Sudah fed up with MBSB & its hope to become a full-fledged banking institution...they've made this sort of statement since 2012

Until now, habuk pun tarak

As mentioned by Captain last time, when you are ready to put a large sum like RM 300K
and above, just sign-up one in a life time OCBC premier account to take advantage 5.5%
FD for 3 months tenure.

And usually you will receive more valuable gift(s) as premier account sign-up gift(s).
Last time, I received Gold Art, moon cake, traveler bag, and diary.

But call OCBC branch to negotiate for more gifts first before you go there.

Check out Premier Bank Deal:
http://www.ocbc.com.my/personal-banking/ac...battleinflation

You can open joint accounts with your family members to place more 5.5% FDs.


It means the FD maturity date printed on the FD cert.

Okay, I think each UOB branch has different FD policy...

Top Goat,

I think you are not aware of this:
Recently I discovered that BR pays monthly interest to my
BR saving account after 4.00am or later than 4.00am, which
they used to pay monthly interest right after 12.01am

Bro, last time you and I opened Premier Acct, we get 5% interest rate for 3 months with new CASA Accounts including GIA-i "FD".

This time and for the year or so, OCBC NEW Premier Accounts are still entitled to promo 5% or more interest rates BUT with a BIG difference, i.e. they have to purchase Investment Product and/or Insurance.

That is why I never bothered to post about the 5.5% interest rate for NEW Premier Account when I first reported about the OCBC Promos in the previous thread.

I placed the FD on 19/4/2013. So the due date is Sat 19/4/2014, but FD cert put as 21/4/2014.

I calculated that they gave me exactly 367 days of FD interest. I guess that include the last day interest ?

Up till now, I normally do not bother to check the interest given by banks other than calculating the amt by the percentage given out.

Ya, I did not check the time of day that it was credited.

You mean you stay on until 4am, log in and check the time that it appeared inside your account ?? Ha ha.

This post has been edited by bbgoat: Apr 22 2014, 10:53 PM

4am. Normally I checked at 7-8am, and it is in my SA.
4am must be by the system, it also mean BR has automated your monthly interest crediting? Congrats!

Yes, that time was 5% for 3 months.
I loaded almost all my bullets to hit it gao gao.. ha ha..

Captain is right, new sign-up for OCBC premier account is no longer attractive..

Sorry Top Goat, I gave you wrong info...

I think UOB paid you interest until Saturday (19 April 2014).
Yes, included last day interest until Saturday (19 April 2014).
OCBC will pay interest for Saturday and Sunday if FD matures on Saturday.

Last time BR credited right after 12.00am, I am pretty sure on this.
But started this month, they credited in between 4.00am to 9.00am I guess.
Aiya,, need to use money ma...

Yes, I checked last night at around 4.00am, no money in my account yet..
Checked again at 10.00am, money was in..

What do you mean..?

I read that you have to fax to remind BR to do monthly interest posting into your SA.
For those postings should be immediate and should be within office hour (9am-5pm) as it is done by the staff.
(Maybe my understanding is wrong, for BR case that also got posted at mid-night as you mentioned.)
So now it is 4-9am (non-working hours) should be automated posting.
Do you still remind them every month?

oh...I have 2 FDs in BR:
(1) 5 years FD which was placed 2 years ago ---> automatic credit is okay so far

(2) 1 year FD placed last year December ---> this one has no automatic credit.
That one I was complaining is (2).

This is a funny story about BR....

Before I decided to fax to BR, I had to call BR many times to ask them to do crediting,
but they just did it "nanti nanti", the situation was like if I call them today, they
only do it tomorrow..

Then I faxed a reminder letter twice to BR on March 2014, then they credited the money within 30 minutes right after I faxed them, and also quickly sms me the first time to inform me that the money has been credited.

This month April, I noticed my money was credited right on time in the morning before I was
going to fax them.

I guess BR staff is scared about their boss sees the reminder letter, so they do crediting quickly
in the morning before I fax... ha ha.. those people are just like don't drop their tears until they
see the coffin...

So..let's see May la.. If I do not see my money in by 12.00pm, the I fax to them lo..

But I think since I got their hand phone number (sms me last time), I guess they implied me to
sms them rather than fax to them...

I mean the crediting after 12.00am is automatic crediting done by their system..

This post has been edited by BoomChaCha: Apr 23 2014, 12:26 AM

Dear Sifus and Taikors. Thank you very much for the warm welcome (back). Have been keeping a very low profile as got nothing better to contribute than what you guys have been doing. Great job, guys! Oh, I really miss those exciting musical chair games organised by OCBC and SC 2/3 yrs back! The game is so dull nowadays - the same old, predictable tune and lousy prizes are being dished up by the banks. Decided to sit out of the of the game until something more exciting comes along. Meanwhile stashing away the prizes gained from previous games into good, old, faithful Affin. Good luck to all who are still in the game. Hope to join you all in the fun again. Keep up with the good work

To clarify, so Sunday and Monday interest not given by UOB ?

