Oct 28 2013, 10:50 AM
since the mach FD interest is credited to your money box deposit account every month, so the FD already paid the interest to you earlier than maturity date.
Just want to ask if i open 1 year FD of rm10k on mach FD, i full withdraw the rm10k after 5th month. Since the 1st - 5th month i got credited on my deposit account of the interest, so i have no lost on the interest? or they will deduct the penalty interest on my withdrawal amount?
in short, please refer to the example:
rate of 3.40% for 1 year, rm10k FD , average interest = rm28.33 per month
withdraw on 5th month maturity date (interest credited)
QUOTE
case 1:
rm28.33 * 5 = rm141.67 deposited to moneybox
FD rm10k -> money box,
total money box = 10,000+141.67 (which been credited monthly) = rm10,141.67
rm28.33 * 5 = rm141.67 deposited to moneybox
FD rm10k -> money box,
total money box = 10,000+141.67 (which been credited monthly) = rm10,141.67
OR
QUOTE
case 2:
rm28.33 * 5 = rm141.67 deposited to moneybox
FD rm10k -> money box, penalty of 1-5th month applied (deduct rm141.67),
total moneybox = 10,000 - 141.67 (penalty held on your FD amount) +141.67(which been credited monthly) = rm10,000.
rm28.33 * 5 = rm141.67 deposited to moneybox
FD rm10k -> money box, penalty of 1-5th month applied (deduct rm141.67),
total moneybox = 10,000 - 141.67 (penalty held on your FD amount) +141.67(which been credited monthly) = rm10,000.
This post has been edited by edwardccg: Oct 28 2013, 11:13 AM
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