Hi all, I hope u guys can help me on an issue I face. I'm actually developing a system to manage fixed deposits for long term tracking. I'm still quite blur on the actual formula used by banks.
As you can see, I used formula like this:
Interest = (rate/100) * (days) * (principal amount) / 365. (I read somewhere that banks use 365 method and not considering leap years).

With reference to the chart attached, the actual value for that red box in an actual statement is 5229.60. My system generated to 5229.63, additional 3 cents. I have tried to used long term precision, ie. more than 2 decimal places in computation, hoping to get it right but still resulted in deviation.

Can anyone be able to provide some info?

Additional Info: the case above is an auto-renewed FD placement starting all the way back from the first date in 2011. It is a one month placement, so the interest added up month to month. I believe the 3% interest is correct throughout the whole period, if wrong, pls correct me.

For information, there is also another old thread:
http://forum.lowyat.net/topic/689034/all
which cover some lengthy discussions about that formula, which I gathered some info from.

I have a question about OCBC Smart Savers:

(1) If I place a 3 months FD Bonus Saver bundled with Smart Savers on 3 April 2013, it will mature on 3 July 2013.

(2) And if I place second 3 months FD Bonus Saver bundled with Smart Savers on 15 April 2013.

When my first Bonus Saver matures on 3 July 2013, how do I withdraw my
first 1/3 of money in Smart Savers on 3 July 2013 if I do not want to get 0.5% interest, since my 2 amount of funds are combined in the same Smart Saver account?

I know the solution is to have 2 Smart Savers accounts so 2 funds will
not have conflict of interest when make withdrawals.

What if I want to place 3rd Bonus Savers on the same months?

I just called to OCBc Hotline for this issue, they suggested me to
talk to the branch to see if they allow me to have additional Smart
Savers accounts?

Any suggestions?

As far as I recollect, most Islamic FD has the early upliftment clause in black & white. Why not compile data on which banks has early upliftment clause benefits?

1. Gsc has said foreign currency FD, 15 days above is eligible.
2. MBB islamic fd above 3 mths is also eligible.
3. BR fd above 3 mths is also eligible.

Others ?

Hi guys...for OCBC's FD deal of 4.5% for 3 months, can you help me to verify if my calculation is correct?

Let's say I put in RM50k into FD and as per their requirement, another RM25k into the savings:

FD (50,000 x 4.5% / 12 months) x 3 months = 562.5
Savings (25,000 x 2.9% / 12 months) x 3 months = 181.25

Total = 743.75 for 3 months

I took 2.9% as the savings interest rate as I think it's their latest.

Also, what do you think of this deal? Is it worthy of deposit? I'm thinking to do so next week once my other FDs are matured, so appreciate your thoughts

In order to get 2.9% in your Smart Savers, you have to deposit at least RM 1000 into Smart Savers every month.
If you have time to deposit RM 1000 during the first day of the month, then your RM 1000 will get 2.9% interest
for the whole month. Please refer to the first page page of this thread.

You are right. As long as deposit RM 1000 into Smart Savers any date of the month, the fund in Smart Savers will get 2.9% for
the whole month.

This is what I was trying to say:
If we deposit RM 1000 into Smart Savers during the first day of the month, this RM 1000 will get 2.9% for the whole month; let's
say if we deposit RM 1000 into Smart Savers during 15th of the month, this RM 1000 will get 2.9% interest from 15th until the end
of the month.

I think you should put Smart Savers instead of bonus saver.
Because Bonus Savers consists of FD plus CASA (one of them is Smart Savers)

When your are talking about total fund inside Bonus Saver, the interest will calculate roughly 3.96% (FD + Smart Savers), but
not 2.9% interest; 2.9% interest is for Smart Savers alone.

Hi Sifus out there.. not sure anyone think of this?
Instead of FD, I am thinking of offer my brother RM200K in his flexi housing loan, he continue to pay his installment, and by end of the year, he shall pay me 5% interest, not sure whether the interest that saved will be more than the 5% that I charged? to make this deal worthwhile to be win-win situation?

Thks for advise. Actually. Housing loan interest is different from fd rate. As the principal will reduce gradually and the intwrest portion is much hogher during the initial stage of loan. While I am only consider the flexi housing loan.. So collateral issue is not there as we are not settling the loan. We are nerely put in the lump sum to avoid the interest part and his monthly installment remain the sane which will enable him to settke the loan sooner. When I need the money I can also withdraw from this flexi loan acct.

If my bonus saver due on 5th june, withdraw using bankers cheque. Does it consider a fresh fund if I bank in the cheque back to OCBC for another 3 months bonus saver? Or i need to bank the cheque into another bank and issue a other cheque to OCBC?

Yeah, the bank memang calculate from all angles, cannot outdo them, lol...
I have some questions on this offer, hope you or other forumers can help me clarify.

In regards to the Smart Saver account:
1) If I were to deposit at two different dates, it will still go to the same account, yes? Or can we have two SS accounts for two FDs?
2) As you know, once we withdraw from the account, the 2.9% will drop. So what happens for those who want to continue in the next promotion term? Meaning cannot withdraw until we decide to not continue/no more promo? If yes, then the money will be stuck in there kan?

Thanks!

You mustn't withdraw your money in the SS though, failing which, you wouldn't achieve the effective rate as you intended. Anyway, the effective rate for you second round of Bonus Saver FD placement will not be 3.9 any more because the ratio of fund in SS account @ 2.9% is higher in the second placement (because you can't withdraw the 1st placement). You probably getting 3.6% effective for your second round placement.

Last but not least, for 3.6%.....I think other banks got better offer..   OCBC is tricky.......but we are smarter. 

Interesting, I will try it this week via online banking. Any min amount?

I plan to continue the FD combo but I don't want to keep the rest in SS which will only earn 2.9% rate.

1) FD combo - matured on 15 Apr (1/3 in SS)
2) FD in another bank - matured on 20 Apr

I plan to combine the amount in FD combo with the FD matured on 20 Apr to open a new FD combo but by using a new SS account so that the fund in early SS can be withdrawn after 30 Apr. Possible with your method? 

I still don't know why it's gonna be lesser than 3.9%
But assuming so, then I guess for the first time deposit, just hantam a big amount into it and move on to other FDs after 3-4 months.

I thought you said invest in biz, making money money money ? How come June pulak ? Then the 90%  balance rm2 million+ where you park ?

Ohhh...wahhh...really calculate to the dot. Don't know how would I ever be able to see things beyond the simple calculation
Thanks a lot for this and your patience!

Then I guess to make it more straightforward for people like me, best if I just put in a big sum for this promotion to get the max out of it without thinking about the 2nd or 3rd round + the further complication of SS account. I mean, easier if I just deposit let's say 150k (100k FD + 50K SS) rather than put in 75k today and 75k next week.

Anyone knows what will happen to the SS account if we close or left it idle after this and maybe 1 year later if there's any other different promo that ties in to SS, will there be any impact?

Thanks for the suggestion. I've a question on the bold font. If I open new FD on 1 May, the SS needs to be a new one or else I still need to keep the full amount that I've from April because otherwise I will only get 0.5% rate for SS in May. Correct?

1st of May is a Public Holiday lah

Im looking for Foreign Currency Fixed Deposit, any can give suggestion where to do?