Hi sylille, long time no post.. I can still remember your ocbc 5% FD 2 years back.
Thought you have moved on beyond FD and no longer playing musical chair game.

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!

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?

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

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

Yes, I use Excel too, especially those FD promo with ADB interest calculation.
And I use Excel to calculate daily interest for my MBB m2u Saver acct (with fund moving in and out) that give 2.1%p.a. on daily balances. So far matches the monthly credited interests.

As far as I know, for BR, we need to go and request for new FD certs, as the printed maturity date has passed.
I used to see other banks' certs (smaller than half A4 size) can be "updated" by printing a line at the back of the certs, but BR one (full A4 size) just looks different.
I requested for new certs post maturity for mine, main reason was to re-nego for better rate and get a fresh certs for peace of mind.
You may want to call their CS to confirm.

Ooo...I received that too. Thanks for reminding...



Attached thumbnail(s)

No lah...my FD did not start on 1st of month...
I always IBG on the day of interest...this month not yet harvesting day...
Mine 2-years.

This post has been edited by tbheng: May 2 2014, 02:25 PM

I think what you get is the SA interest. So your previous FD matured and all goes into your SA?
If you expect it to be auto renew as new FD, better call them to check.

Nope, mine due on 7th, no FD interest posted for these 2 days.
What are your FD monthly due days that get the interests?.

This post has been edited by tbheng: May 2 2014, 03:55 PM

Okay...if you have several FDs with same amount then can't tell.
Err, wait, I think you can still find out by calculating based on daily interest. Time to exercise the brain a bit.
I guess, if the new interest policy is true, there might be some rules they apply.

Sorry.... What I actually mean was put them into Excel lah...I won't be able to calculate daily interest with my brain alone either.
Small amount mean lesser days (near April end), bigger amount mean more days (early April).
Only you can work out that calculation, unless you tell us all the numbers and dates.

This post has been edited by tbheng: May 2 2014, 04:27 PM

Mine seems not impacted...still credited on the dot as before. Just IBG out as usual.

Wow, another year max out?
One shot one form or multiple forms/visits?

Certificate No.	xxxxxxxxxxx
Account No.	xxxxxxxxxxx
Account Holder Name	xxxxxxxxxxx
Product Name	AKAUN DEPOSIT-I BERJANGKA
Description	My Shares

My cert with product name as above is not affected by this "1st of month interest crediting" change.
Can you share the product name and description of your Mubeen FDs that were affected?

I remember reading here that some forumers think/expect the MBSB FD will automatically become PIDM protected once MBSB merged with CIMB.
My thinking is... it may not necessarily be the case.
A financial institution whom is a member of PIDM does not mean all their products are PIDM protected.
They can likely left MBSB FD stay as-is, i.e. non-PIDM protected post-merger.
I have seen (based on my experience) banks that have non-PIDM protected products though they are a member of PIDM. For example this MBB investment acct is not PIDM protected.
Just my 2 cents.

This post has been edited by tbheng: Aug 3 2014, 09:31 AM

Quite excited to see so many FD promo lately...
Most of my "long-range missiles" have been deployed, can't take anything > 6-mth.

Due to conveniences, I have tried the MBB 3+3 merdeka promo with effective rate of 3.73%.
I visited the counter and transferred fund from my other mbb acct.

At first was happy that the form has the option to indicate transfer to mbb acct upon maturity. So no need to re-visit the branch to uplift the FD upon maturity. But it was a short-lived joy as the teller say NO, I have to select auto renewal and need to come back to same branch to uplift. Reason was it is a 3+3 FD and not 6-mth FD. Tricky MBB...

The back of the cert did printed the interest rates for the first 3-mth, the next 3-mth will need to be printed 3 month later.

Another new FD promo by MBB? But seems slightly lower than the 3+3 promo.

(3+3+3.25+3.25+3.5+6)/6=3.67%