Need help from those who have done this.

My wife says one can still get half of the FD rate (for the earned duration) if one withdraws prematurely but after a minimum of 3 months.

True?

Thanks.




P/S

Did a search on the web. Found this which answers my query (taken from MB's website).

Terms and Conditions on FD premature withdrawal

The payment of interest on premature withdrawals of Fixed Deposits' (FDs) before maturity shall be subjected to the following Terms and Conditions:

1. No interest shall be paid on any 1 month, 2 month or 3 months tenure FD that has not completed its respective full tenure period.

2. For FD's with tenures exceeding 3 months no interest shall be paid if the Fixed Deposit (FD) is uplifted before the completion of the first 3 months period.

3. Other than the circumstances mentioned in (1) and (2) above, interest is payable only for the completed period of the funds have been deposited as below:

The rate payable for a Fixed Deposit uplifted before its fixed maturity date shall be half (1/2) the original contracted rate for each completed month.

For example:

Tenure: 6 months tenure
Amount: RM50, 000
Interest rate: 3.10% p.a.
Completed period: 4 months 12 days
Interest earned: 1.55% x RM50, 000 x 120/365 or 366 (if leap year)
: RM254.79



This post has been edited by plumberly: Mar 10 2014, 09:31 AM

Good to know this is practised among the banks, better than zero interest for premature withdrawal.

Cheerio.

On the maturity date. Done that many times at BR.

Cheerio.