Rentas will transfer the money immediately. IGB back and fro may takes up to 2 days; if your deposit is huge, the daily interest will be more than RM5.

Rentas = IBFT
Giro = IBG

RENTAS is a different system from IBFT.

Correct, to add on, rentas is used when the amount couldn't be handled by IBFT. That's why rentas charges is way higher than IBFT.

From my experience, IBFT is INSTANT and is online. RENTAS is done OTC.

Below from RHB website:

http://www.rhb.com.my/remittance/local.html

Interbank Money Transfer
Transmit funds via RENTAS to another bank in Malaysia. Minimal cost incurred. Immediate (same day) delivery of fund to destinations

Interbank GIRO
For money transfer below RM100,000-00, we will use the Interbank GIRO System to electronically transmit to another IBG member bank in Malaysia at only a minimal cost. Funds received from remitting banker will be credited to customers account on the same day.

Interbank ATM Fund Transfer (IBFT)
Interbank ATM Funds Transfer allows bank customers to transfer funds from one account to another account in another bank. The beneficiary will receive the funds immediately and instantaneously, as the transfer is online and in real-time.

No, I do not think BR has revised back my original rate..

I called to BR branch many times about this issue, the BR officer said
they need some time to calculate.

I found out because BR sent me letter, from the the letter I was informed
the interest rate was lowered by 0.10%..

I asked BR why this happened like this..?
BR officer said because of the negotiation rate...
I almost wanted to ask her:"Is this my problem..?
This is the rate you agreed ma.."

If yours is Berjangka, it should be no problem.
The problem is only for Mubeen FD.

This post has been edited by BoomChaCha: Jun 20 2015, 12:01 AM

Bro, in the previous FD threads (couple years ago), it has been discussed/pointed out that ALL Islamic Product Dividends including BR "Term Deposit" are not guaranteed since it is based on "Profit Sharing" and one member even said that a BR officer informed her (I think she was girl) that the dividend rate can go down.

Unless a product is termed as Fixed Deposit, nothing is guaranteed Then again not really correct - only up to RM250K of our money is "guaranteed"/insured by PIDM with a particular bank.

That's why Public Bank current Step Up promos are called Term Deposit and not Fixed Deposit since they are based on Islamic Banking Principles and as such they can lower or increase the "interest rate" based on OPR.

Once again, for Islamic Products, there is no such thing as Fixed Interest Rate and that's BR's official reason why carpet man got 0% loan. Your money already used to give to carpet man at 0% interest, sure lah BR not making profit and that's why you getting less dividend, hahahahaha.

This post has been edited by Gen-X: Jun 20 2015, 12:48 AM

Captain, on BR's FD cert, as it is stated clearly like this:

Adalah dengan ini disahkan bahawa Bank Rakyat memberi akuan dan jaminan akan membayar berjumlah
RM ___________________ pada tarikh matang yang tersebut diatas kepada :
Encik Boom



So, Islamic and carpet man are not the issue in this case.. BR has to honor what is printed on the FD cert..

Uncle Boom, getting the 5 yrs rate from BR not that simple, eh ?

Luckily the longest I have with them is 2 years and now going to <1 year. So far my experience is still positive with them.

But admire our High Magician with FREE RENTAS from BR !!

This post has been edited by bbgoat: Jun 20 2015, 09:10 AM

No scared meh !

Its interest rate is fixed. However dealing with banks with govt employees is a bit difficult to handle. There is a lot of tidak apa to handle. Uncle Boom blood pressure will shoot up higher then the interest rate.

Live one day at a time. Because of scare, pulled out more than half already. BR girl pleading not to take out any more !

But love their monthly interest, a little bit on their gift/hampers .......................... Still believe they are secure to certain extent.

Always some risk even with big foreign banks. Years ago one foreign bank was getting into problem. I was sweating and unable to do anything as I was overseas. Still remember have to do online xfer of 5k at a time from that bank to another bank for days ! But after 1 year, it was back to healthy level.

This post has been edited by bbgoat: Jun 20 2015, 09:30 AM

Bro, I am very well aware of the above as you have mentioned or shown us the above in previous thread.

Like I said, one member did say that a BR officer told her the rate is not guaranteed. Islamic Banking Products dividend are based on Syariah Principles and as such there is no such thing as guaranteed % interest rate, applies not only to BR but other commercial banks too. Go ask your OCBC RM on Islamic Term deposit and she/her will answer that "OCBC have been paying dividend as quoted for years" BUT she/he will never give you a letter from the bank that guarantees you will get the dividend (x% interest rate) stated in the Term Deposit receipt.

And, it has been proven in your case that above is true.

On the contrary, carpet man and gold fiasco and stricter PL approvals should have effect on BR.

Anyway, BR only reduced your dividend rate marginally, still high overall

However, don't you find it odd that BR can still offer relatively higher Promo dividend rate to attract new depositors and even invite bbgoat for FREE makan BUT at the same time "cheat" (you have paper stating you are guaranteed the dividend quoted) you (a long term depositor) by giving you lower dividend rate. If you ask me, they short of cash.

Wow, Uncle Boom your money has been used for my food/gifts. Come I will belanja you !

you are exactly correct - and Bro, like any other pyramid scheme, part of your "new deposits" besides paying for BoomChaCha's dividend will be used to entice others (by using your money to pay for stuff to give to others as free gift) to join in the fantastic run. The moment we have an Economy Collapse and NPL (from PLs which have no physical collateral) sky rocket, the party stops.

This post has been edited by Gen-X: Jun 20 2015, 10:55 AM

More info: HLB | Interest Rates | Terms & Conditions | Fees & Charges

Account Features
● New placements and withdrawals can be made anytime via Hong Leong Connect.
● A choice of terms from 1 – 12 months.
● Opt for monthly interest crediting or upon maturity.
● Option to auto renew upon maturity.
● No FD receipt will be issued.
● The newly created account and placement details can be viewed immediately via Hong Leong Connect.

Eligibility
● Minimum deposit of RM5,000 for 1 month placement and RM500 for 2 months and above.
● Applicable for individuals and sole-proprietorships with Hong Leong Conventional / Islamic Current or Savings Account.
● For Malaysian aged 18 years old and above.



This post has been edited by cybpsych: Jun 25 2015, 10:09 AM

Just 2 days ago I was looking to place eFD in HL but was not able to find it. Now saw it. But it is just board rate similar to CB and worst for 3 mths rate.

My complaint on HL is after my FD matured, it took one more day for the fund to appear in the online acct. Though they paid the interest on the maturity date. So I was not able to transfer the fund out on the day of FD maturity.

Also not able to find IBFT there ? Anyone has found their IBFT link ? Can only find the IBG for HL online.

I did think along similar lines of what you said. The same issue could involve quite a few funds as well.

Not scared meh !

FD deposits are very safe. Does not matter which bank. BR hamper i used to throw away every year as dont think its healthy for consumption. My total withdrawal from BR is just to get a breath of fresh air and look at lenglui from other banks.


This post has been edited by magika: Jun 20 2015, 12:57 PM

Scared to certain extent. Just like scare when inside airplane.

FD deposit safe until 250k with PIDM. Hard to say "FD deposits are VERY safe" !

But gamble with non PIDM banks like BR.

Now you are saying: "just to get a breath of fresh air and look at lenglui from other banks"

This post has been edited by bbgoat: Jun 20 2015, 01:02 PM

Dont worry aeroplane will always land. Gravity will make sure of that .

Previously BR deposit rate were the highest around and now with other banks coming in with almost parity rates , thee is no more reason to maintain it with BR.


This post has been edited by magika: Jun 20 2015, 01:20 PM