I thought RENTAS should be nearly immediate/instant.

That we also heard but need confirmation from those using it before. Google it but there is just cutoff time for same day transfer.
Maybe previously IBG (giro) needs longer time frame but now IBG is also same day transfer with respect to cutoff times. So wonder whether it is still relevant for normal customers.

Maybe our bro cherroy can shed some light.


This post has been edited by magika: Nov 13 2014, 08:04 PM

The first character of Rentas R stand for Real-time. So it suppose to be immediate.

Pls take note that the chart I posted was for OTC and ATM. Not online IBG, but I guess it should be the same.

This post has been edited by aeiou228: Nov 13 2014, 08:38 PM

Yeap, Rentas the funds will immediate transfer to others party. But, if you fillup form OTC it could be delayed..due to tellers need officer to approve the payment.

Correct me if I'm wrong, because this is what my working bank practice lol.

I did it once from UOB to CB last year. My experience is it is not immediate, still hrs later, the same day. Maybe others can share their experience.

cherroy can tell us more.

Admiral Sir, soon I won't be updating Post#1 or posting for few weeks because I going Absent Without Official Leave, i.e. not getting your approval.

As for the proposal, okuribito suggested that we list the banks that pays interest for non-working days where we are unable to withdraw our FD. See his quote below:


So Sir, okuribito's suggestion is up for your consideration and implementation.

This post has been edited by Gen-X: Nov 13 2014, 10:08 PM

Aiyo..
Yes Sir, Five Stars Admiral..
Under your command, I will do my best job to update FD info on Post #2..

okuribito's idea is a good idea..

Let's start from here now, will post it on front page...

Banks that pay interest for non-working days
OCBC
Bank Rakyat
UOB

Banks that do not pay interest for non-working days
May Bank
Ambank
RHB

Thanks for checking it out..
Only limit to 6 months tenure at 3.65% has no meaning lah..

SCB service is normal.
Next time better to place FD in regular counter rather than RM will make life easier.

This post has been edited by BoomChaCha: Nov 14 2014, 12:01 AM

Another special category?

Public bank does not pay interest when FD matures on non working day. But when you make nose, the assistant branch manager or some times the counter girl upon checking with their immedate superiors will credit the interest. I have experienced twice and all get credited.

Under category, non -voluntary credit interest unless appeal?

hahaha yeah, these are the banks that make you fight & beg for it. If BR & UOB can make that simple program change (if holiday, then goto next working day), I can't accept the others not doing the same. It's the honorable thing to do lah, why make ppl beg & fight for it? Or in the case of our general, threaten to complain to bnm

Yes, there is cut off before about noon time to enable Rentas to credit in the same time based on experience.

But now, IBG if done early in the morning, late afternoon already credit into the account already.

Just IBG has max limit of 10~20K generally, so if bigger amount still has to do with Rentas. Correct me if I am wrong or slow in update the info.

I think IBG done over the counter has no limit.

IBG OTC used to have limit, I think 1-2 years ago. I remembered I was forced to use Rentas because of the limit. Genx-x has recently rightly pointed out the limit has changed to RM1 million for IBG

Ah Boom Sir, remember SCB NOT paying interest for non-working day ?

Ya loh, they know their 6 mth rate is not competitive.

When RENTAS was created, it was meant for large sum of money xfer and guaranteed within same day before cut off time (12.30pm ?). Years later this has changed. IBG xfer limit probably has changed to a much bigger sum.

When I did RENTAS in UOB last year, the staff still say have to do before cut-off time, if not cannot guarantee within same day. I guess difference between RENTAS and IBG is the word "guarantee". But so far, my experience with IBG online is they are received per time shown on the table (diff cut-off time). As I used CB as receiver bank most of the time, I will be informed when fund appear in my acct by SMS. That is how I double check the time of receipt though there are slight delays in the SMS

This post has been edited by bbgoat: Nov 14 2014, 08:51 AM

Thanks bro.

Am in Bank Rakyat trying to perform Rentas, initial reaction staff extremely unhappy. However I regard this as a learning experience and will update the process later.

RM1m is the highest limit allowed by IBG system but most banks set the upper limit for OTC IBG to RM500k. If want to transfer say RM700k, must IBG two times.
As for Rentas, my experience was almost immediately remitted. Not really real time. Maybe due to bank officer processes.

By the way, orang kaya detected. OTC IBG limit can not meet his remittance requirement.

Admiral Sir, below was what. I reported earlier.

As far as I know, MBB do pay interest for the non-working days if you go uplift on the next following day. However, the teller may not include this extra days interest if system not shown. So, what you should do is ask him/her to refer to the officer and they will adjust it.

As for Public Bank, I have repeated several time that they will try to cheat us. Only after I met with the Service Manager (teller and officer insisted I be penalized as shown in their system!) and requested her to refer to HQ or else I will complain to BNM, only she called HQ and then PBB only paid me the interest for the non-working days.

hahaha, you point out the "Key Phrases" for me, over time I can do an Index. What dirty words you talking about? It's part of the human anatomy! hahaha

Yes, decided from now on will instruct all new FDs to be auto renewed for a month.

RENTAS also got cut-off time but I don't know what time because I prefer to get bankers cheque. The best just go to the bank in the morning and complete either RENTAS or IBG before 12.30pm, guaranteed money will be credited same day.

Hokkien has a lot of interesting phrase which became popular by Taiwanese TV soap's. Of course the human anatomy part not used in the TV shows.

I also prefer banker's cheque. That time in UOB as was trying to get the promo rate of new fund. So terminate one FD, used cheque for the new FD. As amt is slightly big (exceed my OD limit), just want to make sure cheque clearance not an issue on the same day.

This post has been edited by bbgoat: Nov 14 2014, 10:14 AM

Update on RENTAS at Bank Rakyat.

Not having the experience of using RENTAS plus lack of info on the net, so decided to perform it on one of my FD upliftment at Bank Rakyat. Staff at the bank rebuffed me on the use of the facilty so left with no choice, i called their customer service, after a bit of my stern lecture, customer service facilitate by arranging with my branch.Was informed cutoff time before 11 am contrary to existing info.

Went to the branch, immediately saw unhappy faces at the counter and backoffice. Counter officer informed me that normally only allowed for fund over 300k, that is questionable, but this time i let it be. However , need to write request letter to bank on the spot requesting to RENTAS my fund to receipient bank. No standard form means , maybe, i am the first individual to use that facility.

RENTAS is immediate real time transfer. How i know ? Immediately after being handed the transfer statement, i login my receipient bank and available total in full is shown.

Summon bbgoat

How much it cost ?










Nil or RM0.00 , maybe due to FD upliftment or maybe officers afraid I will lodge further complain.

This post has been edited by magika: Nov 14 2014, 10:32 AM

Standard RENTAS charge could be RM 2. Some bank used to charge it for RM 4.

This post has been edited by David83: Nov 14 2014, 10:49 AM

Once I was charged rm9 for rentas, but can't remember which bank.