Unknown to many, Bank rakyat board rates can be negotiated.

1 year can be had for 4.285% just by asking OTC and there is no minimum amount to get that %. You just have to wait 3 working days, usually lah, for HQ approval.

BR Jalan Pinang Branch gave me 4.285% for 1 year.

I am too lazy to watch newspapers and see all this 6%, 4.8% and what not promo rates and effective rate is so so only!

and time spend to run to this and to that bank, petrol and time wasted...

BR give less admin headache.

you can get it with the minimum amount required for 1 year FD

While you guys are running here and there for the best and/or promo rates by wasting petrol, time, parking and etc., which eventually depletes your interest income,

at BR, its 4.285% per annum. Just ask over the counter for "special rate", and they give it to you.

There is no need to waste time buying newspapers, reading all the so called "promo" and what not with step up rates, existing funds, etc etc and end up getting mistreated and/or misinformed.

AT THE END OF THE DAY, 4.285% FROM BR IS STILL UN-BEATEABLE.

pidm vs. MOF

Both are same. no difference if there are bail-ins or bail-outs.

Really? Because I have BR FD @ 5.0% for 12 months.

How much MBSB pay you? Or you run advertising for them for free?

5%? Put in lots of money lah.

But for the many people who want to put in rm1k, 10k, 20k or 50k, 100k, getting 4.285% is a good deal rite?

read : ask OTC. Don't ask, dont get.

This post has been edited by pearl_white: Aug 18 2015, 09:42 AM

4.285%. RM1k BR will also entertain!!!

If you cannot get, I really donno what to say. Maybe the counter staff couldn't understand.

Wow, effectively 3.6% on a 12 months.

Banks should adopt effective rate (12 months) method when selling FD products less than or more than 12 months so that FD holders are properly advised.

If ppl take up BR's 4.285% p.a., the rate for 15 months would be 5.356%.

And I almost forgot, at BR is say you take a > 1 month FD, example...

you put in 100k for 12 months @ 4.285%, by end of 12 months, you would have 4,285.

Lets say, you terminate early at month 6, you will get 1785.42 for 5 months.

BR pays the profits on a monthly basis. Other banks may not give you your interest if you terminate early.

This post has been edited by pearl_white: Aug 19 2015, 12:23 PM

well done cherroy, 8.57% for 2 years is nearly correct.

If you put in 100k on a 4.285% p.a. and roll on to the 2nd year, by end of year 2 you would have: -

1st year 100k = 4,285.
2nd year (104,285 * 4.285%) = 4,469.

Total 4285 + 4469 = 8,754. or 8.754% for 2 years (compounded).

Otherwise, if you do not roll over your interest, it would be,

1st year 100k = 4,285.
2nd year (100k * 4.285%) = 4,285.

4,285 * 2 = 8,570. or 8.570%.

Effective rates are a great tool to highlight how competitive FD products are between banks.

And just to make sure whose who cannot differentiate between effective interest rate or nominal interest rate,

effective in the case of the example here is 4.285%.
nominal in the case of the example here is 8.754% or 8.57% depending on the option you take.

In other post, the 4.5% nominal for 15 months yields a 3.6% effective interest.

This post has been edited by pearl_white: Aug 19 2015, 01:11 PM

1 month at 3.15%p.a. you forgot interest rates are quoted p.a.

so, if you have 100k and put in 1 month @ 3.15%,

you would get 100k * 3.15% = 3150 p.a.

since it is 1 month and not 12 months, it would approximate to 3150/12 = 262.5.

so, 3.15% is the effective rate, and the nominal rate is 0.2625%.

*Note: I avoided the use of daily rest computation here for simplicity.

I think it is fair to assume that all rate quoted by any banks in this country or what ever country are always p.a.

If people don't know this, then TOHTTB.

People forget that deposit holders (CASA, FD and what not etc.,) are liabilities to the banks. In the balance sheet, you are categorised under liabilities.

When you are a liability, you are actually not a customer. You are a supplier of capital, that is.

As a supplier chasing a client (i.e. banks or any other financial institutions), it is your responsibility to make sure that you maximise the returns that you are after. Afterall, why should a client incur additional costs from a supplier?

Hence, it is your responsibility maximise the effective interest rates. I am here merely to point the what BR offers. It is up to you to ask for it from the bank. If you cannot, then YOHYTB.

*note : People who take up overdraft facilities, loans (cc, housing, car, personal and etc), are the real customers of the banks. That is why you see alot of the products are quoted @ effective rates. What is not surprising, is that being the customer, banks will call you, suck up to you, give you the best rates even without asking (of course if they can fleece you, they will). As a customer, you don't really have to do anything.

This post has been edited by pearl_white: Aug 19 2015, 01:36 PM

if xx% is quoted as 12 months, 1 year, or p.a., it is effective.

Anything that is not 12 months, 1 year, or p.a., it is nominal because you have to divide by 12 and times the numbers of months.

eg. the step up rates you see in various bank promos....1st 3 months, next 3 months etc etc....

and at the bottom their table, they put effective interest is xx%.


This post has been edited by pearl_white: Aug 19 2015, 01:45 PM

You need to put in alot, and i mean alot of $ to get it.

You are liability mah...

Well you must be right. These banks should be also epic fail quoting effective rates...



Maybank 3+3+3 promo

Adequate for 4.285%. But definately not 5%.