No, you do not need to open a saving account with UOB for this 12 months 3.7% FD promo.

You bring the FD cert to UOB upon FD maturity, UOB will pay you cash or give you a check based on
your request.

Check out terms and conditions here:
http://www1.uob.com.my/assets/pdf/tnc/SuperDealsFD_tnc.pdf

MBSB's FD Advance Interest Promo.
Maybe they learned this from KFH?

Effective from 1 April until December 2013.

The interest rates are not very attractive.
But the FD minimum deposit is only RM 1000.00

Their promotion flyer comes with English and Chinese.

Check it out here:
http://www.mbsb.com.my/misc/FantasticReturns.pdf

The actual statement came from Maybank ??? I lost a few ringgit sometime back.

The formula used is correct which is 5229.63 in which most banks used. However Maybank seems to throw away beyond a few decimal points or so before doing actual calculation(x principal).

This post has been edited by magika: Apr 3 2013, 11:03 AM

I'm looking at HL's 3.75% and 3.98% rates. Don't quite understand the difference between these two. The latter being a top-up, meaning...you have to place for the sweet deal of 3.75% first with min 50k for 12-months and then top-up another min 50k + 8% into savings to get 3.98% for 6-months (or next 6 months)?

I prefer 3-months deal...not sure if 6-12 months' worth the trouble or not.

The statement that I reference is from RHB. So is it fair to say in addition to Maybank, RHB also throws away some decimals? But how do they do the rounding which is what I am curious to find out. I tried alternatively to round half down (eg 0.655 becomes 0.66) each interest to 2 decimals, and add up to principal. Then set the next cycle's start amount, compute all the way until the current highlighted box. What is gotten is RM 5229.64, which is again further from statement amount. I tried to round floor method (eg. 0.655 becomes 0.65) but the result is the other direction, lesser than statement amount, I think it's around 5229.2 something. Actual statement amount=5229.60.

Ya, beats me too. I have also tried all permutations so forget about it.

Just purely for info purposes.

Maybank does take the number of days in a leap year for calculation purposes. Any placement date in or including calender year 2012 is rated at 366 days as per nos of deposit days in 2012..
Now let me give an example.

Tenure 1 month
Rate 3.00%
Placement Date = 15 Dec 2011
Maturity Date= 15 January 2012

Normal calculation will be something like this
(Total Days/365)*3.00%*Principal

Maybank Calculation
1st Part - (Total Dep. Days in 2011/365)*3.00%*Principal
2nd Part - (total Dep. Days in 2012/366)*3.00%*Principal
Add Part 1 & 2 = Total interest.

This post has been edited by magika: Apr 3 2013, 12:08 PM

Looks like a valid calculation method, might apply to mine as well. I'll try and set this formula in and see what results I get.

This post has been edited by vince660: Apr 3 2013, 12:09 PM

All the long, I thought premature FD withdrawal will not be given any interest. Actually it happened to me a few times, no interest was given.

This time I asked at the Public bank counter as I wanted to withdraw my NZ foreign currency FD. The exchange rate is good but the interest is low. The officer checked and said only after a person has kept for at least 15 days, interest will still be given but at half the contract rate.

Just to share in case some of you need to do premature withdrawal....

As I know, if withdraw FD before maturity, usually 50% of interest will be paid if the FD placement
period is enough 3 months.

This post has been edited by BoomChaCha: Apr 4 2013, 01:19 AM

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 ?

The upliftment policy is dependent on the bank, in my case is Public bank.

Need advice from the sifu here.

I have 5x RM1000 FD on a 1 month deposit with 2 names (either 1 to sign).
Can I consolidate the FD into 1x RM5000 on a 1 month deposit with the same 2 names and criteria?
Can I go to the bank alone to do the change? or both of us have to go to the bank?

I am not sifu..

Yes, you can go to the bank only by yourself (since all 5 FDs are either one to sign) to combine
the 5 FDs into 1 FD.
But do it only when all the 5 FDs are matured if you do not want to lose interest.

Also, you need to know if the bank requires fresh fund or not when you renew your
FDs (combine and renew from 5 FDs into 1 FD).

For most FD promo, Banks will usually require fresh fund.

The bank (only the particular branch where your placed your FD) will keep your FD account record
for both of you. Next time, either one of you can go to the particular branch to place or withdraw FD.



This post has been edited by BoomChaCha: Apr 4 2013, 06:29 PM

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

The “saving account” you will sign-up is OCBC Smart Savers without a saving book, it is different from regular saving account with a
saving book.

My personal opinion, it is better to place Bonus Saver (4.5% FD + 2.9% Smart Savers) during the very early date of the month. The best
date to place it, is the first day of the month.

Because once you withdraw your fund from Smart Savers, you will get 0.5% interest for the whole particular month in your Smart Savers
account.

For example, let's say if you place your 3 months Bonus Savers in 15 April, your FD will mature in 15 July. If you withdraw your fund from
Smart Savers in 15 July, you will get 0.5% interest for the whole month of July in your Smart Savers. Unless you withdraw your fund from
Smart Savers in 1st of August then you get 2.9% interest for July in your Smart Savers. But if you do it this way, you cannot withdraw your
FD and Smart Savers on the same date which it 15 July. And you have spend more efforts, time, and energy to take care of 2 funds on 2
different dates.

If I am not mistaken, Bonus Savers calculates interest on daily basis, but not on monthly basis.

For 3 months FD, Bonus Savers is probably the best in the market.

Ah, thanks for your example, I get it now! But since it's past beginning of the month and I could only go for the FD next week, I guess I'll have to endeavor monitoring two different dates of withdrawal. Otherwise, it's a long wait till next month.

And since the Smart Savers 'saving' account interest is calculated daily, is it right to say that I won't lose out too much having to keep them for a few weeks till the end of the month at the rate 2.9%?

Interest is calculated on the number of days (not month).
To get 2.9%, you need to deposit additional RM1000 or more into the SmartSavers account every month.....

This post has been edited by ronnie: Apr 4 2013, 10:52 PM

Yeah, that RM1k requirement...I really don't understand the reason for them to ask us to do this, hmm...Standard Chartered has the same ruling too.

Ask you to "save" more lah what else ?