if you withdraw your 30k from smart saver after placing 30k FD, the FD rate will not be affected as it has already stated the interest rate.

On the other hand, for smart saver account, as long as there is a withdrawal, the interest rate drop to negligible rate.

Which bank did you go to? What time did you open the FD account?

For banker cheques almost all banks will consider as "immediate fund" and FD cert will be issued the same day.

Is the banker cheque written with your name? Then it can only deposit into your FD account.

Check the FD cert on the amount, date, rate and your name are correct.

First time......Hopefully wont be premature ........................................................withdrawal of your FD

1) Fee charge for IBG or Rentas since we are playing musical chair.
2) Location especially if plan to withdraw as cash...prefer with car park within bank compound.
3) speed of service. Dont like bank with long waiting and processing time
4) limit on PIDM

Did you rentas to your Alliance saving or other non-fixed FD account and then make a FD placement? May be Alliance bank takes it as internal fund transfer and hence not a new fund.

My personal experience with HL bank was I need to inform the bank on which date the fund will be credited into my saving account and I will use this "new" fund for FD. The bank staff said in this way, then only they will track the movement and then took it as new fund. Not sure has HL bank change the procedure.

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......

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

Traditional or conventiinal product
If place for a year with rate 4% Fixed deposit. 4% rate will be locked in irrespective OPR moving up or down in that 12 months period

Traditional step up product ( FD rate stepped up by quarterly)
FD rate steppng upwards quarterly. Bank will pay as per the advertisement irrespective OPR moving up and down thoughout the 12 month period.


Public Bank new FD step up FD product,
Public bank specifically mentioned in their brochure and contract agreement that the step up interest rate may not be followed should there be a change in OPR.
Meaning suppose a person has taken up a step up FD for 12 months period. Initially the second quarter period stated is 3.5% but Bank Negara has revised OPR downwards by .25%, Public bank has the right to revise downward the step up FD rate promised earlier even though the FD placement is for a year and still in the running.

The reverse could be true when BNM raises the OPR. So far Public bank has not yet revised the step up rate since OPR has been remained unchanged.

Bottom line is do watch on the clause and do not think the bank cannot change the FD rate after a person has placed the FD for a long period.

For those of you who want to claim any gift which is promoted by Ringgitplus, please remember to inform the bank staff and make sure the bank staff "identify" or record it.

When I made my placement with Ocbc, the staff did not record it even though I informed her Ringgitplus promotion. When some members here they have received them but I did not. I emailed to Ringgitplus on my trolley. They replied the next day asking for proof of FD. Apparently, Ocbc did not identify my FD is under Ringgitplus promotion. I replied and within 1-2 days they responded and I received an email from them on how to claim the gift. Finally received the trolley today.

The trolley casing is thin. Only suitable for light weight items. Definitely not able to stand the rough handling. Anyway it is free. Appreciate the fast response from Ringgitplus to deliver as they promised.

This post has been edited by gsc: May 16 2015, 07:40 PM

Post #2 mentioned HL bank 6 months at 4% valid till end May. Last Friday I was at HL bank and was told 10 months 4%. Can anyone verify is 6 months at 4% still available?

Overlooked my Junior FD which was matured earlier. Found this out only last Friday. I dont have Mach account and tomorrow will withdraw and top up some funds and place for 10 months.

Was at HL egate branch today. Should have opened up MACH account last time then today no need to rush to complete the banking.
6 months for 4%, withdrew from saving and top up, HL treated it as fresh fund. If I have time, I probably go to UOB instead of Ocbc.

iBG charges RM2, Rentas RM 5 plus GST, banker cheque is slightly more. I think it is RM5.30 +50 sen then add on 6% GST.

This post has been edited by gsc: May 18 2015, 10:06 PM

Yes. 6 mths 4 %. Either she gave the wrong info or I heard wrongly. Anyway 6 months is good for me as I dont want to be tied down for too long.

Only one cert one FD placement. Some banks are statement based. No cert to collect. I peronally prefer statement based coz bank charges for missing cert. Public bank charges RM10. HL staff told me HL bank charges more than RM10. Exact amount not sure. But HL bank Islamc FD is statement based.

You renew upon maturity not monthly. Most people here will not want to renew monthly because the rate will be board rate.

What was the instruction given when mature?

You need to compare the cost of cert replacement versus lost of one day interest.

If it is auto renew then let it auto renew and the next day withdraw it as the contract of FD placement of earlier placement is invald anymore.

UOB is customer oriented...I have been using the same approach on Ocbc FD for more than a year but the RM never asvised to top up. Either it is Ocbc policy very strict on fresh fund or RM unwilling to help. My RM was promoted recently, the new RM not even bother to sms or call to show her presence. Comparatively UOB RM ringed up to introduce herself and asked to drop by when free.....

Sorry for the confusion. for Ocbc i always IBG out matured FD and place a new FD with some top up using personal cheque. The similar approach you did at UOB. UOB later allowed you to top up instead of Rentas out. My Ocbc RM should have allowed me to top up too on the matured FD.

Bottomline I am trying to say UOB is more understanding and customer friendly.

Example
BSN
10k x 0.0315 x (1/12) =RM26.25

Affin
10k x 0.0325 x (1/12) = RM27.08


If the principal is low, a difference of 0.1% for one month tenure is only 83 sen, or per year RM 9.96. The time used to renew or switching bank, parking fee, petrol money etc may be more costly

ocbc FD still the same. Just made a FD placement on 1 June, 180 days 4% and 180 days 4.4%. Islamc FD 12 months at 4.2%. I did not ask the promotion period. Guess it is till end June.