wat is "4.2/year" ?

the published interest rate on website/paper/leaflet/etc is effective upon placement of fund. bank honors the rate throughout the tenure, regardless of OPR changes in-between.

*note: changes to website takes few days to amend. printed matters (paper/mags/leaflet/bill statement, etc) are not possible (or very difficult) to be retracted from circulation.

e.g.

1) website stated 4.2% p.a. for 12-month tenure; promo rate until 31 July 2015.
2) you deposit on 15 May 2015. the rate 4.2% p.a. applies and effective throughout the tenure.
3) if OPR revised up/down after you depositing the fund, your existing deposits with 4.2% p.a. remains status quo.
4) if OPR revised up/down before you depositing the fund, bank may revise the promo rate (4.2% p.a.) accordingly (with/without notification). then your placement may not be getting 4.2% p.a. anymore (could be higher or lower than published rate)... or perhaps no changes.

hence, always check with the bank on the rate, etc etc before putting your placement.


since there is fixed meeting schedule for BNM,we can roughly gauge when is the expected interest rate revision too

This post has been edited by cybpsych: May 15 2015, 03:45 PM

Rentas from BR to OCBC. Went over and done the 12 months FD placement. Less than 10 minutes everything settled.

Hello, I new in FD.. currently planing on 10k FD... which bank should i apply? Thank you in advance...

Refer first page. Find the bank with highest effective interest rates without requirements for one to deposit x% into CASA. Upon maturity, remove your fd and move to another bank. If you stick with current bank, they will give you board rates which are damn low compare to promo rates. Board rates are usually 3.3%. Promo are usually 4.2%

Current bank with highest interest with pidm is cimb and uob at 4.2%.
If you don't want to go to the bank every year, can choose mbsb 4.7% for 5 years. Mbsb have no insurance.

Thanks for the fast reply,Just now i search on net and found

Standard Chartered Bank - PLEASE confirm is interest paid semi-annually or upon maturity!

For those who are thinking of going with SCB 4.5% for 15 months Saadiq Term Deposit. It is your best interest to confirm prior to placing the Term Deposit when interest will be paid. It is a normal practice for years that for tenures more than 12 months, interest are paid every 6 months.

You will need a savings account (if you don't have one with them) for the 6 months interest to be credited. Basic Savings Account with opening deposit RM10 should do. Do not be fooled by their marketing people saying you must open Just One Account and deposit RM1500 in order to qualify for their Term Deposit Promo - ask them to show you where it is stated in the terms and conditions.

From http://generationsxyz.blogspot.com/p/fixed-deposit.html

is it worth?

Thank again for the advice

That promo expired already

Oic.. thx again. will look into it...

Did you get free RENTAS again & again from BR ?

expired ?! aiiya ... then whats the best rate now ??

Refer 1st and 2nd post

... the OPR tingy effect only those taking up "promotional-fix-deposit" packages and not those on the "board-fix-deposit" ... if you notice the print out for roll over is always on the "first-period-of-month" promised ... they never print the "roll-over-period-of-month" promised (or advertise) on the cert - it's just in case the OPR change before the "roll-over-period-of-month" promised (or advertise) ... too bad lah ... I got one of my cert printed that way ... kind of feel cheated in a way by "kind-of-false-advertising" ... the devil is always in the details ... ...

Yup, free rentas but must before 11am. No more deposit in BR so can say... you not scared meh...

Alliance bank is it okay to put 10k in saving account ?just get the privilege service and rate L

rhb saving accout. Check out their rates with only 500 deposit

Traditionally bank will fix the interest rate irrespective of changes in OPR. Some banks even printed out the interest you will get and hence it is very save to say the interest rate once agreed upon is casted.

However, last year Public bank came out with a step up interest rate and the FD agreement clearly written the interest rate may change when there is a change in OPR.... The following is the clause...

4.6 The promotional interest or profit rate (whichever applicable) will be subject to revision should there be any Overnight Policy Rate (OPR) change. The revision of rate may impact any of the promotional interest or profit rate (whichever applicable) i.e. first 3-month rate or first rollover rate or second rollover rate......

I tot u always said have to take some risk to get higher rate ?

You can refer to post 1 and 2. Not sure this is reported or included in post 1 and 2. Was at Hong Leong bank, 10 months Islamic FD 4 %.

Hong Leong Junior Saving account 3.05% will be dropped or already dropped (?) to the following tier.
<50k 2.5%, > 50k 0.8%.
Not sure the exact rate and when effective as I wasnt paying attention. Only knew it drops to miserable rate. The more fund you keep, the lower the interest rate in the Junior saving account.

Does any one know when is this effective? How come no notice from HL?

The good news is Islamic Junior saving is giving 3.05% which is the same as 1 month FD rate. Essentially it is the same as the earlier conventional Junior saving account. It seems that many banks are encouraging people to switch to Islamic banking account.

This post has been edited by gsc: May 16 2015, 02:01 AM

hence, that's why i wrote it may change or may not change at all.

so what's wrong with that?

the interest rate is as of when you place the fund. that's normal.


the example i gave earlier to other forumer (of which u quoted):



if OPR changes, bank MAY change the rate, up or down or even dont change.

again, what's wrong with that? Bank's T&Cs are stated such to cover these scenario.