August unemployment rate has gone down. Based on the Philips curve in the short run, unemployment rate is having an inverse relationship with inflation rate. Unemployment rate going down and inflation will be gong up. With GST implemetation in April, inflation rate is expected to hit 4-5%. BNM will have to reduce the money supply in the economy through raising the OPN and/or open market selling. Very likely the OPN will be revised upwards latest november or december...that is my opinion...

guys, got some questions about UOB's Pure FD for 12 Months - 4.05% p.a.

there's no cert given, right? it's statement-based account?

1) if i'm transferring fund from Maybank (banker's cheque) and enrol UOB's FD, what will I get as proof of deposit? how do i check this account? do i need to enrol online banking?

2) how do i IBG the fund from Maybank to UOB? since i dont have any accounts with UOB at all, how does UOB process the fund? can UOB do a reverse-IBG from Maybank?

for example: I go to UOB, tell them i want to enrol the FD but IBG the fund from Maybank. Can UOB do that? reason i'm asking this is to save my time travelling between banks

2) upon maturity, can i request UOB to IBG the fund back to Maybank?

thanks

If you don't have to saving account with UOB, you have to do it over the counter. However, not sure you'll be entitled to the promo.

If you don't have a saving account with UOB, you cannot IBG from Maybank. Therefore, you have to open a saving account with UOB.

Upon maturity, you have to do the work yourself. The bank won't do it for unless you issue a SI but SI may incur charges.

The analysts were split on whether there will be an increase in the coming BNM meeting next week. Some say yes, some say no. For sure they say BNM will increase OPR before implementation of GST. My opinion/vote is likely next week an increase.

I'm going to do this later..will update your questions here..

Just to update, HLB's FD promotion needs minimum 10k deposit...

Yes, I agree that BNM will announce the increase on Nov 6 so as to ease into the 2 big events in 2015 - Apr 1's GST & Jun 1's petrol rationalization exercise!

The FD war will commence soon...

Also it was reported that the banks are low in deposits. So they are trying to increase deposits by giving out higher FD rate and maybe they are also trying to capture the money before OPR increase.

Most banks are moving towards statement. UOB will periodically send an update but I cant remember the frequency.
If you are really concern, just drop by bank and said you need to check the maturity date every month to make sure your money is in there.

How to answer when Maybank ask you which Uob account number to IBG to?

Auto IBG cant be carried out upon maturity because IBG needs documents to sign and mykad verified.

Uob is the only bank that I know allowed a person to go to go any UOB branch to perform transaction upon maturity. Only statement based FD allow the bank to carry out this competitive advantage.

This post has been edited by gsc: Oct 28 2014, 11:05 AM

When I placed a FD at UOB in mid Oct, 12 months 4.05%. I was told the promo is only 10 days (may be I heard wrongly) and I couldnt find the promotion period on first page. Can someone please update here? Tq

The promo till 30 Nov, got this flyer when i placed mine last week

UOB statement is send on monthly basis.

Another way is to sign up online banking to view the FD online.

Just done my FD at UOB..

1) You will get a "Fixed Deposit Advice". When maturity date, you just need to bring your IC to go bank to withdraw your money.
2) You need to open a Fixed Deposit account at UOB first, then go Maybank do IBG to the fixed deposit account at UOB.(I'm not sure about this as I use banker's cheque)
3) Upon maturity, you can request UOB to IBG the money to other bank.

12 months 4.05% FD promotion end 30 November 2014.

I was been told UOB either send half year once and I can view online..

Interesting. Can we perform IBG, let's say from, Maybank2u portal instead of doing it at Maybank counter? If yes, we just key in the fixed deposit account no?

No idea. It's better to ask bank directly..

The Captain & I can vouch for the monthly statement for FD. Unless they changed it recently.

thanks for the update

i dont think IBG to UOB's FD account would work because the FD account has not been created at the first place to receive IBG fund.

IBG upon maturity is preferable since i can jsut drop by over-the-counter and request UOB to IBG the fund+interest back to Maybank (instead of carrying banker's cheque again).

Oh..I see..doesnt matter anyway..I can view online..

Thats why I mentioned that need to open a fixed deposit account first before IBG..but this 1 need to confirm with bank first..
I prefer to collect banker's cheque as I need to find another high interest FD after the maturity from UOB..if not later need to withdraw again to place it to other bank for FD..

i see, useful if you're periodically doing the musical chair

for now, i'm expecting this as 1-time placement. of course by the time it matures, i might use banker's cheque too if i dont have to utilize the fund for other purposes and deposit into a new promo FD

This post has been edited by cybpsych: Oct 28 2014, 02:04 PM

Oh..hahaha..just enough fund to start my first FD..hope I can do more in the future..