Not extra interest on FD matures on weekend. It is our entitlement. Bank is already making huge profit on diferential interest rate on borrowing versus FD. They should either take weekends into consideation or adjust  the maturity date to be on weekday.

My earlier foreign currency FD with Public bank are based on days, example 91 or 89 days instead of 3 months. The counter girl explained the date of maturity has to be adjusted to working days. But nowadays Public bank dont practice this anymore. Instead the bank will include the offdays when come to interest rate calculation. But the bad thing is the counter will not do it automatically. You have to tell them on the interest lost due to FD matures on non-working days

*  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.

*  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 ?

Cheerio.

dear sifus... forgive me for barging in.

been reading the thread, and wondering, no offence... why the big deal about 0.01-1% difference between FD retes by different bank? there are many other investment options available that can easily trump FD

just learning

thanks

magika - can you reconfirm that the cash vouchers you received also has the OCBC PM stickers.

And most importantly, like magika mentioned - nego/ask before depositing the money or opening the account.

And it is worth repeating here - for other banks where there is no promo, go talk to the Manager or Assistant Manager or Service Manager for better rates if you intend to deposit a substantial sum. For example at Bank Rakyat (as mentioned by magika previously), CIMB and even Affin can offer you higher than 3.6% if the amount is right.

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%   

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. 

Some more, the OD amount should not be more than RM250K unless you willing to pay 1% yearly fee for nothing.

Anyway, to get OD facility just to play FD Musical Chair is not worth it.

True... but you mentioned previously if you don't have funds standby for your emergency use, then bad planning, hahaha

If purely for FD withdrawal is FREE if you want to combine with other accounts, e.g. Savings Account, make sure you doucle check if the banker cheque is still FREE. gsc reported sometime back he was charged for his OCBC banker's cheque when he combined it with his Savings Account.

Unker Gen-X. This promotion already reach target and closed. Just inquired about it since 1 of my FD due today.

I understand that PIDM is up to 250k limit per person per institution. I read somewhere that if say joint account, each person in the joint account is covered for 250k. Does that mean if I joint account with another the coverage will be 500k?

Thanks

I have banked in my ocnc banker cheque into my citi bank account today. When checking with the counter, the cash teller and customer service counter staffs both said banker cheque just like normal cheque, need two working days for clearance. I will monitor my balance to see what is the actual clearance day.

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

Yeah, this is what I heard too, so I went to PIDM website and have a look myself. Seems like under the same bank, even when you have a joint account, each individual in that joint account will be accorded another 250K MYR protection each.

My citi bank cheque cleared. I was trying to maximise by immediately "renew" upon maturity instead waiting for cheque clerance. I hv used rentas way and the Fd is matured and renew on the same day. Rentas costs rm9 but the interest earned can offset rentas fee. Thought of trying a different approach to maximise gain.

Munkeyflo way is a good idea but the renewal is not happening on the same day. It is good if interest lost for not renewing on the same day is low, or less than rm2.15 for those bank that charges fee

My ocbc FD matures yesterday, instead of using my usual rentas Way I tried to use the  ocbc banker cheque approach. I used citi bank personal cheque to "renew" my FD and bank in Ocbc banker cheque into citi bank yesterday. Check today, ocbc banker cheque fund is not available until tomorrow. Since I am using the od fund, i have to bear od interest for two days. Should hv used my usual rentas way..

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.

All online IBG transfers made before the bank's daily cut-off time on a banking day (varies by banks, normally between 11.30am-12.30pm) will be credited to the designated bank account on the same day by 6pm. For money transfer to banks such as Maybank, CIMB Bank, HSBC etc, sometimes you'll get the money as soon as 2pm on the very same day.

I have two current accounts with OD facility and they are the same account, i.e. no spearate account number or statement for the OD facility. So not necessary to transfer funds into the current account from another account as the OD will be automatically utilized to cover the insufficient fund in the current account, of course one can only utilize the up to the limit of the OD.

If you got time to post above and sign up a a member, I am sure you can spare some time reading Post#1 and the last few pages of this thread. After reading them, if you need clarification and to discuss further, then post your question.
Bro, you have two options based on getting OD facility by pledging FD.

1. You can go pledge FD with MBB and get OD for your existing current account.

2. You can open a new current account and pledge FD at most banks.

But like I said Bro, the FD pledged won't be able to enjoy future promo FD rates.

If you open current with ocbc pledging your fd for od, ocbc will not considered as fresh fund as the money is "given" internally in ocbc bank

Any comment on the AmBank MegaFD Enhanced FD?

An insurance linked FD that divide equal amount of fund into two separate scheme:
(1) MegaFD Enhanced FD, 15 months, 4.90%
http://ambankgroup.com/en/RatesFeesCharges...mentsRates.aspx

(2) AmAssurance (forget about the insurance part, just on $ return)
https://www.amassurance.com.my/src/html/am_...d_enhanced.html

Here is the situation:
My dad went to update some FDs and was talked into this scheme. The FD portion can be uplifted after 15 months, but the AmAssurance part can only be withdrawn after 6 years for some return. As can be seen from the example, if withdrawn within 5 years, guaranteed cash value is less than the deposited amount.

What made me angry was, the bank teller did not provide full disclosure on this product and said money back guaranteed and interest for the 6 years period is 4% (which is why my dad think it is a good deal, bank teller said today last day of promo somemore).

So I checked from the website and found there is nothing on the 4% thing. So I called the manager or some officer and found out that the 4% is not guaranteed, it can range from 3-4% and he mentioned something about return in dividend(?).

I asked whether I can get terminate the whole thing and get back full amount. Initially he said cannot, only about 14,200 of the 15,000 for the AmAssurance part but finally said can.

Any comment? Thanks.