No....


Coz you wasn't taxed in the first place

sorry mind to elaborate further? I am paying tax currently for salary etc

gsc meant the Interest Income from FD is not taxable currently.... how to claim tax deductible on something which wasn't tax.

I save RM10000 in pbb FD for 3motnhs.
It matures until this month and I received letter from pbb yesterday.
The letter said that tell me to brind the letter to bank for withdrawal!

Is not FD automatically renew???????

This post has been edited by hotnikon: Oct 12 2012, 10:09 AM

PBB or Maybank ? Anyway... see below.


It depends on what your instruction is when you opened the account.

LOL,
Save in PBB, how can become Maybank send letter?

before edited, it is maybank.

should be pbb,but not maybank!

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Added on October 12, 2012, 10:05 ami rechecked T & C in fd paper just now and saw this "Upon maturity, the FDR shall be automaticcaly renewed for the same period ans at the prevailing interest rate."

This post has been edited by hotnikon: Oct 12 2012, 10:05 AM

It can be

1) no instruction was given on auto renewal at the point of opening fd
2) a general reminder from pbb. A reminder letter or a summary table which shows you the fd amount, fd period and when mature? If latter that is a standard summary from pbb.

Pbb renewal needs original fd cert or slip. Rm10 charge for missing cert. I doubt pbb uses letter to renew fd coz I have been using their fd services till now.
l

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 The FD portion can be uplifted after 15 months, but the AmAssurance part can only be withdrawn after 6 years for some return. As can be seen from the example, if withdrawn within 5 years, guaranteed cash value is less than the deposited amount.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.

This post has been edited by Human Nature: Oct 12 2012, 10:01 PM

You did good but thats the easy part. The difficult part is convincing your dad that its not a good deal. Been there done that.

All the banks are actually the same, they always target senior citizens who walk in for FD.

Oh, that one is okay since I already explain the details. But can see he is dissapointed as he thought it is a good offer. I am to be blamed coz he knows i been been active in playing musical chair lately

If you can convince your dad then mission accomplished. I think that there is a 7 day cooling period so pls ensure it is cancelled before the dateline.

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Added on October 12, 2012, 10:49 pmIts not only senior citizens but anyone of us could be the victims. Just check whether we have participate in any such schemes such as assurance, investment link, gold trading....oops.

Such is the persuasive powers of salesperson, with the help of ambiguos terms & condition, anyone including highly educated persons are caught. Most banks have such a scheme, but good or not is in the eye of the beholder. No right or wrong.

This post has been edited by magika: Oct 12 2012, 10:49 PM

Yeah, thanks. I pointed out this cooling period only he said can get full amount.

No problem. Pls ensure that you accompany your dad when cancelling the scheme, as they will make a final attempt to convinced. There will be no second chances, as once convinced for a second time, ego will come into play. My 2 cents only.






This post has been edited by magika: Oct 12 2012, 10:57 PM

Yeah got it. Luckily i am the joint acc holder. Will head over to the branch this sunday (apparently AmBank opens on sunday).

If not mistaken, your dad has to go along.

Yaya, plan to go together. Will just place the money on normal 12 months FD @ 3.25%. Funds at ambanks are for emergency cases so the rate is acceptable.

In that case why not deposit in online FD, as easier for upliftment, i think is faster. Or do not trust online banking?

Haha, Ambank is tumpang my dad's account so very old school. Been a very loyal Ambank customer. I did a tally up of my parents FD last year and was very surprise to find a big bulk of them are in Ambank. Most in small amounts but many separate slips and dates. Only recently slowly moving some to BR and lately UOB (thanks to the info here).