Anyone faced an issue on below, I have a fd in maybank on auto renew for past 10 years, worried now.

Unclaimed Moneys Act 1965

In accordance with the Unclaimed Moneys Act 1965 (revised 1989) the money in the Fixed Deposit under Automatic Renewal shall be classified as Unclaimed Moneys if the Fixed Deposit is not operated for a period of seven (7) years from date of deposit or date of last transaction, whichever is later.

best advice is go to bank to check asap! >7 years then will become idle fund and have to claim back from bnm.

I had one FD in Maybank auto renewed for 12 years. Just uplifted a couple of months ago. No issue.

u are lucky! years ago i had sa in mbb, closed as inactive and fund sent to bnm! let go of it as<rm90. not worth effort to claim.

My mom did go to the bank to update the FD cert a few times. Not sure if that counted as transactions. I didn't even realise it had been there for 12 years until the bank officer told me so when I uplifted it.

once u go to bank to update, counted already. fren, 12 years if auto renew, then sudah "habis". so your case is not auto-renew once u present cert to bank to update.

Oh I see, then I have to thank my mom
Coz I thought if set auto renewal when placing FDs mean I don't have to go update it. Luckily my mom is the type who wants to update everything

I thought maybank is supposed to send a letter to inform of pending FD dormancy at end of 7 years? I never got a letter. Anyways I have to check asap as need to use that funds.

OT
U can top up on your own but subject to max RM60k pa
Read tis link http://www.kwsp.gov.my/portal/en/web/kwsp/...lf-contribution
or post question @ https://forum.lowyat.net/topic/2705461/+1460

better to get fd cert to bank to update regularly if on auto renew (at least say every 5years or 2/3 yrs)

ya, my previous case no letter. but they can claim letter sent u did not receive.

so still go there asap to enquire

Yeah better do so. Thanks for the advice
Now I learn from all the sifus here, it's best to uplift upon maturity to get promotional rates

for better return do not go on auto renewal for fd. seek fd promo rate

ot. for your case, fd may not be for u. other investment like ut. if go fd, affin 3.7% is the best for u with 1k.

Kind of true. RM1k FD don't generate much. The highest you can put is Affin bank at 3.7% for a year. After one year, you get free RM37. If you want to get 4.x%, you need RM10k for the fun stuff.

However, you can can accumulate RM10k slowly. That RM1k you put into 1-2months eFD. If every month can save RM1k (dump into 1-2 months eFD), by Nov or Dec you have RM10k + (plus interest from monthly eFD).

I use to be like this. Every month, I save into eFD to get RM10k (after few months), then hentam one shot into promo rates FD once get RM10k. Now I still do that. Save RM1k into eFD (my one month emergency cash). The balance hentam into ASW2020 instead of promo rates FD. But that's OT.

Best choice for you is eFD. Don't need to waste time and petrol to go to bank.

Best wishes. Everyone start somewhere

Again not true. Check out the FSM thread, ASNB thread.

RM80 different is worth the effort?

RM80? What do you mean?

The difference of profit.

Of course. Bro, RM0.11 for me also I kira. So what more RM80. Besides my parking, petrol all cost less than RM5.00. Pay <RM5 to get extra RM80, why not. RM80 if you don't take in 5 years is = RM400 already. You're giving free money to the bank my friend.

You can get extra Rm30+ Angpow every year when reaching Feb time, why not?

Sikit sikit jadi bukit. Everything also starts from scratch/small.

It also develop a good habit to save it.
1K tied in FD, is better than in one's pocket which being spent unnecessary stuff.

One also may venture into UT with the 1k, and gain experience in investment world.

Thread closed.

Please proceed to Fixed Deposit Rates In Malaysia V. No.12