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 Fixed Deposit Rates in Malaysia V4, Please read 1st post.

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tomatoly
post Jun 4 2013, 08:34 PM

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QUOTE(BoomChaCha @ Jun 4 2013, 07:56 PM)
I went to Public bank this afternoon and thinking about to open a personal current account.

I want to Rentas my matured FD fund to my current account so that I can continue my FD on the same day. But public bank needs an existing Public bank current account user to introduce me in order for me to open a new current account.

But I do not know anybody who is Public bank current account user.

Do you guys have this problem? How do you overcome this?

Or can recommend any low maintenance cost current account?
I just want to use personal current account for Rentas purpose only..

Thanks
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You can just open a basic savings acc then giro(MYR0-500k) / rentas(MYR10k and above). Big amount need to make the transfer at home branch.
tomatoly
post Jun 4 2013, 09:01 PM

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QUOTE(BoomChaCha @ Jun 4 2013, 08:46 PM)
If I want to continue my FD in OCBC, I open my saving account in which bank?

Can you explain in more detail how to Giro from a saving account?

I heard Giro will take 2 days to clear the check?

Thanks
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Giro : interbank transfer, so long those banks are IBG member. i.e; mbb to pbb, cimb to ocbc etc.
giro if instruction sent to bank before cut off time (working day, your beneficiary will receive funds on the same day normally late afternoon onwards till midnight depending on bene bank) cut off time depends on that bank, some 11am/12noon/12.30pm etc

Difference of savings account vs current account is mainly current account can issue cheque. Fyi, giro is electronic not check.
tomatoly
post Jun 4 2013, 09:05 PM

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QUOTE(BoomChaCha @ Jun 4 2013, 08:46 PM)
Did you mean if I want to continue my FD in OCBC, I can Giro my fund from Public bank to OCBC?

Can you explain in more detail how does it work?

I heard Giro will take 2 days to clear the check?

Thanks
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Yes, you can giro from pbb to ocbc or open a savings acc in ocbc, do a book transfer/internal transfer ocbc to ocbc
tomatoly
post Jun 5 2013, 07:16 AM

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QUOTE(BoomChaCha @ Jun 5 2013, 12:46 AM)
When I was in OCBC few days ago, I saw an old woman was using Rentas to transfer fund from
her matured FD into her current account so she could renew her FD on the same day.

She said only Rentas was the best for same day wire transfer.
15 sen for IBG is very cheap.

How many time have you used IBG and you can get the fund transfer successfully on the same day?

What is the difference in between Giro and IBG?
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Giro is via IBG, and fees for all banks is now 10cents.
Fyi, giro cut off time now for most banks extended to 12noon/12.30pm work day(depending on bank)
This means if you giro by 12noon, your beneficiary will receive the funds on the same day(different bank, different crediting time)
If compare to Rentas, rentas cutoff time is later and higher fees.
tomatoly
post Jun 5 2013, 10:43 PM

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QUOTE(magika @ Jun 5 2013, 09:58 PM)
I think that limit is for Bank Rakyat over the counter only. MBB is RM10k per day.
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IBG the payment mode is MYR0.01-500k (fyi : http://www.myclear.org.my/faqs/interbank-giro-faqs/ )
the 10k limit is depending on the bank's online limit, or non-home branch. You can pay to the max in your account home branch.
tomatoly
post Jun 12 2013, 11:36 PM

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QUOTE(magika @ Jun 12 2013, 06:29 AM)
Maybank online FD should only choose Islamic type and not others if i am not wrong. Choosing others will caused it to be rejected even if the status shows accepted. A few days later you will received a call from MBB asking whether to proceed with the placement.
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Both conventional and islamic can be done over m2u. If 1st time placement, your home branch will need to open you eFD acc 1st. Just wait, you should see it in your m2u soon if you received the success confirmation when you place your eFD the other day

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