What's the difference between RM and RO ya? Usually they just appoint an RM to the customer only wor.

Should have give at least 1 day postdated to be safe.
My relative also kena OD interest from Standard Chartered before but it was actually the RM's fault (cause we ask her don't bank in first) so she actually offered to pay us the interest charged. That's why now I prefer to issue postdated cheque instead.

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

PIDM website has examples of each situation.

If joint account will be protected up to max RM250k only.

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Added on October 5, 2012, 4:27 pmI have used Giro from OCBC to Maybank Savings Account before. Unfortunately forgotten to transfer to Current Account and was hit for some administrative charges. Its a hard life playing musical chairs.
On afterthought, I should have Giro direct to Current Account. Maybe that also some risk, better get Bankers Cheque less risky.

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Added on October 5, 2012, 4:31 pmCan ask why since have Bankers Cheque why not deposit direct using it, instead of doing it roundabout way.

This post has been edited by magika: Oct 5 2012, 04:31 PM

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

From PIDM

..........................Type Deposit Insured
Ahmad and wife Current 300,000 250,000

This post has been edited by magika: Oct 5 2012, 04:37 PM

True. I actually want to use Rentas when the next renewal comes, after you gave your tip earlier on the Rentas for same day renewal. Cause like you say, the interest is enough to offset the RM9 for Rentas. Too bad I found out about Rentas after I already gave instructions for a banker's cheque.

Is Rentas charges the same RM9 in all the banks?

I used to use Giro to transfer. But interbank Giro takes around 2-3 days to clear and provided you did the Giro before 12 noon.
And for OCBC, maximum amount per Giro is RM500k. So if you have more than that then have to issue 2 Giro and I think my RM mentioned that the 3rd Giro in the same month will be charge at RM2 per transaction or something like that. So that day renewal was actually first time I tried using banker's cheque. I'll use gsc method of Rentas next time.

Is FD dividend taxable ?

Less than RM100k, no tax ?

Or no tax for any amount ?

Thanks.

Ocbc banker cheque cant be used coz need fresh fund. Btw saving combo that20% dont need to be fresh fund. /

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Added on October 5, 2012, 8:50 pmI purposely went to counter and bank in around 2pm. The counter girl said bank in at counter or thru machine also need two days clearance just like normal cheque.

This post has been edited by gsc: Oct 5 2012, 08:50 PM

No tax for any amount for a few years already. Last time one had to split his FD in several RM100K in each account to avoid being taxed.

I think interest-bearing accounts in Malaysia such as FD, the paid-interest is already after-tax. Anybody can confirm this?

Not. It is not.

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.

Interest earned from Savings, Current and Fixed Deposit is 100% tax free for any amount for individuals. However, for companies it is taxable under income tax.

My personal experience on Rentas, MBB charged RM9; AmBank charged RM4 (I was a bit surprise and quickly accepted when quoted).
The IBG I did last week went through within the same day. The fund was available @ 6pm when I checked.

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.

this is what happened

4th Oct
went OCBC 'renewed' with other bank personal cheque. Took OCBC banker cheque bank into the bank that I issued cheque.
Upon checking with bank staff that it takes two days to clear. Transferred X amount of money from OD account to cover cheque

5th Oct
1am called bank checked balance. Was told both personal and banker cheques cleared. Account has the X amount. Gave instruction to transfer the amount back to OD.
7am received call from bank, transaction couldnt be done because that X amount only "shown" but fund not available till 6th Oct. This implies the banker cheque needs two working days to clear as was told by the bank staff.

Next time I will try IBG to see will it be faster than using banker cheque.. Rentas is good only when the interest earned > or = rentas fee

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

Thanks for the information. Learned something new today.

Can please clarify that the OD account and the cheque account is the same? Does it mean that we need to transfer from OD account to cover cheque account in case of insufficient funds in current account? Or can it automatically cover insufficient funds in current account?
Previously I issued a cheque for FD which was sent for clearance by 10 am the next day. Have to make sure funds are available in current account before 9 am the next day just to be safe.

I have one od and one current account. The personal cheque is from my current account not od account.
I transferred from od to my current account upon hearing the bank staff said need two days clearance on banker cheque. I do not want my cheque bounce.