I forgot to add:
The Premier Manager also mentioned how soon can receive fund in current account
also depend on the bank (fund recipient).

According to her, Maybank is the fastest to receive fund via wire.

By the way, there is a always a security guard inside the Premier room, is it necessary?

No...

Let's say if deposit RM 50 in total:

(1) 2/3 of fund from RM 50K = RM 33333.34
This RM 33333.34 will put in 3 month FD at 4.5%

(2) 1/3 of fund from RM 50K = RM 16666.66
This RM 16666.66 will put in Smart Savers account for 3 months tenure at 2.9%

In order to get 2.9% for RM 16666.66 in your Smart Savers, you have to deposit
at least each RM 1000 during any working day of the second and third month in your
Smart Savers account, upon open your Smart Savers account.

Please look at this Smart Savers Interest Table - Only look at Revised Interest Rate with Yellow Background:



You cannot withdraw your money from Smart Savers until your FD is matured
in 3 months later.

This post has been edited by BoomChaCha: Jun 6 2013, 10:46 PM

If your father is above 60 then the chances of government changing any withdrawal ruling may not affect him. Since government has changed the retirement age to 60 yrs old, people are concern that EPF may follow and change the full withdrawal age limit.

You father can still deposit back to EPF and the limit is RM60k per year.

I deposited into EPF since the rate is high. In case I need to withdraw, EPF will prorate based on this year dividend announcement. Most likely next year rate will be lower as this year high dividend rate is due to election.

Split the fund into two or three groups, example 20k for 1 year, 20 k for 3 months, 20 k for 6 months. The good thing is flexibility but the bad thing, those promotion rate need fresh fund which may be troublesome to him to play the musical chair when FD mature.

Most banks do not require saving account for FD placement. But some banks which have promotion rate required opening of saving account to deposit the interest rate..most banks provides a very slightly higher rate for senior citizen. Am bank provide free insurance for senior citizen FD placement but the rate is lower than that of banks which have promotion now.

This post has been edited by gsc: Jun 6 2013, 10:48 PM

And do not forget to have your father to put down the beneficiary name
in his EPF account.

For Ocbc, the security guard additional job is lock and unlock the door and of course watch out for suspicious people. The guard is required may be is to meet the insurance guidelines..example robbery happened in bank and insurance company may not want to pay because no security guard station there...all these insurance terms and conditions are unknown to the customers.....

The best part is this year Penang Hong Leong bank was robbed and the security guard ran away from the bank...reappear only after the riobber had left..

Sorry, I did not make it clear:

One security guard is standing inside the locked Premier room (I think with a rifle), and there is one more
security guard without armed standing outside the regular counter office hall.

I was wondering is it necessary to have a security guard with a rifle stays inside the premier customer room?
Will premier customers feel comfortable to see an armed security guard watching them?

Or what if the armed security guard inside the premier room open fire to the robber, and the robber return fire to the
security guard inside the premier room, what if premier customer get a misfired bullet??

OCBC should take this into consideration for premier customer ma...

This post has been edited by BoomChaCha: Jun 6 2013, 11:24 PM

hi
May i know can i negotiate with UOB if my fund is 200k and normally how much more the interest will u get?
thank you.

I just put RM200k fixed deposit at rate of 3.55% for 3months at OCBC.. Is it ok? Or abit on the low side? I really confused with public bank 6.88% promo, anyone here know the effective rate about public bank promo?

that public bank 6.88% u need put 20% of the fund into saving account.So average for 1 year u get only around 3.4%.They playing with number to trick ppl

For RM200K - nothing, zip, zero extra interest over promo. UOB 3.68% for 12 months already pretty good.

For Public Bank Promo please read post#790 onwards.

As for RM200K into OCBC, 3.55% unless you willing to go with hassle of the 4.5% combo (open smart saver account). Anyway too late since you deposited, next time days before it matures or if you want to deposit more, come back and ask.

They have yet explained to me about smart saver, i feels unsecure because they like selling insurance to me, i have to put aside RM17,220 every year and accumulate till 8 years only can withdraw the fund, but i get RM2,400 interest return + RM3000 bonus (fluctuate according economic) every year and i get insured up to RM60,000, while you can enjoy saving account with 4.5% rate untill end of this year and afterward will follow normal fd rate..

This post has been edited by alwjmonster: Jun 7 2013, 10:57 AM

I see.. Okay, now i got it!
Thank you so much for the info, it seem extra effort is needed to gain the extra %. Perhaps, stick to the 3.7% for 12 months is the best solution for those that lazy to hop around the counter each month.
Will brief my old man about this and see what's his decision. Thank you once again.

So bro, it is possible to have the fund to be deposit back to EPF but only with 60k max / year right? Sounds good, at least it can be the last resort if there's no suitable solution found.
For the bold part, you're right! Nothing is perfect. For making the fund more flow-able, there's always a game need to hands on.
Will try to walk to the bank ask for their monthly / special promotion for more info since I got the heads up!

I calculated Public Bank's Super FD based on amount RM30k
- RM24k in FD
- RM6k in Savings
- Total Interest received: RM997.81

Actual Effective Interest Rate: 3.326% p.a.

Bro, maybe I should explain a little about the 4.5% FD Promo where you need to open a Savings Account.

There are various type of savings account offered by OCBC and the one that pays reasonably interest rate MONTHLY is Smart Savers Account if you DO NOT withdraw in a particular month. And if you deposit money into the Smart Savers account monthly, you get more interest. You can combo this Smart Savers Savings Account with the 4.5% FD Promo to earn more "effective" interest compared to other savings account and the straight forward 3 months FD Promo. Click here to my FD Page to read a brief read up on this Combo and also read BoomChaCha example quoted above.

This post has been edited by Gen-X: Jun 7 2013, 11:27 AM

You need to talk to the head of the FD department in the branch to negotiate for a better rate.
Negotiate on the phone first before you make your final decision whether to put it there or not.

But don't expect much from this UOB FD promo for 200K deposit.

Maybe they will offer you 3.7% or maybe they do not offer you anything.

You have another option to put your money in OCBC at 3.7% for 1 year.
Also, Kuwait Finance House offers 3.88% for 6 months, 1 year, or 2 years

Good Luck

This post has been edited by BoomChaCha: Jun 7 2013, 01:02 PM

Ok I think I will go ocbc then.Kuwait not available nearby my area.
Thank you

You're getting FD and the Great Eastern plan that they are selling to you mixed up. The one you just said is an insurance + savings plan.
We're talking about FD promo here which is the 4.5% Smart Savers combo. Two very different things.

Try to ask if OCBC can give you any free gift.

The most stingy bank I would say is UOB

This post has been edited by BoomChaCha: Jun 7 2013, 02:23 PM

Oh lol got it dint know can ask for free gift hehe
thanx!

I said: Try only... like a free umbrella

You have nothing to lose to ask for it

If they do not have it, please do not fight with them..

Good luck..