This is another discovery.

I just called to OCBC's help line at 1300 88 5000 for Premier Save Gold Account
as I did not find any information about it on OCBC website.

According to OCBC's helpline:
Premier Save Gold account is associated with Klibor.
But they did not how to explain what a Klibor was.

Premier Save Gold account requires a minimum deposit of RM 200K, interest is 3% p.a.

So, if anybody wants to use Premier Save Gold instead of Smart Savers, they need to have a minimum
of RM 600K (RM 400K to 3 months FD at 4.5%, RM 200K to Premier Save Gold at 3.00%).

Thanks for sharing, munkeyflo.

Yayaya, the Kilbor thingy. I also don't really know how Kilbor works but they told me basically average around 3% plus or minus based on their previous observations.

KLIBOR is Kuala Lumpur interbank offer rate, which means interest rate paid by banks for inter-bank borrowing between them.

Normally won't differ too much from OPR (FD rate) in normal situation.

after withdraw the sukuk fund, where should we invest this fund for highest interest? any fund is available now or coming soon? thanks for you info

went to bank rakyat to put FD today, was told that if premature withdrawal the bank will deduct the difference between the board FD rate (about 2.6% currently). was told before in the same bank if withdraw prematurely, the differential interest will be deducted base on the mukeen FD rate instead. seems like there is conflict of information provided. anyone can confirm this?

the bold part!! i tot its 50% in FD(4.5%) and 50% in smart-savers acc respectively... no?

Nope. It has been 1/3 in CASA, 2/3 in FD all the while.

anyone ?

Usually banks will not pay interest if you make a FD premature withdrawal within the 3 month time;
if you make a FD premature withdrawal after 3 months period, banks will pay 50% interest.

For example:
If your FD is 6 months tenure, if you want to withdraw your FD in less than 3 months, banks will not pay you
any interest.

If your FD is 6 months tenure, if you want to withdraw your FD during the 5th month, banks will pay you 50%
interest for the first 5 months.

Different banks may have slight different policies. But I do not know about Bank Rakyat's premature withdrawal policy.

If you are thinking about premature withdrawal, then put your money in short term of FD.

Or split your money into few FD certs instead of one FD cert.



This post has been edited by BoomChaCha: Jul 18 2013, 08:58 PM

that i know. what i meant is that if i withdraw prematurely let's say on the third year for a 5 year period lock down.
bank rakyat will not pay the difference between the 3rd and 5th year, instead the current board rate of the bank will be paid instead.
*the 1st,2nd,3rd,4th & 5th year FD rate is different from the board rate

i have placed an FD of 10,000 at BR for 4.6%. at the end of the 5th year (61 months) the payout is 12,342.85 (written on my FD cert)
but the amount i ownself calculated was 12,521.56 based on 4.6% with yearly compounding interest.
i cannot get the 12,342.85 that the bank calculated. help....

This post has been edited by gtafan: Jul 18 2013, 10:05 PM

its not compounded

what make u think is compounded?

Some of my FDs are maturing this week with OCBC...looking at the option in the market, I think the right choice is still to extend it with them, hmm...

the bank's officer told me..actually i also feel its weird cos where got compound one..

Is it still 2.9%? Thought it has reduced to 2.85%

You'd better call Bank Rakyat's few branches to double confirm.



This post has been edited by BoomChaCha: Jul 18 2013, 11:58 PM

Then you have to play the 'fresh fund trick' in order to 'renew' your FD.
Also, upon renewal, the FD:CASA ratio no longer 2:1 because you can't withdraw the first batch of SS deposit. The new FD:CASA ratio would be 1.33:1.67 if no fresh fund. With the ratio given, you can calculate the effective rate la.

Second scenario if you renew the FD but top up the SS with fresh fund, then the ratio will become 1:1. Effective is 3.7%

Or open a new joint SS account and close the single name SS. Finally I managed to close my SS account last month and plan to open when fund available

Oh yeah...forgot about that part where I can't withdraw from the same SS account. May I can try my luck to open another SS account because some of the members here were able to do it (depending on the branch). Either scenario above won't earn me close to 4% effective rate...that's not good, lol

HLB Junior FD did offer that once, with the option 5% for 4 years & 5 years. I took 4 years and I am SO kicking myself right now. Should have taken 5 years instead