Anyone know any interest given for pre-mature withdrawal (1 month plus) on UOB FD... Overlooked the matured date and was given only 3.1%..plan to withdrawal and redeposit at 3.6%

Different bank have different rules..following is my experience..

UOB - 50% of the interest will be given provided the FD is kept for at least 3 months. This is what I was told today by the manager.
Public bank - premature withdrew my froreign currency FD after 3 weeks and interret was given. Not full interest but cant remember the exact rate.
Ocbc - 100% interest provided the withdrawal was used to 'purchased' another Ocbc product. Example premature withdrawal and take up foreign currency account.

Ocbc Mega Save is extended from end of Oct to end of Nov. Anyone got any news on Uob promo in Nov?

Wednesday I was in Ocbc to open Mega saver, the RM was thinking was it better to open account on 30th Oct or 1 of Nov? I told her to be 1st Nov and passed her the cheque...

Can give intruction earlier and the staff will carry it out when bank reopen after public holidays. Ocbc credits back the interest on public and off days. Anyway thanks for the input as I wasnt aware it will mature during CNY week.

What are their reasons? What are the Foreign FD rates?

Thanks for your input...agreed with you that all foreign FD interest rates are very low compare to local currency FD rate. The only comparable rate is Aus$ but the exchange rate is not favourabe to take up the foreign F?d now..

Last week I tried to IBG out the matured FD and replaced with my personal cheque. The staff said cant be done because IBG can only be done through saving/current account and since I dont have the CASA I cant IBG. Then I propsed I added on some money and treated it as fresh fund. I was lucky, the matured FD with some amount of top up was renewed at 3.6% for 12 months

This post has been edited by gsc: Nov 6 2013, 09:20 PM

If it is pure FD the rates look attractive. Citi bank is starting imposing fee on their priority customers. Their FD rate is low. If it is pure FD and no fresh fund required, may be it is Citi bank move to retain their priority customers.

Any more detail info? Tq

Same thing applies to Public Bank, you have to check and demand the off day and rest day interest. However if you did not withdraw immediately after the first working day upon maturity, the interest on the off and rest days will be forfeited. This is because the bank considered it as premature withdrawal since you have signed auto renewal earlier and your FD was auto renewed immediately on the first working day.