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....

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?

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

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%?

RM1k extra every month also they want ah? Okies

...... I was told at the bank that it's renewed from April till June period.
Just curious, is it still eligible for you since you've done it in the earlier cycle?

One can have multiple placements for Bonus Savers so long as the promotion is still on, but need to move fund out and return to make new placement because of the so-called fresh funds requirement.

There is no need to deposit RM 1000 on the first day of the month, as long as you deposit RM 1000 any day of the month, you total fund inside bonus saver will be calculated at 2.9% interest for the entire month.

I actually made 2 placements within the same month (08 March & 18 March) with only one SmartSavers account, so the only viable way is to make withdrawal on July 01 to be eligible for 2.90%. In this case, I need to prepare to deposit an additional RM1000 on June 01. I might withdraw the FD(s) on maturity separately or deposit into SS account and withdraw altogether on July 01

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.

On 2nd case it is true the RM 1000 will get 2.9% from 15th onwards but the original amount in the Smart Saver will still earn 2.9% interest for the entire month which is similar to the case of depositing on 1st of the month.
RM1000, interest 2.9%, daily interest is RM 0.079 or RM 2.38 for 30 days.
Thus no point to purposely go to deposit RM 1000 on 1st day of the month. Go any day whenever a person is near to Ocbc bank...

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?

got my BRakyat interest...RM 873/month..   now invest in another investment..

  soon to be revealed...

You are right the second and sebsequent round are even lesser than 3.9%....one member mentuioned can open many SS account in the same branch....I did ask the bank before but the answer is no..looks like I need to do it in another branch?

invest in biz...become shareholders...making money money money...

Ocbc one very complicated if u put in separate fd for the 3 months 4.5% promo. If one of it mature and credit back to ur savings account but the other one not mature yet, can't make withdrawal, if not will affect the effective rate of the fd that havnt mature

Ocbc 3.55% and 3.7% for 3 and 12 months, only for joint account, offer end June.

Pre-mature FD withdrawal no penalty provided....

Went to Ocbc to take up the 3.55% promo for 3 months with personal cheque.

Ocbc is still having the additional 5% on foreign currency FD promo. 1 month Aus FD is 2.3%, plus 5%. which means 7.3% which is very attractive especially now the Ringgit is strong over Aus$.
Both interest and possible exchange gain later on.

If you are premier customer, instead of 5% it is 8% if it is on your birthday...

Now the best part is if pre-mature withdraw from your FD, there is no penalty provided you switch to other Ocbc product.

My Combo Saver FD at 4.5% will be due in 15 June, I can premature withdraw tomorrow and switch over to, say Aus$ FD. The bank will still pay me full 4.5% interest till the date of premature withdrawal and I can use this money convert into Aus $ FD.
For those need to use Aus$ later, it may be a good option as Ocbc allowed not to convert back to RM but TT to your Aus$ account....

Public bank does not have this flexibility. You have to convert back to RM and hence loosing out on the exchange rate.

After the one month FD mature, you can either convert into RM or continue to deposit into Aus$ FD.

Sorry to detour here as I personally feel that with strong ringgit last two days, it is a good opportunity to play different tune of musical chair capitalizing on the Ocbc promo.

gsc, thanks for taking time to write this!

I actually never tried nor really know how to go about with foreign currency FD but if the same theory applies, isn't 7.3% really high? I guess it's not as straightforward, otherwise they won't give so high?
So is it the same if we look at SGD...after maturity, it has to go to a SGD account (this account...we create kat mana?)

Oh, and did you consider Kuwait Finance House on its 3.88% promo? Don't like it?

Yeah, I think ronnie did mention that too. I think KFH has relocated and now their bank is much further away =[
2 times...is it within the same day? And satu last question...advance interest, meaning, they straight away bank into your savings account and after, say, 6 months, you go back there to withdraw your FD?

Actually, like gsc, I also prefer 3 months...but 6 months is still bearable if % is decent and straightforward enough.

If today is your birthday and the 1 month FD is 2.3%, you will get 2.3% + 8% = 10.3%. My guess is the bank may allow you to enjoy that 8% within certain window time. I didnt ask in detail because not my birthday and the exchange rate may not be that favourable compare to now......8% only applied to premier customer.

Sorry I didnt ask minimum, promotion is given for 1 month FD only..
Disadvantage is possible currency exchange lost. Public bank Aus$ for 6 months FD is 3.3% which is slightly better than normal RM FD rate. I opened Aus$ FD account when the exchange rate was favourable.

Advantage now is favourable exchange rate and additional 5%. The rate is guarantee.

A few years back Citi bank has promotion too and FD rate for NZD was 9%. Those of you who are interested please check with the bank for detail and confirmtion.