We have been discussing this for some time. Please read back earlier posts or check post 1 for our Captain's blog.

It is an under table promo which is not openly advertised.

Please note banks do NOT advertise all FD promo in the website.

Got it, seems like the best deal so far is RHB 9months 4.15%...but need to open an account to credit the interest...

Any idea about the minimum deposit and condition to open the account? rm100 or rm1000?

I think it is rm20. I have taken up their FD before and was required to open the saving account to credit the interest

Today place 24 months Junior FD at HLB at 4.15%. With interest credited monthly, effective interest is 4.19%

I better not go OT too often by trying to be wannabe what? Else MOD will give me warning, haha

Yes, the RHB 4.15% 9 months unbelievable and my doubts are gone since we now got proof by dagdag1 - not to say I don't believe you bbgoat but a picture is worth a thousand words.

I do have FDs maturing end of this month and the RHB 9 months Promo just nice but I am leaving next week so it will be auto renewed at board rates With me flying off every month, really screw up my Musical Chair tempo. Previously got few certs auto renewed at board rates because I was not around (and actually forgot about it even tho I get statements every month, hahaha). This month smarter a bit, went to see my RM and sign the the necessary forms to instruct that the FDs be renewed for 1 month, so next month I come back only go chase after FD promos again.

Another good thing about EPF - if possible, pay yourself max if you own the company or if you are a salaryman, talk to your boss instead of increment/pay rise, ask it to be paid in the form of EPF contribution and you will save yourself some income tax (which will accumulate to lots in the long run) besides getting good interest rates/dividend.

This post has been edited by Gen-X: Nov 8 2014, 05:40 PM

I sensed it after my post, u asked me to triple confirm. Next time, just keep quiet instead of being doubted. General-X always need solid proof of everything !

High flier may not need the extra measly sum from FD.

Can appoint runner to do it. Sure have a lot of volunteers.

This post has been edited by bbgoat: Nov 8 2014, 05:52 PM

May be you can sign up the document and you give RM the cheques ready to be deposited when you are not around. In this way your FD straight away renew to the period you need.

Interesting comment on EPF. This means a person with a company can deposit more than 60k per year? A very useful suggestion.

Bro I never doubted you but the guy who sms you. I added the promo to Post#1 (your quote) even before the photo was shared.

Bro, you are certainly right about writing the cheque, problem is I don't have current account with the bank the FD is maturing. And I'll be away for about a month and the FD only due end of this month, don't know what promo got that time. And I don't trust my RHB RM to get things done, hahaha. Also next month all my children back here, want go make them open FD accounts in several banks and use the funds to deposit.

As for the Max EPF amount I don't know and that's not what I meant. What I meant was instead of paying the standard contribution rate, pay more. What's the standard rate now? I also don't know since no more working for 4 years.

And actually if one owns the company, he should be paying his non working father, mother, wife, children above 18 years old (and mistresses too where applicable) salary of RM4K/month (next year that is the amount one will not need to pay income tax) and maximum EPF contribution and save himself 24% tax (next year or is it still 25% for company? can't remember budget speech) which is way better than FD interest rate, hahahaha

This post has been edited by Gen-X: Nov 8 2014, 06:31 PM

Thanks for your suggestion. On top of the 60k limit, I can contribute more...which I never think about it. Always limit myself to 60k.

I got some FD going to mature on next monday, should i go ahead with RHB 4.15% or wait abit first....since other bank might follow suit to launch more competitive promo FD...

This post has been edited by lionelmessi88: Nov 8 2014, 07:28 PM

Alrite, rm20 is reasonable, any other penalty or hidden charges?

I normally double check before posting on FD promo. The RHB guy is the branch manager that I am familiar with.

For EPF, I know that self contribution is max of 60k per year. That is the amt that gsc mentioned several times.

Better to go ahead first. You lose out on interest esp if the amt is big. If needed, cancel it if there is a better deal (though time/effort needed). You have to decide yourself.

Alrite, will think about it over the weekend...once placed, not going to cancel it dy...

Correct me if i am wrong. EPF contribution for Income tax purpose is max 6k pa only.

Hi still valid, but you need to PM me for further discussion

It's Life insurance dan EPF combined to a max of RM6K = http://www.hasil.gov.my/goindex.php?kump=5...3&unit=1&sequ=1

No problem as i dont have insurance.

legal way of paying less tax, creating a company to receive your income.
did that since 1996, even put in sisters ... but auditors are getting stricter ,
asking me how to justify paying those other (sleeping) directors /shareholders etc.....
Now pay as dividends, no questions asked.

Max additional/voluntary contribution besides compulsory employment EPF per year is RM60k.

Your employment contribution no limit. Standard is 11% and 12%.
If the company is yours, you can pay your self whatever amount you like, just fill up the form ,
say make it 20% and 50%, and that becomes your new rate subsequently.

So on a salary of RM10k, you contrib RM2000, your company tops up RM5000.
Monthly got RM7k in your EPF. But bear in mind your Co doesnt save tax on that 50%,
only 19% is allowed deduction.

The other self contribution is up to 60k per year.

I know that one lah. I m talking contribution max as an employee that is tax free income.
Employee contribution is tax free upto limit 6k inclusive of insurance purchases.

guy3288 I m not sure company is allowed to pay 50% as it will be above the limit and will be considered as employee remuneration and goes into employee EA form as income.

This post has been edited by magika: Nov 8 2014, 10:48 PM

Which the best way to move the matured FD from one bank to another?

Normal cheque or banker's cheque? Or any other better way?