Waiting for new promo from Mach, I suppose they will continue to put up good rates to attract more customers.

just put the money in bank rakyat. always 4.01 and higher. don need to wait for promotion

i got old man mentality, no PIDM i wont put there

why it is called old man mentality? my grandma, mother, uncle , auntie oso put money there. no PIDM oso ok. government will gurantee ur money o.

government only guarantee partly right? i dont think cover full like PIDM up to 250k .. i read somewhere that government will back up the bank if it fails, but it didnt state up to how much..

old man mentality cause i want 0 risk if those banks without PIDM are also covered fully by government, then whats the point of implementing PIDM? doesnt make sense oh..

If Gov did not say guarantee, then it is not guaranteed.

Gov agency or gov linked company or gov initiated company, all are incorporated under company law, aka with limited liabilities.
If there is no law or whatever measure saying deposit in the bank or company is guaranteed then it is not guaranteed.

Although in the past, gov did bail out or backed company or banks, we still cannot say it is guaranteed.

The financial crisis has showed, gov can let bank fail as well.
Gov itself can fall into trouble whereby no spare capacity to bail out banks as well.

Yes, it is unlikely non-PIDM gov initiated banks to fall under, but if there is no law or measure said it is guaranteed, then we cannot say gov got guaranteed.

This post has been edited by cherroy: May 3 2013, 03:00 PM

I receive an SMS from OCBC for Puchong branch relocation

hello all sifus, sorry as i am not good in english.
i am very new to FD, and recently plannig to open one fd, but i want totally blur how to calculate. any suggestion? thanks. estimate fd around 80k, aim for 3 or 6 months. higher return rate. thanks

You will get about Rm600 to Rm650 for 3 months FD. To learn how to calculate the FD interest, just read through few pages backward and you can easily find repeated questions and answers you are asking for.

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

Any good promotions lately?

Special Only at OCBC Bandar Puteri, Puchong

Promo period : 2 May 2013 - 30 June 2013

Fixed Deposit Only
FD 3-month : 3.55%
FD 12-month : 3.70%
Minimum RM5k, no fresh fund
Joint FD account is required

FD + Safe Deposit
FD 3-month: 4.00% (Fresh Fund, RM5k to RM20k
Safe deposit Rental: RM150(small) / RM250(medium) / RM400(large) + RM10 Stamp Duty + RM170 Key Deposit

FD + Savings (new / existing)
FD 3-month : 4.5% (Min RM5k in FD + 50% in Savings, no fresh fund)

This post has been edited by ronnie: May 6 2013, 09:59 AM

Just went to the branch today to check whether the previous FD is auto-renewed. They confirmed it's auto-renewed with the same 4.01% rate even though it's not stated in the slip/receipt. I hope it's ok.



This post has been edited by 1282009: May 6 2013, 08:44 PM

Did you get new FD cert ? Make sure what is printed there tally with your calculation. I did have problem with a few of my cert after maturity. Must make sure the printed amount tally no matter what has been said.

Looks like there not many good deals this May...tempted to just put in UOB and/or another bank besides OCBC (and no MACH in my place).

With this political situation now, not sure if it's wise to do any investments like trust funds yet.
For those going for FD, what banks are you going for?

Those with Sukuk 1Malaysia would get their Capital in June 2013.... Maybe the banks are waiting for that to happen for new promotional FD rates.

Somebody posted about the Kuwait Finance House FD promo at 3.88% earlier and says it requires CASA split, but actually it does not. It's a straightforward FD placement if you're interested in it. Minimum 20k...tenure 6/12/24 months.
The % is really high, but...I'm not familiar with this bank at all.

Con of KFH: Limited branches and you need to visit the bank twice (I think)

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.

So basically I will close the SmartSavers Account on 1st of the subsequent month to maximise the SS's month-end interest.
If my FD ends on 15-May, close everything on 1-Jun with FREE bank draft.