OCBC #1 indeed. went there for the 1st time, already got eye-candy from the trainee and counter girls

back to topic, OCBC rep also trying to upsell FD-investment-insurance -linked package. since their relationship with GE insurance, they pushed it to their banking customers.

told him i only wanted a basic SmartSavers account to monitor my home loan balance via Internet Banking (free ATM card, cuz i dont want debit card which is chargeable)

i am a simple guy

OCBC eye candy but wait too long

SCB eye candy but wait not too long

SCB any day for me

This is what I read in some website regarding how the implementation of GST will affect the prices :
a) Current 6% Service Tax (on the F&B and professional services industry) abolished, 6% GST introduced - Pay the same price

b) Current 10% Sales Tax (on manufacturing and imports) abolished, 6% GST introduced - Pay less in price

c) Current SST Exempt items, 6% GST introduced - Pay more in price

We need to "avoid" scenario in ©, so need to make purchases before 1st April 2015...but I have no idea what are the items in that particular category yet

So, in theory, prices for PC, TV, smartphone etc. should drop after the implementation of GST. Dunno can believe or not.

b) 10% sales tax is based on manufacturer/producer/supplier price. While 6% GST is based on retail price.
So you don't automatically save 4% directly.

You can have a scenario,
Manufacturer sell 100
Retailer sell 200

Under sales tax, manufacturer sells to retailer at 100 x 10% = total price paid Rm110.
Retail mark up Rm90, sell at Rm200

With abolishment of Sales tax.
Manufacturer sell at 100 + 6%, retailer paid Rm106
Retailer still mark up Rm90 sell at RM190 x 6% = Rm201.40.

So pay less in price will depended on scenario.

SCB high rate not enough n some more eye ice cream?

I was in a rush this morning to leave SCB as the prudential agent there remembered me! For the damansara uptown branch, you are first routed to a sales person before being allowed to go to the 'registration' person.

The leng lui told me must open an account as interest is paid every 6 months.
The BSA has a minimum requirement of RM20 while it seems the JustOne account has no minimum requirement it seems?
I chose the BSA instead.

SCB promo last month did not hit the target. Only about RM120millions was snap up. Perhaps this time longer promo period till 30th oct will hit rm500m.

Its still the best in town. Everyone please move your Bank Rakyat funds is maturing soon. Its getting worst at BR, since they loan JIB Kor friend some RM66 millions interest free..

http://www.deposits.org/world-deposit-rates.html

Dear all, is it possible if I were to open an overseas bank account locally which offer me higher FD rate?

This post has been edited by wwc88: Sep 23 2014, 06:41 PM

Most banks also trying to promo their innvestment/insurance linked products to all customer placing FD at their bank branch

You have forex risk. and maybe stability risk for some countries.

You can always open foreign fixed deposit accounts with local banks, but the best interest given is new zealand dollar and not that much higher than ours anyway.

No idea what to say about GST.. Warrior..

Everytime when I go to OCBC, I always have the feeling that I wish I was 25 years old..
Why I have feeling like this leh..?


You received OTAC also..?
What is the usage of this OTAC for us to log-in internet banking..?
I think SCB sent this OTAC mistakenly, they were supposed to sms temporary password to us instead..


He is similar to OCBC RM


Yesterday I called SCB leng chai again, but he still said that interest would only pay upon maturity, then I asked him to read
the terms written on the FD cert, then he said he would call me back. But I do not think he will call me back unless
if I buy corporate bond from him...

This depends on what renewal instruction (number) we request when we place the FD.
I just found out the Renewal Instructions At Maturity (number) on the back side of the FD cert:


Mine is 1, this means my principal + interest will roll over to board rate upon maturity.
--> So when I withdraw on Monday, 21 Dec 2015, I will not earn any interest at all for 2 days -- Saturday 19th Dec and
Sunday 20th Dec.

Yours is 2, this means your principal will roll over to board rate upon maturity, but your interest will deposit
into JustOne saving account upon FD maturity.

Assume if you withdraw FD on Monday which is 21 Dec 2015.
You will earn 2 days (19th and 20th of Dec 2015) interest from paid FD interest in your JustOne saving account.
But you (and me) will lose 2 days principal (FD) interest on 19th and 20th of Dec 2015.

Now for the FDs that we have placed on 19 Sept 2014, the best solution for us is to select 3 which is credit principal
and interest to our Just One Saving accounts so that our principal + interest can earn 2 days interest on 19 & 20 of Dec 2015.

On the back of the FD cert, it also stated like this:
Any changes to the above instructions must be made before the maturity date of the deposit.

If you are placing your FD with SCB for 18 months today, your FD maturity date is Thursday, 24 March 2016.
So your new FD does not have any issue since 24 March 2016 is a bank working day.
http://www.timeanddate.com/calendar/?year=2016&country=69

I am thinking to request to change my Renewal Instruction from 1 to 3..but do not know if SCB will cancel my FD cert and issue a new FD cert with a new effective date, then I will lose few days interest, in this case it is not worth changing it..

This post has been edited by BoomChaCha: Sep 24 2014, 03:19 AM

Wah.. how do you know SCB hit RM 120 Million?
Are you from SCB..?
Can I change my Renewal Instruction from 1 to 3 without affecting my original FD effective date?

Bro, we want to say Thank You So Much for informing us this SCB FD promo..

Ha ha.... very funny.. Did the Pridential Agent notice you and chase you..?
You already placed your 18 Months FD with SCB..?
Did you get any gift?
For me, I did not get anything..

Did the leng lui tell you that interest would credit to saving account?

Aiyo...Damansara Uptown branch manager is really "gao lat", brain wash investment products first then
only can go to place FD..?? Really funny and beh tahan....

If FD maturity date fall on non-banking day and you uplift the said FD on the next available banking day, the bank will pay extra interest for the non banking days. This was what I experienced with my banks la.

Taiko, each bank operate differently.Your bank may be different.

Insider info on 120mil?

Everyone move out then Std Char. quota fill up quick!?

She did not chase me but she said I have been there so many times to open FD but still haven't opened / try out a savings plan
I think she is probably the most senior person there now as all the other customer service & tellers have changed including the branch manager i think.
I seriously need to look for another branch to go to, haha!

Ya, I just placed the 18 months FD yesterday & nope, no gift.
Yes, she said interest will be credited to the savings account every 6 months.
Oh another thing, they conduct a background check if you are an US citizen and some information from US/canada database, not sure why. It is one of the forms I signed.

What about those forex FD account which offer 10++% to 20++% rate as per the link above?

Can't. only few currency available through local bank. even if it were available, would you dare? forex change can kill too.

Public bank giving 4.25% for 1 year NZD FD. Going off-topic already. LOL.

I tot almost everyone here "move" their money to SCB, yet they didn't hit the target