UOB Merdeka FD Promotion starts today Monday July 01, 2013.
for only 3 months FD @3.48% p.a. that's it, so there is nothing to shout about.

As to the FD, either I add RM10k into the current matured FD to get UOB's new FD promotion rate or I issue another bank's cheque and place a new FD to get the current FD rate (fund of matured FD transfer to the other bank).

I am very surprised you can add RM 10 to your current matured FD and convert it to a new FD at promotion rate..

Last time I asked UOB if I withdraw cash from matured FD, and add some new fund to it, and then to convert two
funds (cash from matured FD and new fund) to a new FD at promotion rate on the same day, but they said cannot.

OCBC FD Promo effective 1 July until end of September 2013

(1) 13 months tenure: 3.7% p.a. (fresh fund and joint account required)
(2) 3 months tenure: 3.4% p.a. (fresh fund not required) --> but gsc's RM claimed that this promo is no longer available??
(3) 3 months tenure bundled with CASA (suggest to take Smart Savers): 4.5% p.a. (fresh fund required)

I tried to get the new brochure, but OCBC did not have the new brochure ready yet..

This post has been edited by BoomChaCha: Jul 1 2013, 08:37 PM

do you know rate for 6, 9 and 12 months under "merdeka"?

Just placed a new Bonus Saver.

For (1), it is a joint account like before except changed from 12 to 13 months. I was told no longer offer the 3 months FD promo rate. (3) is carried forward from Quarter 2.

I withdrew my Bonus Saver prematurely and convert it to AUS$ FD, taking up the +5% promo for one month FD. Net rate is 7.43%. Exchange rate is RM2.9381. No penalty on premature withdrawal.

This post has been edited by gsc: Jul 1 2013, 06:53 PM

Hi, gsc. How does your net rate work? And by +5% promo, did you mean you get this much for placing a foreign FD for one month? It looks too good

The Service Manager showed me the computer print out. The 3 months FD promo at 3.4% is still available until end of September.


Is this 7.43% return rate guaranteed? What's the catch? Like any processing fees?

When is the expiration date of this AU$ FD promo? And minimum and maximum RM deposit amount?

RM must be outdated when she told me no more 3 months FD.

Current Aus$ for one month FD is 2.43%, + 5% = 7.43%, guaranteed. Not sure of minimum nor max as I ddnt ask. The promo has been going on since last year....
The risk is exchange lost. Buying and selling immediately will incur an exchange difference of approximately 2.3%. I have been monitoring the exchange rate and felt the rate is favourable. Usually the rate is RM3.05. Hope I will gain both FD and exchange rate. Will update next month when FD mature.

One month FD (2.43%) + 5% = 7.43%.
Buying and selling will incur an exchange lost of approximately 2.3%. Conservatively if Aus $ still remain below RM3, I will still get 5%. I took it up because of promo. There were some discussions earlier in this topics and most advised against it because of exchange lost.

I brought this up is merely letting the member know there is no penalty on prematured FD withdrawal if you convert it to other Ocbc product. I actually wanted to use my Smart Saver but not allowed

This post has been edited by gsc: Jul 1 2013, 08:00 PM

Note add RM10k, not RM 10 !

UOB FD promotion stated fresh fund and minimum 10k required. If customer withdraw the fund and deposit min. 10k using another cheque, by right should be OK

In fact for the first time that I did it, the counter lady advised me why not I deposit min 10k in addition to the original FD so that there is no need to withdraw the fund and issue new cheque (another bank) to place the new FD. I did proceed with the RENTAS and then use another bank's cheque to place the FD (lower than the original amount). Then for other times I added 10k to the original FD to enjoy the new rate (without RENTAS and issue new cheque). I even withdraw cash for the old FD's interest !

I think it is a win win situation for bank and customer.

This post has been edited by bbgoat: Jul 1 2013, 08:07 PM

I did not find this AU$ FD promo on OCBC quarter 2's brochure.

This AU$ FD requires some Forex technical knowledge which I lack of.

Thanks for sharing

Oh..ooh.. ha..ha.. I am sorry, I missed a k...I think I need to zoom the text on my monitor..

Ok.. so we need to add additional minimum FD fresh requirement RM 10K (UOB) to convert the matured FD to new FD promo.
It is a very straight forward and smart method but provided if extra RM 10K is available.

All members must read this technique from bbgoat

I was wondering can we do the same to OCBC FD?

Thank you so much for sharing...

This post has been edited by BoomChaCha: Jul 1 2013, 08:53 PM

It will make our life easier if they accept minimum fresh fund + matured FD with interest for new promos

Yeah loh.. . This is a new discovery, but provided if extra minimum fresh fund is available at that time..

You can withdraw the interest for makan makan if you want to ! In fact the lady asked me what I want to do with the interest, so I just withdraw the interest and placed the new FD with RM10k on top of the old FD's principal amount.

As mentioned earlier, for the first time, I did withdraw the money, RENTAS to another bank and issued cheque from the other bank to place the FD. This method has been mentioned by various members before. The bank should accept this method as well. Though they probably do not like this method, I think.

This is where the convenience of eFD comes into picture. 10k or so rolling every 1 month @ 3.00%
Can share which UOB branch is this?


This post has been edited by Human Nature: Jul 1 2013, 09:14 PM

In Penang.

This post has been edited by bbgoat: Jul 1 2013, 09:18 PM

Yeah, I remembered us discussing something about this not long ago too.
In short, you keep 1 month. The 2.4% is to cover the loss from immediate conversion and the 5% is like a betting amount, yes?
If the AUD goes above RM3, do you lose anything though? Or it's capital guaranteed?

To make my post relevant to FD, yes, OCBC allows for premature FD withdrawal without penalty if you take up any of their investment products.

Yes, you are correct on premature withdrawal penalty...

If Aus$ goes above RM3, you make money through exchange rate.....no capital guarantee..

I bought Templeton structured fund from public bank and it is capital guarantee. It is going to mature on 9 Jul 2013. After 3 years and 9 months, i am going to get back only my capital....i could have earned more if I put into normal FD and earned the compounded interest ...3 years and 9 months..