QUOTE(aeiou228 @ Oct 17 2015, 12:11 PM)
The root cause for the non interest payment over FD due date fall on non business day is due to the some bank's FD system treated this type of withdrawal as premature withdrawal for the renewed placement from the due date to the next business day (day of withdrawal). The FD system has no provision to cater for such situation.
Maybe there is no rules from BNM or not many depositors complain about it to push the banks to upgrade to smarter FD system similar to that of OCBC.
UOB FD system will automatically makes it mature on week day. Wonder is it a Singapore central bank policy since both are from Singapore.Maybe there is no rules from BNM or not many depositors complain about it to push the banks to upgrade to smarter FD system similar to that of OCBC.
My UOB placement was on 17/10/2014, the maturity date is 19/10/2015 which is a Monday.
Another FD placement on 29/10/2014, maturity date 29/10/2015
Oct 18 2015, 02:35 AM

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