Any of you guys here checked out OCBC's builder plan ? any comments on it ?

I'm new to saving into FD. May I know which is the best rate to put into protected by PIDM? Preferably able to do over the internet like m2u. Thanks for your help...

LOL...yeah but rate is 3. something only. Any idea what are the differences btw the 4 fd offered by maybank?

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Hi all, I hope u guys can help me on an issue I face. I'm actually developing a system to manage fixed deposits for long term tracking. I'm still quite blur on the actual formula used by banks.
As you can see, I used formula like this:
Interest = (rate/100) * (days) * (principal amount) / 365. (I read somewhere that banks use 365 method and not considering leap years).

With reference to the chart attached, the actual value for that red box in an actual statement is 5229.60. My system generated to 5229.63, additional 3 cents. I have tried to used long term precision, ie. more than 2 decimal places in computation, hoping to get it right but still resulted in deviation.

Can anyone be able to provide some info?

Additional Info: the case above is an auto-renewed FD placement starting all the way back from the first date in 2011. It is a one month placement, so the interest added up month to month. I believe the 3% interest is correct throughout the whole period, if wrong, pls correct me.

For information, there is also another old thread:
http://forum.lowyat.net/topic/689034/all
which cover some lengthy discussions about that formula, which I gathered some info from.

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.

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.

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

Thks for advise. Actually. Housing loan interest is different from fd rate. As the principal will reduce gradually and the intwrest portion is much hogher during the initial stage of loan. While I am only consider the flexi housing loan.. So collateral issue is not there as we are not settling the loan. We are nerely put in the lump sum to avoid the interest part and his monthly installment remain the sane which will enable him to settke the loan sooner. When I need the money I can also withdraw from this flexi loan acct.

may i know if i want to do FD, where can give me the highest interest? 
Any sukuk bond offer for next week since my fd expire next week?
which bank offer the highest interest?
any bank offer the higher interest FD for senior citizen? thanz.

i want to ask a silly question. my fd expire at 6th of May, if i take out the money onthat day, do i get interest? o i need to take out at 7th of May?

don put the fd in BR lo. No PIDM. only protected by government. if after general election, the government changes, will your money in the bank be guranteed? better put at other bank first and see the siuation after GE.
many ppl say that don worry la. i put at bank rakyat more than ten years oso no issue. however, BN oso win GE for more than 50 years. don know what will happen if BN lost in GE.

IT IS MY OWN OPINION ONLY. if not correct, pls give comment. thanks.

i hope so. thanks.

because the BR give the highest FD without any reason and we never face this GE which may change government, that why i say so.

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

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.

Nop, verbally only

I will check if they will provide new cert for the auto-renewal. Thanks for highlighting.

magika, when you get 4.20% p.a. from BR; did you simply put forth that figure at will and insisted on that amount for their consideration or was it a specific figure that BR has imposed on customers based on accumulated amount of $$$?

Waaaaah, respect you la! 

When you nego your way from 4.11% to 4.20%, the branch manager just gave in to your demand or do you have to wait for higher ranked officer for approval?

In that case, my interest starts on 13/05/13 & ends on 12/06/13?

So, I don't receive any interest on 13/06/13?

Yes, IF a BANK fails.. surely, other banks may take over BUT.. only if. this is a BANK.

There are some org or financial institution that pretends to be bank and sell investment products that looks like a FD
but isn't.. that is something to be wary.

So, must make sure first.