Previously there was a discussiion (fresh fd funds requirement) on how to use IBG for FD placement. If not mistaken, upliftment is done in the morning subsequently IBG to current account. In the evening using cheques do FD placement when current account shows confirmation on avaiabile ledger balance. Cheques will be sent for clearance only the next day. Hope this still work.

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.

This post has been edited by Gen-X: Oct 6 2012, 01:19 PM

My FD in OCBC (4.5%) & HSBC (5%) are maturing soon. I hv not find the time to look around the market. Any sifu here know what is the best FD deal currently in the market? Thanks in advance

Gold has shot up recently, kind of expensive now to enter..

Thanks. Existing current account is with MBB. So I need to open current account with OCBC pledging my FD for OD facilities or does the OD account stand on its own like a saving account.

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.

This post has been edited by Gen-X: Oct 6 2012, 02:06 PM

Thanks. Will consider my options. Most of my FD at MBB has and will be uplifted on maturity. OCBC will be my only plausible option.

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

This post has been edited by gsc: Oct 6 2012, 08:21 PM

Thanks. OD facilty for me is for other purposes.

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.

my od account is without cheque book thus cant issue cheque directly. Went to bank atm just now to manually transfer fund which was supposed to be available today. I did the transfer just now, it is weird that the date of transfer s 8 Oct on the print out.

This post has been edited by gsc: Oct 7 2012, 12:13 AM

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.

Can anybody confirm whether this promotion still valid or already reach quota? I do not want to be disappointed like Maybank promotion again.

Can you link it to current account? It would save you one step and time too.

Bro, the UOB Promo still on since it was just revised on 1st October. Actually, based on previous promos, UOB promoes usually runs until the date they announced. They may change the rates up or down and they have been offering FD promo rates continuously for the past 2 years without fail.

And before you go to the bank, you can always call your local branch to reconfirm.

May be I should have done that, thanks

hi guys,

just came back from moving funds from ocbc to uob.
i can confirm that the banker's cheque from ocbc is FREE if it comes from your FD. While UOB charges only RM0.15 to request for banker's cheque from your maturing FD.

Why so disappointed to Maybank? is it the service provided?

Ocbc charges only 50 sen for first two IBG transactions. After that will be rm2. Instead of using banker cheque I am trying out IBG. Last time I tried out, the money is availble the next day. Since banker cheque takes two days to clear, IBG may be a cheaper approach compare against rentas way.

By the way, Ocbc provides additional 5% interest rate for one month on foreign currenc fd. With low aus dollar exchange rate now, the interest rate and favourable exchange rate looks like more attractive than playing local fd musical chair.

AUD low? In Feb 2009 and July 2011, it was AUD1 = RM2.33 and RM2.74 respectively.

The 5% extra interest not even enough to cover the exchange fee by the bank.

And Bro, have you checked the Time Deposit Rates for AUD recently? It's even lower than Affin's board rates!

I am betting it will go lower being influence by all the analysts' comments that RBA going to reduce rate to below 3.0 by 1st quarter next year. Today's report, ad for new jobs in Australia down for the 6th consecutive month. Last week construction index down the most for 12 months. However, there is another report saying that AUD is going to strengthen because of its AAA rating. I am hoping it will go down to below 3.

@ aeiuo228
Still cannot even key in my wanted strike price of 3.09 for my DCI account before 10am today even tho the spot rate was about 3.109 because OCBC system shows the spot rate at 3.11x!! Tomorrow last day for me to try to bet because the funds will be stuck for 7+2 days and I am going over to downunder after that.

This post has been edited by Gen-X: Oct 8 2012, 09:22 PM

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

When I said low, I was referring to these few days comparatively at 3.15...2009 2011 were history and I doubt it will happen unless some world economic crisis happen again....