Like any insurance, this one would charge a premium and dilute the FD interest rate, am i right?

On PIDM website, many are members
http://www.pidm.gov.my/About-Deposit-Insur...ution-List.aspx

Next reverse question would be: "which FD package offers the most competitive rate that has PDIM coverage?"

Btw, are we looking at a revision of rate soon? how soon is that and is it likely upward or downward bias?

Thanks in advance...

PIDM fee are paid by the banks. I don't think it would dilute the FD interest rate

The most competitive FD rate with PIDM, I'm not sure. but what I know Affin is among the best FD rate (board rate, no promo).

how soon the banks would revise the rate, I think few days to 1week+ (based on previous changes)

got extra for senior citizen? but affin branch not so common oh

u mean FD for senior citizen? I don't think they have tat kind of FD, but they do have Saving Account for senior citizen with higher rate

yup, that the problem. not much branch compare with other well establish banks

ya because some bank got extra % for senior citizen, on top of the board rate

why don't u call them & ask

http://www.affinbank.com.my/Main-Page/Contact-Us.aspx

It is RM250k/bank and per account.

thanks for the info.

Someone actually told me it's 250k/bank (FD & Savings account ) & we got into heated argument for that

I taught it is 250K per entity per bank.

As far as I knew, split to many account, won't entitle for the more coverage, aka you open 4 account with Bank A, you only entitled for 250k total.

You want 500K coverage then need to open account with Bank B.

http://www.pidm.gov.my/About-Deposit-Insurance/Coverage.aspx

Another way I think is to split into Conventional and Islamic deposit accounts

the website said it's separate deposit insurance protection for that

Joint account with diff acct holders are counted as a separate account in the same bank. Meaning if I have CASA and FD accounts, that count as RM250k protection. But if in the same bank, I have another joint account with another person, then I have another RM250k protection.

Is my above interpretation correct ?

Per below from PIDM website:
Joint accounts - Joint accounts enjoy separate deposit insurance protection provided the records of the member bank disclose the names of the joint account holders

This post has been edited by bbgoat: Jun 27 2014, 04:23 PM

If I am not wrong, yes.

A has current account or 10x many accounts in bank Z-- 250K total.
A/B has joint account or many accounts in bank Z - 250K total for A/B.

As if we look from the perspective of entity, account A is not the same entity with account A/B joint account.

Thanks, that is clear. Per entity protection is limited to RM250k in one bank.

No particular preference on bank but more on the staffs (friendliness, efficiency) and convenience (parking, queue).

Not necessary but some banks will require you to open a CASA account, especially some got those promo where you have to open a CASA with them. After you withdraw the FD and everything from the account, you can close it. I usually just leave the minimum amount in the account and that's it.

A lot of HNWI in tis forum

HNWI high net worth individuals ??

Have to search this to find out the meaning. Correct ??

A high-net-worth individual (HNWI) is a person with a high net worth. In the western, and primarily American, private banking business, these individuals typically are defined as having investable finance (financial assets not including primary residence) in excess of US$1 million.

source: wikipedia

Yup

Yes. That's correct.. i put some in affin few month back. Din know about the obr raise tat time.
Btw, does can anyone can confirm about my calculations about this?
http://www.affinbank.com.my/General/Rates/...rest-Rates.aspx
Saving 20k, rate 2.8%
= 560 per year
Correct?

You need to confirm with Affin whether the interest calculation is based on tiered rate or not. If based on tiered, the average interest is ~1.65% for RM20K.