They gave me 367 days of interest. The FD cert printed maturity date is on Monday 21/4/2013 while FD placement is on 19/4/2013. So maybe they gave me short 1 day interest ? Assuming 19/4/2013 to 18/4/2014 is 365 days and then 2 more days to 20/4/2014 ?

Ha ha, never before go into this type of calculation by days for FD interest.

This post has been edited by bbgoat: Apr 23 2014, 08:22 AM

I am not quite sure on this.
But I am sure my UOB branch does not pay last day interest.

Last year I noticed that my UOB FD interest was short 1 day interest, then I called to
UOB branch to clarify, they confirmed to me that no interest would be paid for FD maturity
date (last day FD).

UOB branch explained to me why no interest for maturity date because FD depositor would
withdraw FD on the actual maturity date.

Then I called to another UOB branch to double confirm, they said the same thing that
no interest for last day FD.

Your FD cert printed Monday 21/4/2013 because your original FD maturity date was
Saturday 19/4/2013. UOB does not open on Saturday ma..

In order to confirm this, you need to calculate the FD interest you received and divided by
365 days and 367 days respectively..

Or call to your UOB branch to clarify, and have them to calculate the interest for you..
The best way is to talk to the person who in charge of FD.

I can confirm OCBC pays interest for FD maturity date.

This post has been edited by BoomChaCha: Apr 23 2014, 01:21 PM

Ya, I knew that the reason why they print on 21/4 is because of the Sat. Even BR also did the same thing. They would also give me the extra 2 days interest (over Sunday and Monday maturity date).

Well, I think I will forgo this last day interest thingy. I did get the extra 2 days interest and may have less 1 day interest. Better than some banks I think they will ignore if the maturity date happens to be on Sat and you go there on Monday.

This post has been edited by bbgoat: Apr 23 2014, 02:41 PM

As I know, FD interest calculated daily for the tenure of the placement.
Interest is given on the date of placement/deposit to the date before the maturity date, i.e. to say does not include the date of maturity.

On the maturity date, customer is free to use the fund for whatever purpose, eg. reinvested in another Fd placement, put into saving or pay loan etc. If bank will to give FD interest for maturity date, it will deem that the same fund enjoy 2 times interest for 1 day. Bank will lose out paying interest twice for the same fund and customer gain. I have verified a couple of previous placement in OCBC and the interest paid does not include the maturity date.

Interesting, I have learned something which I have ignored for the past so many years from you guys about this last day interest ! Believe there are others also don't even think about this.

This post has been edited by bbgoat: Apr 24 2014, 07:52 AM

Yes, my understanding is also the same that no interest for the maturity date.
Take the simple example for those who has tried monthly auto-renewal eFD..
(1) 1st placement @ 5th Jan and matured @ 5th Feb (earliest to uplift w/o scarifying interest is on 5th Feb, i.e. fund must stay on until 5th Feb, interest counted is based on 31 days : from 5th Jan to 4th Feb, inclusive of both dates)
(2) Auto renewal @ 5th Feb and matured @ 5th Mar (interest for 5th Feb is part of this placement, i.e. 28 days from 5th Feb to 4th Mar, inclusive of both dates)
(3) Auto renewal @ 5th Mar and matured @ 5th Apr
(4) and so on...
If interest is given to maturity date, then depositor will gain additional one day of interest for each renewal due to double counting.

I found an easier way to comprehend this is that if my fund stay through the night then I get the interest for that day. That is how I compute those daily interest or ADB (Average Daily Balance) type of schemes, and verify to what the banks have given me. So far my calculation matches to the actual interest I get from the banks.

This post has been edited by tbheng: Apr 24 2014, 08:34 AM

Your method of interest calculation is absolutely right.
That's what Interbank Bank Overnight Rate calculate too.

For easy understanding, today bank in > overnight > tomorrow withdraw, that's is one day interest. Only count the overnight day and omit the day of withdrawal.

Thanks for the confirmation.
So far I only learn through experiences and share my findings here.

This post has been edited by tbheng: Apr 24 2014, 10:25 AM

Thanks for the sharing!

Since joining this forum, I have been made aware of the FD maturity date. That if it falls on Sat/Sun, then the bank is to give us the add'l interest. Now the definition of last day interest !

To calculate the days you need to use spreadsheet so it will be less confusing, manually count is ancient ways during our grandfather time can consider ok...
367 days is correct calc.