RM 5000 into 3 months FD, RM 2500 into CASA (suggest to sign-up Smart Savers).
So the total minimum is RM 7500.00

For (3) it has to be a joint account

I have doubt about CIMB FD. In its website, http://www.cimbbank.com.my/index.php?ch=ge...k&tpl=gen_rates, it shows Tier 1 and Tier 2.
What's Tier 1 and Tier 2 in this case? What's the difference?
The interest rates are different.

This post has been edited by EvOliver: Apr 1 2013, 10:15 PM

Thanks for the update.

The HLB Junior FD (2-tier 24-month) need to be new Junior Savings account or can re-use existing ?

Confirmed. If you take any amount in cash from the principal plus interest lump sum, UOB will charge you RM2.15.
I wanted to do that last week but was told that I had to pay RM2.15 for the check instead, but I rather paid just 15 sen for the check.

tq for info. 15 sen is fine!

the uob 6% is for 3month only right? the 6% is plus mutual fund, so means not fixed 6% return?
pay principal in others bank's check no extra charge right? then collect cert and wait matual,
after 3 month collect principal + interest in cash or check got different charges?
confused

This post has been edited by mysimpack: Apr 2 2013, 12:56 PM

For HLB Mach 4% FD, was told that after 3 months, one can make partial withdrawal, both the withdrawal and the balance enjoy 4%/annum interest.
Does that mean if one put in rm100k on 1/1/13 and withdraw rm90k on 1/4/13, the rm90k would enjoy 90000*4%*90/365 interest? So effectively the RM90K is like an 4% FD with a tenure of 3 month??
After reading the t&c below, I think what the Mach's CS said is wrong:

13.Would I be able to withdraw my Mach FD before maturity?
Yes, you can perform full withdrawals or partial withdrawals before maturity. Partial withdrawals are allowed subject to the following conditions: •Partial withdrawals are effected in respect of placements with tenures of six (6) months or longer and a minimum principal sum of RM10,000;
•Minimum partial withdrawal is RM3,000; and
•Partial withdrawals to be effected in multiples of RM3,000
However, there will be no interest paid for any type of withdrawals made within 3 months of the placement date. After 3 months, interest will be paid for the number of days the placement has been made for. The interest rate payable is only half of the quoted rate. Any surviving amount of the placement continues to earn the contracted rate.

This post has been edited by MGM: Apr 2 2013, 03:54 PM

u weren't following the discussion...

the comment was on the uob no frills 12mths 3.7%. not the chapalang 6% one...

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.

This post has been edited by vince660: Apr 2 2013, 04:47 PM


Attached thumbnail(s)

Can use existing, I did it with personal cheque last week.
Other HL branch gave me the wrong info. that need open new account.

Hi,
I can't really understand how the MACH FD works, can you explain to me how can I apply for it?
And the 3.6%pa interest only for those who applied a new account minimum with RM10,000?
Thanks.

For 3 sen differences? It just could be the rounding error. May be you should try 10 decimal points

In general , On auto-renewed FD the interest will be added on only after the maturity date. Example, HL junior FD the interest is credited quarterly in the saving account, not added onto the principal and compounded again..

I'm using 8 decimal points, pretty close but maybe when I have I'll try more.
The case I have is actually an eFD, whereby I'm sure the interest is added up monthly, as the FD is a 1 month tenure, and every maturity (1 month later), the principal will change to the a new figure, added up with interest.

Does it mean in order to receive full 4% interest, partial withdrawal can only be made after 6 months?
And need to maintain minimum balance RM 10K in the FD account when do a partial withdrawal?

Does it mean that the amount of partial withdrawal before 1 year maturity (partial withdrawal period is after 3 months and less than 6 months) can
only get 2% interest?


Summary:
Partial withdrawal within 3 months: the amount we withdraw will get zero interest
Partial withdrawal after 3 months and less than 6 months: the amount we withdraw will get 2%
Partial withdrawal after 6 months: the amount we withdraw will get 4%

Please correct me if I am wrong



This post has been edited by BoomChaCha: Apr 2 2013, 05:25 PM

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?

Husband one account and wife one account. Second FD placed into either account. Ocbc has became smarter and closed all the loop holes of not allowing husand and wife opening a joint account (third) .

For the UOB 12 mths 3.7%, do you need to open a savings account with them?

Or just a cert and take the cheque upon maturity?

Another solution is to open one more Smart Saver account in another OCBC branch