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

Don't tell me normal cheques does not need clearing.

Eg. Mr A writes a cheque to Mr B. Mr B cannot deposit the cheque over the counter. He needs to cash in the cheque via cheque machine. Money will appear few days later in Mr B's account.

The above is not right? If is not right, please by all means shout at me. I am willing to learn.

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

Quotable quote:

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

I rest my case.     

Thank you. That I know. The question is cheque from company is it counted as banker's cheque/company personal cheque?

Yes I am confused. That's why I am asking. So regarding my question on Mr B, will that be instant or will Mr B need to wait for his FD? Sorry. I am noob in all these cheques. Never had any experience.

when I asked seriously you guys think is a joke. I know of some people who still receives salaries in cheque form.

I think I understand what Ramjade is trying to say.

A Banker's Cheque is issued by the Bank. you bring money to the bank and purchase a banker's cheque to pay another party. Normally this is considered good for payment because it is issued by a Bank. Banks will normally proceed with FD placement with banker's cheque.

Any cheques issued by anyone, be it company's cheque or personal cheque are sometimes tend to be bounce / returned due to insufficient fund. Banks will normally clear the cheque first to make sure the cheque is valid for payment / having sufficient fund for payment. Only then they will proceed with FD plaement.

Hope this explain the confusion.

Yup, correct. Needs clearing first, normally around 2 working days. But some Banks will backdate to the day that you present the cheque to them.

Eg. You send the cheque on 1st, so the bank send for clearing.
On the 3rd, the cheque is realised / cleared.
FD placement date effective 1st.

Do take note that not all the Banks practice the same placement date.

The statement is self explained already.

Just that he/she might be confused.

For a noob like me, I might not know how to differentiate the difference between a Banker's cheque and a personal cheque or a company's cheque.
Cheque is cheque lo.... got so many different type of cheque meh ?     

Sorry, no offence ya... 

Nope does that surprised you? I told you I am a student. Haven't received a cheque before. I put FD by carrying cash/banker's cheque if the amount is too big.

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

lim boss, some pipu talk big onli without actual experience. 6 figure can nego with bank rakyat.

oso may 2015 ocbc has promo 4.2%. why put 9 months 4% for the 1 million?

It was an OCBC cheque, they only want fresh funds too, what to do 

for every FD cert you see, they could be 5 more you did not see?
   

RM 1million is nothing.  It is kacang putih.

Even with RM1million in BR, I can only get 4.285% (almost 1 year ago).  They were offering 4.285% to people who deposit rm500 as FD back then.

Anyway, small nuts lah these....

Yes. For example banks kena rob, PIDM will cover some of the loss. As long don't exceed RM250k, you are safe (if you really care about getting the PIDM protection)

aiyah just move on la... dont cyber bully... happy cny and happy keeping more money into FD. HUAT ah!

Everything. 2-3 RM1m in FD at 4.5% gives about ~RM250-RM375/day.

Bro. Trust me. This person is not on scholarship. When USD was increasing he complained that tuition fees are getting expensive. Would a rich man who have lots of money let his son work?