now we wait for 4.5% 12months to appear in next few months.

Hope Standard Chartered extends their promo till Monday 22 Sep as I have no bullets at the moment.

They may stop it when they reach the 300M target. I was hoping the campaign will at least run until Friday for me.

How many days does it take for a Bankers cheque to clear? I enquired with Standard Chartered Bank (Saadiq) and they told me need 2 or 3 days to clear, is this true?

My KFH FD matures today and I want to transfer to SCB for the FD promotion, now I'm stuck. Giro only limits 5k a day.

I don't want to use cash.

Anyone with any ideas?

Updates:

I went to KFC to ask, the officer told me to do a "Rentas" transfer which cost me RM8.00 but transfer to my SCB account would only take an hour.
If I had gone before 12.00pm, I could have transferred using Giro @ RM2.00, the money would be reach my account after 3.00pm the same day.

This post has been edited by matow: Sep 17 2014, 01:01 PM

I hope you can read my reply before you do the Rentas.
Withdraw your KFH FD by banker's chq, then bring the banker's chq to SCB before 4pm. You new SCB FD commencement date will start today and value date is tomorrow evening.
I don't know how much is the KFH bankers chq (OCBC is free) but I'm sure it should be cheaper then RENTAS.
Commencement date is the date your FD start earning interest.
Value date is the date your money in FD is good and available.

This post has been edited by aeiou228: Sep 17 2014, 01:35 PM

Hi aeiou228,

Thank you for your advise. No, your reply did not reach me but I appreciate your effort to let me know, I have done the Rentas transfer.
If what you say is true, the SCB Saadiq officer have given me the wrong info.

Anyway, the bankers cheque issue by KFH will cost me RM3.00+ (around there), so I'll be paying a little more for the "Rentas" transfer.

KFH banker's cheque RM2.15. IBG RM2. RENTAS I think is RM9, did not do it in KFH before.

Okay.. Ha ha.. I felt like my high blood pressure suddenly went up a bit last night..

Just called to SCB, 4.25% promo is still available.

Okay lah.. I listen to you..
I will do it provided this promo is still available..
Today young men are getting smarter...
Thank you..

The interest for the SCB promo will be given lump sum at the end of the tenure.

You are most welcome.
The SCB Saadiq officer was right too. 2 days means today and tomorrow. Depending on how you ask the officer, if you only asked him when is the chq value/clearance date, I would say his answer was right.
Then why the officer also said 3 days clearance ? This is because if you bank in after 12pm today, the value date will be tomorrow evening and the bank already closed. Therefore if you want to liquidate the money over the bank counter, you must come back day after tomorrow. So this is why most bank officers tell the customers 2 or 3 days.
For your situation, the appropriate question to ask is, when is my FD commencement date or effective date if I bank in a chq before 4pm today? Since you are not going to cash out the money, you don't have to bother about value date.

Yes, I just accumulated all available funds and hit it at a time, this could save my time, money and energy.
I hate to go to bank many times..

No really..let's see the "cuaca" first..
Many things can happen in 3 months time.. Relax first..

This post has been edited by BoomChaCha: Sep 17 2014, 03:24 PM

After rushing the "Rentas" transfer, I went to SCB Saadiq after 2.00pm to apply for the FD and you know what, the bank officer says because the cut off time is 3.00pm for FD placement and they need to submit the FD application by 2.15 or 2.30pm, they are unable to process the FD application and advise me to come tomorrow morning instead. No matter what I say, they would not do the FD application for me !!
It is fortunate that my office is just above the bank. Really frustrated with this bank, got money oso don't want.
Somemore the bank officer trying to tell me to put my money in their investment plan where 50% will be placed with Maybank FD and 50% for investment in sharemarket. Told her a big NO!!.

This does not make any sense at all...
You should be able to get your FD done before 4.00pm..
Talk to the bank manager now...

That's quite unusual and not a standard policy practiced by most banks.

Your FD is effective since yesterday?
I mean FD effective on the same day when you placed your FD, right?

Last time about 2 years ago, my SCB FD was only effective after my banker's check clearance,
and I lost 2 days interest

This post has been edited by BoomChaCha: Sep 17 2014, 03:19 PM

15 months FD for SCB works out to be 5.31%

At the glance, it's highly unlikely. Mind share how you turn 4.25% to 5.31% ?

hi can I transfer fund to SCB ? or need a new bank draft
as it mention FRESH FUND

same thing happen to me on Monday, reached the bank at about 3.15pm with a bankers cheque and they asked me come back on next working day. since yesterday was a bank holiday i had go again today, there were only 2 customers ahead of me when the bank open this morning to place the FD and both of them were asked to open Just one accounts with RM500 deposit. took them like almost 2 hours to get it done. i was lucky as i just reactivated my dormant e-savers with RM10 and proceed with FD placement which again took 40 minutes.

since it is 4.25 p.a so the remaining 3 months 4.25 divide by 12 x 3 equals 1.0626, add them all up is 5.31%