please dont give idea to bank to mislead us

you committed 15 months so effectively still 4.25% p.a. only.

This post has been edited by bearbear: Sep 17 2014, 06:29 PM

What lah, so even if I IBG from BR out before 9.30am, the fund may only appear around 3pm or so. Then cannot go to SCB to do the FD. RENTAS wise I think the timing is also the same ?? The BR branch told me cannot do RENTAS for individual account though someone said he did that in Klang valley.

So have to go on the next day to be on the safe side.

Oh boy, the effective rate is still 4.25%, cannot add up like that.

Ah ChaCha, I placed one 3 mth FD in BR on 18/6 which is maturing tomorrow. That time already anticipating July OPR change. So now 3 mths up, time flies. To me, SCB 4.25% is really good offer. So I would just go for it. Except because of SCB 3pm may have problem as reported earlier by someone and BR have to do IBG (RENTAS may also have problem before 3pm ?), have to do it by Friday.

Except I may be able to see what BNM will do tomorrow if they change the OPR again.

So take it as it comes.

To add more confusion
Assuming FD amount is RM100.

RM100 x 4.25% x 15months / 12 = RM5.31

Aiya, tricky lah you !

The RM5.31 is NOT over 1 year but over 15 mths. So the interest is correct for 15 mths but not 12 mths. He he

So interest is still 4.25% pa.

This post has been edited by bbgoat: Sep 17 2014, 08:16 PM

confuse with the monthly..
My understanding like this.. correct me if i am wrong..

if put 3month with 3.15% rate with RM100 the math like this

100 x 3.15% x 3/12 = 0.78% mean rm0.78?

You should use

RM 100 x 3.15% x 3/12 = rm0.78

cannot leave the % there as it becomes 3.15/100.

Genius calculation...

Good way of putting it !

Base on my calculation have the same answer as you so its correct for rm100 = 0.78 hmmm..1k put 3month FD only can eat normal meal.. 2k = bigger meal haha..

The worst part is I just closed my current account in scb end of last month as I lost hope on them since more than a year no good promos from them!

ok guys actually CS also confirmed it is 5.31% for 15 months

This post has been edited by DarReNz: Sep 17 2014, 11:58 PM

Not bad return

Ah Goat,
Ah gchowyh mentioned that he did Rentas (for individual) and his
recipient bank received the fund on the same day.

Please read Post #69 on Page 4 which was posted by Ah gchowyh
https://forum.lowyat.net/topic/3341150/+60

I think you should be able to place your SCB FD on the same day if you can
go to BR at 9.30am.

If you want to wait for the result from BNM, then you will lose one day interest,
and you may lose the opportunity to place 4.25% in SCB.
Don't forget, we only know the BNM result in the late afternoon.

Even if BNM announces OPR increase on 18 September, then how?
Where do you want to put your FD for short term?
And how long do we need to wait for the new coming out fantastic FD promo..?

If you want to wait for other banks to react to OPR change to come out with new
FD promos, you have 2 options to place your 3 months FD:
(1) Am Bank 3.5%, 57 winners get 8.31% for 1 month, valid until 19 September
(2) UOB 3.7%, 92% in FD, 8% in CASA and hold for 3 months, valid until 30 Nov

I suggest like this:
(1) Go to BR first thing in the morning and do Rentas (Aiya..I forgot to ask you to open
one saving account first in SCB.. )
(2) Call your SCB branch to inform the RM that you will be coming to place the FD,
and you insist your FD has to be placed on the same day, get the RM name and mobile phone
number so that the RM will scare you and hormat you..

Conclusion:
I think just go ahead to take this gamble to place the SCB 4.25% first, we have many members
here to accompany you, including me.

Just pull the net when can catch some fishes lah..
But if big fishes appear later, please do not blame me..

Good Luck.. Ah Goat

Thanks for the confirmation.

So for RM100k deposit @ 5.31%, one will get RM6,637.50 interest after 15 mths right ?
But I'm still confused, why SCB advertised 4.25% leh ? why don't SCB advertise the hidden 5.31% as you pointed out to attract more depositors ?

This post has been edited by aeiou228: Sep 18 2014, 07:28 AM

I think RENTAS just guarantee that the fund will be there within the same day, no guarantee that it will be in by what time. The last time (or the first time) I xfer fund out from BR Penang branch, they said no RENTAS for individual. Would have to argue to get RENTAS.

Also someone said he went about 2 something and SCB said cannot open the FD as has to do it before 2.15pm. No RM for SCB lah, no account yet.

So, taking the easy way out, go as normal, not before 9.30am. Then go to SCB tomorrow. My sis has opened the FD yesterday and has the name card of one of the officer. Will just call before going.

BNM announce OPR on Thursday evening. Just let it be whether it goes up or not. Still will take the SCB offer of 4.25% (lost my breadth to argue that it is NOT >5% ).

Take it as it goes.

This post has been edited by bbgoat: Sep 18 2014, 08:16 AM

RM5,312.50 interest is based on 15 months duration

Don't kid yourself. 4.25%. If 5.31% SCB would've advertise it!

Not true! No way 5.31%. A joke?

Ya, a total interest of 5.31% on your capital for 15 months.

Normally people quote interest rate based on PA.

May be next time someone can come out a better marketing gimmick, 7% for 24 months next time...