The penang HL staff not even know Mach exist when I asked them

Haha...three different answers and yours is the correct one

Questions on bank rakyat on PIDM repeated n times.....
Best FD interest are on firstvpage...

My person exerience on fresh fund cash deposit.

UOB bank
Took out as cash on matured FD, went for lunch. Came back to the same bank where I took the money. Opened FD account with some additional RM200.
I did it once but not advisable to do this way because it is risky in terms of security......unless the FD amount is small.

Other bank
IBG matured FD in bank X before 12 noon, give personal bank X cheque to open FD account on same day.

I used to be able to do in advance, example FD matured 3 May I can pre-instruct and sign all doc. and give personal cheque in advance.

Now the bank staff said no, I can only do it on FD mature day.

Any one facing the same recent change? The bank said bank negara required biometric verification to be done on the same day, not in advance.

This post has been edited by gsc: Apr 30 2013, 06:43 PM

Ocbc combo must remember to top up RM1000 every month in SS. I have forgotten to top up last month

Thanks for you advice. Previously I used to continue with the combo as I have FD due very month, thus no need to put in RM1000. But after reading the forum input I realized that the SS portion is getting the most 2.9% if I continued loading into the Combo. RM also did not remind me, she used to remind me, her service in general is no good now. Sometimes sms also no reply.

earlier ruling does not need fresh fund for SS, the money in SS can be re-invested but Ocbc has changed the ruling.

Ocbc to citi bank through IBG, morning transfer same day money in

Principal = P = 80k
Interest = I = 3.4% per year for example
Period of FD = m for example 3 months ( may till jul)

Interest = P x I x Period of FD/12

Rough calculation based on month

I = 80k X 3.4/100 X 3/12 = 680

To be exact using days (this is what bank used)

I = 80k X 3.4/100 X (31 + 30 + 31) / 365 = 685.58

Bonus saver is good only if you can withdraw from the smart saver when your FD is matured. If you continue to deposit into the Bonus saver, the money you deposited there earlier is stuck there and can only have an max. interest rate of 2.9% only.
This is what happened to my SS now.

My FD due on 5 May and 6 May is a public holiday, Ocbc credited back on the interest when I informed them.

Current promotion is 3.55% for three months and 3.7% for 12 months for joint account.

I already have a joint account thus not that difficult for me.
Bonus saver three months, mature move to joint FD promo, then back to Bonus Saver or something equivalent...

Yes, mature date is the date you can withdraw your FD. What is the OcBc house lan interest?

Thanks for the home loan info. Low interest loan.

SS fund should be available, please check today or tomorrow.

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.

This post has been edited by gsc: May 9 2013, 12:06 AM

7.3% is straight forward. Among all the foreign currency only Aus$ is worth look into. For example , US$ FD is 0% interest for 1 month FD.
Yes, the same things applies to SGD but the rate is low.
Just like normal RM account, you open foreign currency FD account which you can deposit your FD.
I am monitoring the excahnge rate ....
I am only interested in short term FD thus not looking at Kuwait FH ...

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.

This post has been edited by gsc: May 9 2013, 01:07 AM

I have Aus$ and NZ$ FD with Citi and Public bank. I went in when exchange rate is favorable just like now. A word of caution, the exchange rate may be worst after one month, but I doubt it will drop by 7.3%.

http://www.ocbc.com.my/business-banking/Fo...ange-rates.html

Example, The exchange rate is 3.076, to drop by 7.3 % means, the exchange rate has to drop to 2.86 which is unlikely.
Sorry to take up FD space, please PM .....I am not working nor advertising for Ocbc, just sharing...

Follwing is Citi bank comments on interest rate...seems that the interest rate would maintain except for those promotion carred out by bank..

We maintain our expectation for the OPR to remain at 3% in 2013 with 50bps hikes
in 1H14 but conditional upon inflation approaching 3% within 2014......

Effective rate only 3.475% for 8 months. CIMB FD rate is always not among the leaders that offers promotional high interest rate

Ocbc joint account FD 3.55% for 3 months, 3.7% for 12 months, 0.05% slightly higher than that of UOB

This post has been edited by gsc: May 10 2013, 10:01 PM

HSBC Bank added that domestic demand has been robust, but has stayed low due to price controls and subsidies. “Upward normalisation of interest rates will still be necessary later this year, due to rising credit growth and household debt,” it said.

Meanwhile, the Consumer Price Index is expected to average between 2.7 percent and 2.9 percent this year, said OCBC Bank’s Gundy Cahyadi.

Thus, the central bank is expected to maintain the overnight policy rate at three percent as the existing inflation trajectory is still within it comfort zone.

“It has seemed to be more tolerant of the ringgit's strength since the second half of last year. To a certain extent, this could be their preferred method to dampen any inflationary concerns for now,” added Cahyadi.

Summing it up, there is theoretically less urgency for the central bank to change the official interest rate at present.

You can find your answer on page 1