I just received a call from Hong Leong Bank sales person. She claims to be offering a new type of Savings Account whereby they can guarantee interest rates of 7 to 8% per annum but with some terms and conditions applied. She requested for a meeting with me tomorrow for a presentation at my office.  I also clearly asked her if this was investment link type of savings but she said no, this is pure savings (almost like FD type) and no risk. I'm intrigued and said that I'll meet her and listen without obligation.
Anyone else got such telephone call from Hong Leong Bank?

Sorry for the late update.

I have met up with the SA from Hong Leong Assurance, they are pushing a 6 year savings plan called "Gain Wealth".
You choose an amount (10k or 20k or any amount you are comfortable with) and you have to deposit each year that amount for 6  years. Each deposit they will give an interest of 20%, let me illustrate:-

Let's take for example the deposit amount is 100k each year:-

Year.    Deposit amount.    Interest given
1.                100k.                          20k
2.                100k.                          20k
3.                100k.                          20k
4.                100k.                          20k
5.                100k.                          20k
6.                100k.                          20k

Total.            600k.                          60k

Only on the 7th year can you touch the deposit amount. The interest you can use after year 1 (I think so).anyway, if you decide not to take out the interest, the interest amount will earn 5.25% pa interest.

They tell me that the principal and interest given is guatanteed and if case of any unfortunate circumstances before the plan is finish, they will guarantee the whole 6 year principal amount to the nominated beneficiaries.

They also indicate that the interest amount will written black n white on the policy.

So...any comments or advise?

Wishing all those celebrating a very merry Christmas and a happy 2016 new year to all forumers!

Convert to USD still need to through bank right?  eg: Public bank Foreign FD?

I worry scenario like Greece... where their citizens not able to withdraw any money from their own country bank.

Ok thanks. Next month have a few fd  for deposit short term.

Dear all, just to share my experience i just had with putting FD @ CIMB . i withdraw my normal FD with 3.15% and then 3 days later i plan to put into UnFixed Deposit with 4.3% @ CIMB , however the PIC told me is not a Fresh Fund and only can giv 4.2 % for 12 months instead ...

From bbgoat earlier post ...At the moment, it seems to me the best ones are HL/MACH 6 mths 4.5%, UOB 12 mth 4.4% and RHB's 15 mth eff rate 4.4%.

Beside the tenure of 6/12/15 months, the following factors may influence your choice

HLB/Mach interest are credited monthly
If you open at HLB branch, you need to go back to the same branch to redeem your FD
If you use Mach, can perform withdrawal via online - do note that Mach limit is 250K per day for FD placement/withdrawal

UOB - Interest is credit at the end of 12 month term.
Need to confirm whether FD can be redeem without go back to same branch or can do withdrawal online
(Any one know?)

RHB is a step up FD which give effectively 4.4% pa.
Placement need to done at branch, interest are credited every 3 months
FD can be redeem at any branch or via online banking
(The menu option for withdrawal/upliftment is at the investment option not the account option )

In summary, HLB Mach, placement and withdrawal can be done online without concern of fresh fund etc and you get your interest credited to your saving a/c monthly.
For RHB, although the promo is suppose to require fresh fund, the officer usually allow existing maturing FD to be used.

guys, my mom misplaced her PBB FD cert.

managed to dug out earlier post by gsc, as above.

to-date, does PBB still need the Cert to uplift the FD? is the policy still stand?

Any new promo? Tired waiting

As long as use banker's cheque, your FD should start on the day itself. No need to wait like normal cheque.

Is not changing topic. Is I really don't know. Cause people tell me cheques need few days to clear. But banker's cheque is instant. I thought banks treat personal cheque (like the type you write and sign/some print) different from banker's cheque? Personal cheque should be more stringent compare to banker's cheque. No?

My question on the scenario is still not answered. So I am right or wrong in the above scenario?

I have never received a cheque before nor have I wrote a cheque before.

And yygo Since you know so much, teach me la. I really don't know this cheque stuff or you just NATO?

As said, the contention is why ppl use chq, online banking cater for smaller amount FD placement. Ppl use chq because online banking has daily limit.
If you want to do OTC IBG, RENTAS, you need to go to counter and it defeat your intention to "skip one step".
OTC IBG and RENTAS have vague fresh fund policy. Chq is clear cut fresh fund.
Chq FD placement gets immediate FD commencement upon presentation of chq before 4pm cut-off time.
Chq clearing time has no bearing to FD commencement date. The FD commencement date is either before 4pm cut-off time or after 4pm cut-off time. If after 4pm cut-off time, FD commence next business day.

FYI
Latest UOB FD Promo (Fresh Funds)
23-11-15 till 31-1-2016 (subject to sudden change)

3 mths - 4.15%
6 mths - 4.2%
12 mths - 4.4%

bro, ocbc 15 mth 4.3% until 31/1.

Oh, so confirmed that OCBC BC is free ? 

You guys have long discussion on using of cheque.  I use combination of cheque, ibg, IBFT, Rentas depending on the situation. Rentas fee is typically higher than BC. But it has the use when not all the fund will go into next FD. i.e. half to FD, half stay in the acct for other use.

Anyway I think we use what suits us most. Just like we place FD in particular banks not necessary because it has the highest rate. 

Thanks ! 

So confirmed OCBC extended the FD offer till end April. But bad news for those waiting for FD promo to go beyond 4.5% for 1 year. Looks like OCBC is confident with the offer and extended it to end April for 15 mth 4.3%. UOB's 4.4% will end this January.

Hesitating on UOB, RHB and now with BSN coming into play. Planning for next week's action ! 

Asking Mr Lim, have you decided yet for the million eggs on 11/2 ??   

Thanks !

So it looks like another people related type of thing. Some branch may have better service than others. 

That's true (EPF by rule must give out 2.5% but generally their interest will always be more than FD). But are you wiling to lock in for xx years? . This year interest some say 5+%, some say less 5%.

I told my parents dump into ASX FP first than only taruh EPF seeing that we don't know how much they are giving. EPF is not consistent.

If I were you, max out EPF, SSPN to get tax relief. Why want to give so much to...?  anymore is up to you to decide

"Bank Negara Malaysia just reduced the statutory reserve requirement (SRR) ratio from 4.00% to 3.50%, effective from Feb 1, to ensure sufficient liquidity in the domestic financial system.  The SRR essentially is the amount of funds that commercial banks are required to keep with the central bank, interest-free, and is an instrument to manage liquidity, while the overnight policy rate (OPR) is the rate at which banks lend to each other."
Being so, we could put it as current market downturn, global economic slowdown, depreciating ringgit all contributes to this. Coupled with exceptionally high NPLs, banks, especially local ones are left with no choice but to increase FD interest rates to attract more people to bank in their money to keep their SRR ratio at a level as required by BNM.

Points taken. But the issue is Malaysians have a very bad habit of overspending way over their means and this will increase household debts. When people cannof repay their loans, NPL will be high and thus this will directly affect the reserve ratio.

Deposits must be in Ringgit denomination when you place a foreign deposit within banks in Malaysia.

Banks would then convert your Ringgit according to the exchange rate + their premium before placing the deposits in your preferred currency.

Their premiums are usually very high so you loose out instantaneously.