And the high interest rate also can be due to who is the FM I guess. Besides being laid off, many people were also caught off guard when suddenly their housing loan repayment rocketed sky high overnight. 1998 most activities came to a standstill, nobody buying anything with loan since interest rate at all time high, factories being closed because loan facilities withdrawn or losing money like hell because of ringgit depreciation and cost of raw material sky rocketed and etc. Interest rate only came down after the wise TDM sacked DSAI. Tapi, Malaysians cepat lupa.

The only thing that did was not really affected was unconverted land prices.

Bro, posted the above 2 weeks back.

This post has been edited by Gen-X: Sep 18 2012, 03:56 PM

Any bro can help calculate the average rate for this promo?

New step-up from SC Bank

= ((3x2.98)+(3x3.38)+(3x3.68)+(3x6))/12 = 4.01 %.

This post has been edited by gark: Sep 18 2012, 07:29 PM

My short term (<12 months) is your medium term

Lol... You are right Bro. Now only I recall, I was torn between FD and stock market then. FD rate was so high whereas the stock prices were so cheap.

This post has been edited by aeiou228: Sep 18 2012, 07:44 PM

Went to get my first FD with BR this afternoon. Was quite an eventful outing for me.

Took me some time to find BR. Asked for direction but found Bank Islam. Found it at the place I have passed by at least a few hundred times in the past. Guess I need to OPEN my eyes when I go outside from now on !

* There were 2 elderly Chinese ladies opening the FD before me. Took them a long time (communication problem I think). Was going to get FD for a year but after the long wait, decided to go for 2 years to make it worth my time ! Ha. @ 4.2% Used the earmark $ from another FD for this FD. Small amount but happy to see from the very low interest (earmark) to now 4.2% ! Ha.

* Normally I would just sign when asked with a simple check but after following this thread, decided to check the interest calculation form which I have to sign (BR has a different work flow than other banks). Noted that something was not right with their calculated interest as I expected compound interest for the 2 years. Asked the lady whether their FD was compound interest type. Gave me the impression that she does not know what is compound interest. Decided to accept the non-compounded interest. They did not state that it is compound interest anyway.

* No mention of referral in the application form. So, can't put GEN-X in there. I know I need your name & saving account number.

* Got a nice gift from BR (manicure set) with the FD.

* When I was there for about an hour, surprised at the number of Chinese customers opening FD there. Maybe some of them also follow this thread ? Ha.

* My sons' FDs will mature tomorrow. So I will open FD at BR for them. Increasing from 3.2 to 4.01% will be most welcome. Will keep their FDs at other banks as well.

* Also went to UOB. 12 months interest is 3.75%. The manager will check with her HQ for a higher % when my other FD matures. Do you need to apply for PB or is it automatic once you reach their required $ amount ?

Sorry for the long story.

Cheerio.

Aiyo rugi 0.163% moved funds into last week promo.

welcome to da BR FD holders family. LoL