Anyone has early info. on Ocbc FD rate for April? My guess the current promote will stay or offer a longer term like 6 months but slightly lower than current 3 months rate

Thanks for great info.

I am still wondering where do PIDM gets the money to cover should bank really facing financial difficulties..

for malaysia my 2nd home program i have to open a 150k fixed deposit within 10days. please help me which bank will be best for me.
thanks

you can check out Hong Leongs Bank Mach promotion. Its on till the end of march if im not mistaken. How many months are you looking for ?

i think i have to keep that money as FD for at least 10 years.

10 yrs?

For 1st year u can put it in Mach by Hongleong bank.4%

Or Uob 3.7%.

people here cannot answer u well bcos we dun know what terms and conditions for yr 10yr fd for 2nd home for foreigner.

maybe u can tell more - must be in one bank or many banks? must be 10 yr lock in or yrly renewable? must stay with same bank?

MMH2 requirements...


Open a fixed deposit account of RM150,000 OR
 - If full Government Pension of RM10,000 income is shown then no fixed deposit is required.

After a period of one year, participant who fulfills the fixed deposit criteria can withdraw up to RM50,000 for approved expenses relating to house purchase, education for children in Malaysia, medical purposes, rental, furniture, car purchase etc.

Participant must maintain a minimum balance of RM100,000 from the second year onwards and throughout his/her stay in Malaysia under this MM2H programme.


Basically need to open 2 FD, FD1 = RM 50K and another FD2 =RM 100K

FD 1 keep for 1 year, so can choose promo rate or Bank Rakyat 1 year maturity. However to take out need permission from government.

FD 2 basically FOREVER until you leave Malaysia or pass away. So suggest to look for bank with long term, non promo rate, at yearly rollover. Bank Rakyat is highest FD rate but got no PIDM protection (remember cannot take out no matter how bad the economy!). Next best with PIDM protection will be Affin bank?

Also since the money will be stuck there forever, you can choose to have the interest credited to your savings account, so at least you can 'touch' some of it

Oh and your FD deposit slip MUST be surrendered to the government, so no online FD ...


Successful applicants need to open their fixed deposits in Ringgit Malaysia (RM) only.
Participants need to obtain approval from Ministry of Tourism before proceeding to withdraw the fixed deposit.
Participants under this program may withdraw their entire fixed deposit anytime should they decide to terminate their stay in Malaysia under this program. However, they must obtain prior approval from the Ministry of Tourism.

New applicants who have purchased and owned residential property which has a PAID amount of RM1 million and above in Malaysia are eligible to apply for exemption from placing the full FD amount required of MM2H participants. They only have to comply with the basic financial requirement of FD of RM100,00 for over 50 & RM150,000 for under 50 respectively. This amount may not be withdrawn until the participants decide to terminate their participation in MM2H programme.

If don't want FD, then buy a 1 million house...but cannot loan from bank.

This post has been edited by gark: Mar 22 2013, 06:42 PM

just saw my name in first page.
Arigato TS...haha

thanks gark for your reply. then i should go for AFFIN bank right? how about the Maybank or CIMB? i think Maybank and CIMB are the most reputable bank in Malaysia.

You can go to Maybank and CIMB, however you can get only 3.15% p.a. at both banks for 1 year FD, Affin you get 3.6% p.a. All 3 banks are protected by PIDM insurance which will pay back your money in case the bank fails up to RM 250,000 per account. Other promo rate is not applicable to you since your FD is for Forever....

This post has been edited by gark: Mar 23 2013, 09:50 AM

Yeah, they are pretty reliable banks but it really boils down to your own preference. My opinion to you would be to consult the bankers personally as there might be some TnC for foreigners.

Well, according to MM2H website, the requirement for application is actually min. RM500K of liquid asset with RM10K/monthly income PRIOR to approval. Only AFTER approval you have to open the FD with min 150K (for age 50 or higher) and will be allowed to withdraw up to 50K after 1 year for expenses, but must maintain 100K in bank at all times till end of participation in MM2H program or perhaps till death.

Nice thing about this program, they allow you bring in your vehicle almost tax free or get import duty exempted.

Needless to say, MM2H program is designed to attract well-off retirees.

This post has been edited by danmooncake: Mar 24 2013, 12:32 AM

The rate mentioned here may not applied. Example, in Public Bank website on FD rates, it mentioned specifically the interest rate is not applied to non-resident...But I am not sure for those under 2nd home program fall under non-resident category or not...

This post has been edited by gsc: Mar 24 2013, 02:55 AM

Which bank?

Mach by Hong Leong bank. but they only got limited branches. You can google for it

Thank you so much for your effort in gathering the FD info!

I'm new to saving into FD. May I know which is the best rate to put into protected by PIDM? Preferably able to do over the internet like m2u. Thanks for your help...

So put in M2U !,,

LOL...yeah but rate is 3. something only. Any idea what are the differences btw the 4 fd offered by maybank?