Take a look at the sample calculation you attached.

Total savings is RM300K for 1 year.
Total Dividend earned is RM8,631.09 (3%) + RM4,883.50 (2%) = RM13,514.59 per year.

A rough backward calculation, you will get the annualized effective rate of 4.50% (ignoring the 14 days late deposit in Jan).

Another way to look at it is picture no.2, where it stated clearly that only RM244,174.95 (Incremental Average Daily Balance) gets extra 2% dividend. NOT RM300K gets extra 2%.

And one more counter check you can do is, if it is 5% on the entire deposit balance of RM300K, then you should get RM300K x 5% = RM15,000 dividend per annum instead of just RM13,514.59 per annum.

5% p.a. is correct only for RM250K deposited in the calender year of 2012 only.

Bro, your above situation is a classic FD Musical Chair situation, hahaha.

Actually, I think you still can qualify for the PMA IF you go deposit cash into the account BUT what was your balance as of 31 December 2011 in the PMA-i, this is extremely crucial as pointed out by aeiou228 below.

Bro, now that we know the amount as of 31 December is crucial, like you say, don't open account this year to earn a mere 2 months when we can get 12 months if they have this promo again next year

Anyway, thank you so much eugenecctan as we now have another account to look out for.

This post has been edited by Gen-X: Oct 17 2012, 08:28 PM

This is when an OD a/c comes handy
Grab the PMA-I promo in late October with OD fund then cover it up on 1st November.

Hi guys newbie here,
If I withdraw my fd from may bank today , can i apply for PMA-I as fresh fund ?

Bro, unless one already got OD facility, opening an OD account just to play FD does not make sense. If pledge FD, than that amount can't be use to play FD Promo and stuck at board rates.

And since we talking about OD to play FD musical chair, here was my case.

Early this month wrote a HLB cheque from my OD account to my son's account for UOB 3 months Promo because it will mature a day before my son goes back to US in January. So he can go decide what he wants to do with his money and or open a new account with another bank if got FD promo.

Same day transfer money from my HLB Junior account to the HLB current account, but still short about RM30K

Next day, my son's FD matured, withdraw part of it in RM30K cash and deposited into my HLB current account.

Got my statement last week, no interest was imposed for the 1 day RM30K overdraft

1. You can go apply PMA-i anytime.

2. If you are referring to the extra 2%, there is no clause to say that we need fresh fund.

3. Take note of the Tier Interest rate if you are opening this month.

Anyway, I would think Maybank to Maybank Islamic should be considered as fresh fund since they are different entities.

This post has been edited by Gen-X: Oct 17 2012, 10:35 PM

what is the conclusion for this maybank offer? how much we need to deposit? to maximize the return? and when? as the more post that I read, I get more confuse.

I have been adding on every month ever since started the saving combo to get effective 3.8%. The saving combo will end in Dec and I will add on every month. Most likely I can only withdraw in Mar 2013 unless there are better promotion. Not keen on the MBB.....

This post has been edited by gsc: Oct 18 2012, 01:57 AM

Thanks.

I think I will apply for OCBC OD, then use OD to apply for Maybank Islamic PMA-i . Just a note, I was on the phone with Maybank hotline enquiring on PMA-i , it seems to confirm that its a current account thereby requiring an introducer. Gonna phone Maybank Islamic to confirm.

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Added on October 18, 2012, 9:58 amSame case here , been adding Rm1k via giro. Only thing is no matter wat date mature, better keep it untul the first of the following month..

This post has been edited by magika: Oct 18 2012, 09:58 AM

Nothing to do with Maybank Islamic PMA-i, need introducer becuse it is a current account.

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Added on October 18, 2012, 10:31 amStill we will define it as 5% p.a., If you were to place your FD for 1 month, you are getting 3% p.a., but you cannot say that it is not 3 % because you have place it for only 1 month. As long as you have placed it for 1 whole year since 1st of January, then you will be getting full 5%. (Actually more than that, because the 2% is accumulating daily).

This post has been edited by eugenecctan: Oct 18 2012, 10:31 AM

The more I look at it, the interesting it becomes.
Here is my evaluation though do kill a lot of brain cells.

1. No need introducer if apply thru website. How still not sure.
2. Its daily calculated based on the example by Eugene. Need to reconfirmed.
3. Does not matter which day of the month we bank in as its calculated daily. Needs further confirmation.
4. One is Monthly dividend calculated daily paid monthly, another is Special dividend paid after the tenure.

I m still waiting for Maybank Islamic manager to call me as their staff staff dare not commit anything..

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Added on October 18, 2012, 10:48 amEugene is correct.

The initial RM50k is assuming at 31 Dec 2011 your balance is RM50k, so it should be ignored. If you are a new account holder your balance would be RM0.00. So calculate based on that. Did not do the actual calculation though..


This post has been edited by magika: Oct 18 2012, 10:48 AM

We ? Gee, you are from maybank ?
If it is 5% effective, rm300k should get rm15k dividend. But in your illustration above, it was clearly 4.5%. (ignore the late 14 days deposit)

I think you have forgotten about the rm50k balance as at 31.12.2011 which is not entitle to extra 2%.

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Added on October 18, 2012, 11:21 amIt is correct only for the new to PMA investment deposited in calendar 2012. But he was referring to the investment illustration posted above as 5% pa. which is incorrect.

This post has been edited by aeiou228: Oct 18 2012, 11:21 AM

Bro, need to ask you the One Million Dollar question...

We = everyone. p.a. meant per annum, 5% p.a., anyhow, as long as you understand, for me it is still 5% interest, hahaha.
Btw, are you the existing PMA-I account holder? else why are you so care about the balance for year 2011? It is only applicable to me.

Can we still get 5% if we open a PMA-i account with RM50k on 1st Nov ?
Or do we topup RMxx between the Nov and Dec 2012 ?

Yes. Brain hurts here too. But er... if I have <RM50k for this musical chair is it worth it? Or I'll go for HSBC 3 months 5%

If according to the table provided bu Eugene, anytime before 31 December 2012 will be eligible , calculated based on normal principles for FD rates.

Yes, you will get, I asked Maybank this question before, deposit first of the month will get you the 3% if no withdrawer. and the 2% is additional interest, you will only get it after this promotion end. Still, total is 5% p.a.

As said a lot of red faces around including yours truly. Appreciate it, do share more here .

Forums are only as good as the quality of its contributors, nevermind if we miss a deal or two.

Check this out. If less than 50K, e.g. if you save RM5001, then you will be getting 0.7 + 2 which is 2.7%, it is calculate using daily average, so you can withdraw anytime, and save money anytime. with 2.7%, you can treat is as saving account or FD account, still with highest interest.

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Added on October 18, 2012, 12:04 pmBtw, HSBC offering 3 months 5%??? please share with me more.

This post has been edited by eugenecctan: Oct 18 2012, 12:04 PM