the type of investment u mentioned needs time, knowledge and discipline!

I placed an FD with 4.6 % interest per annum, in Affin Bank, about one month ago.

Upon FD maturity, can both the principal and interest be automatically transferred to my Affin saving account, without me going to Affin bank again?

The Affin officers could not give me an affirmative answer.

Thank you very much for your advice, Nom-el.

After the interest for OCBC e-SmartSavers is credited on 1 January 2016, I will use IBG or IBFT to transfer almost all of my money, leaving only RM 20 in the account. I will proceed to close the account by visiting OCBC on some other day, when I am free.

This post has been edited by kart: Dec 26 2015, 11:14 AM

I placed this Affin 4.6% FD in late Nov. Was told that on maturity, both principal and interest will go to SA. It seems to be the only option for this FD promo.

It will go in automatically. Just remember to withdraw your principal + interest and hunt for new promo.

Actually that is what affin have been doing for all their FD promos.

Sad to hear own staff can't even reply basic FAQ

Thank you very much, bbgoat and Ramjade.

wil-i-am, the Affin Bank Officers could only confirm that the FD interest will be credited into my Affin Saving Account, and were unsure about the state of the FD principal, upon FD maturity. In their Affin system in their computer, the instruction upon maturity does not explicitly mention about the principal.

This post has been edited by kart: Dec 26 2015, 11:17 AM

All sifu here,
I gt noob questions to ask.

If Malaysia bankrupt, all our fd money will wipe out in our bank.

Scenario :
If i put FD in foreign bank such as OCBC, if Malaysia bankrupt, can I go to singapore to wirhdraw money in OCBC singapore?

Banks operate independent from Govt

Malaysia won't bankrupt but your money become Zimbawe money. (worthless)

No. You cannot withdraw from OCBC Singapore. I will give you a quote from unker dreamer (not his exact words but more or less the same meaning) .

"Do not put all your money in Malaysia. Convert to USD at every chance. RM is not going anywhere but downwards. Buy US ETF. You already have EPF which is already 20% of your wealth. Do not put in ASX FP. Holding USD cash is better than holding RM cash"

For security reasons, most banks don't allow auto-crediting of FD principal amount into CASA upon maturity date. The normal SOP of a FD withdrawal requires depositor to present at the bank for finger print biometric scanning, identity card and real time signature ie 4 layers of security protections. If your FD principal can be simply withdrawn by a mere instruction in the FD system, then it will be defeating the purpose of the 4-layer protections mentioned above.
Some may argue that the auto-crediting goes to own CASA, what's the problem ? don't forget that FD also has joint account type and joint account can have different withdrawal conditions. to make things more complicated, interest crediting CASA also have joint account type. Therefore, to prevent security breach and loopholes, most banks don't allow it.
But I read from this forum that some forumers here managed to instruct the bank to auto-credit principal + interest to CASA account upon FD maturity in order to counter the non interest payment on non banking day. Those who have done it before may want to share his view on this matter.



This post has been edited by aeiou228: Dec 26 2015, 07:46 PM

Put FD, can not.
Put savings account can. Via ATM cash withdrawal in SGD subject to daily withdrawal limit.

interesting, MBB officer allowed me to sign an instruction form requesting all my GIA FDs (4 on single name, 6 with 2 names) upon maturity, automatically credited into MBB saving account SINGLE name. The 2 names FD , either 1 to sign,
also can !.

Reason: MBB SA can easily IBFT out at maturity, no need go bank again.

Ah.. no such thing, i did it at Maybank for a few cert.

RHB need 2nd name to presign if crediting to single name account.

Bro, all my FD are joint accounts where anyone can sign. I know Alliance Bank, HLB, Maybank and UOB Bank can instruct that Principal plus Interest be auto credited into CASA (not necessary joint account) at the time when placing the FD.

UOB can even instruct mid way before a joint FD (anyone can sign) mature and deposit the principal plus interest into an individual CASA account, just need one of the signatory to sign some forms.

For HLB case, if the FD is joint account (even if anyone can sign), at time of placing FD, the bank technically only allows the principal and interest to be credited into a joint CASA account (with same names). But if all parties to the joint FD account instruct the bank (all parties need to sign a form) at time of placing the FD, the principal and interest can be credited into any CASA account.

The thing is we are all talking about FD Promotions which have additional T&C. And in most FD Promotion, it is stipulated that the Principal MUST BE ROLLED OVER with same tenure at board rate. Therefore, we cannot instruct that the principal be credited into CASA upon maturity when placing the FD. We can go to the bank on maturity date and withdraw the principal and have it credited into any account. I guess why this is possible for UOB is because their FD are Statement Based and no certs are required to be presented.

Having said the above, some banks will allow you to instruct them to credit the principal sum into CASA right after you place your money with a FD Promo (where it is stipulated that Principal must be rolled over) or anytime after that before maturity, e.g. UOB. AFTER the FD Promo is captured in UOB's system, you just need to sign some forms and instruct the principal to be credited into CASA upon maturity. Of course we may still need the biometric verification and this can be done when we sign the instruction form(s) and not necessary at the FD Promo maturity date.

If not mistaken, gsc has also done the same with OCBC (which is Statement Based) where he will instruct (on paper) his RM what to do with his money prior to his FD Promo maturity date.

For Cert Based like HLB, we can always pre-signed the cert and hand it over to the bank officer. Biometric verification may be required. I have done this several times (when I am going overseas and have a FD maturing) where I would sign the HLB FD Promo cert and pass it to the HLB Branch Service Manager few days before it matures with my instructions (letter and have him/her acknowledge receipt on a duplicate) prior to maturity date.

This post has been edited by Gen-X: Dec 27 2015, 03:17 AM

Is there any written clause in the FD official terms and conditions that confirms monthly interest crediting?

https://www.machbyhongleongbank.com/product...-fixed-deposit/

CB also allow FD on maturity, principal and interest both into CASA (no recent CB FD promo by the way ).

Then SCB also allows that. I recently changed one FD (promo rate) mid term to principal & interest into CASA. Before the change, it was principal roll over to normal FD terms and interest into CASA.

This post has been edited by bbgoat: Dec 27 2015, 08:37 AM

from so many feedbacks, looks more like MOST banks allowed principle and interests to credit to casa on maturity. not the other way round.

Correct me, if I am wrong. It seems that you do not invest in ASNB funds, and I respect your reasons.

Do you have any reason not to invest in ASNB funds? It would be great to hear alternative opinion.