Fixed Deposit Rates In Malaysia V. No.11, Strictly for FD Discussion Only
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 Dec 8 2015, 10:45 PM
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#1
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Staff
25,802 posts Joined: Jan 2003 From: Penang  
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QUOTE(Plutoman @ Dec 8 2015, 06:14 PM) Does this new term applies only to the new placement or it is applicable to all including the one that was placed few weeks ago? Once you placed it, then it is done and dusted.  Only newer placement is affected after the newer term introduced. |
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Dec 10 2015, 04:21 PM
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#2
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(culain99 @ Dec 10 2015, 11:25 AM) try OCBC Seremban branch, always crowded, wait at least 30 minutes and then take another 20-30 minutes to do I found that OCBC FD placement is tedious and time consuming. Took more than 30 min to place a FD. Take Q number to meet the relationship office at desk outside the teller, (instead to counter/teller), then the officer fill in form and key in some info into computer, only then pass the document to the teller and still wait for teller to print the acknowledgement slip. Seem like "double work".  Instead other bank, either officer or teller key in and print directly the slip and just let officer behind to sign off. This post has been edited by cherroy: Dec 10 2015, 04:24 PM |
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Dec 11 2015, 09:35 AM
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#3
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(??!! @ Dec 11 2015, 12:05 AM) Ini cara at the PB centre. Says the RM cannot touch the cash therefore, all cash must go direct to the cashier. If so, then just let customer directly proceed to the teller, instead need to go one merry go round with customer service officer. Teller Q number is easier to wait, while customer service officer, sometimes, need to wait more than half an hour just for a few people. As those officer sometimes may be promoting other product to customer (saving plan etc), which I encountered before, just I told the officer, don't need to waste time on those thing, I won't interested one. I come to bank has one intention only, aka placing FD, not buying insurance or UT. |
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Dec 14 2015, 02:07 PM
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#4
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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I still cannot find details info the 4.5% 6 month pure FD as posted.
I don't want go to the bank, only then being told it is a step up. So anyone who got the info, please share the source of info. Ty. |
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Dec 15 2015, 10:04 PM
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#5
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(Bonescythe @ Dec 15 2015, 06:42 PM) Just curious.. Yes, they will accept immediately even for personal cheque.When use personal cheque to place FD, they bank accept immediately ? Or banker cheque only accept immediately? Just wondering wad if the personal cheque got bounce out ? Haha But you can see the FD placement T&C, there is always got a clause the FD validity is subjected to clearance of the cheque. If the personal cheque is bounced, the placement will be automatically void and not valid at all. Nowadays clearance of cheque is quite fast one. Today you issue personal cheque of from your bank A account to place at Bank B FD, by tonight after 7 pm, the money in account bank A is debited already. |
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Dec 17 2015, 02:19 PM
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#6
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(BoomChaCha @ Dec 17 2015, 01:16 PM) Received a call from SCB RM and offered a bond: This is bond not FD.Product name: Bond Paper Tenure: 2 Years Return: 5.5% return is guaranteed Principal: Minimum RM 250K, principal is guaranteed Risk: Only if Standard Chartered bankrupt or close down Can consider this or not??  And this may not bond issued by SCB. You need to know the bond issuing party, because the risk of bond defaulting or not is on the issuing party, not selling agent (like bank). You need to know the, exact yield to maturity. You need to search the details properly, above info is too little and too amateur/not professional enough. |
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Dec 20 2015, 03:30 PM
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#7
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(Bonescythe @ Dec 20 2015, 01:04 PM) Wow. And hong leong did it good again, being the highest online FD offered in malaysia with 4.5% for 6 mths payable monthly interest crediting. Banks offering higher rate for short term 6 months compared to 1 year tenure, signalled that banks may see interest rate won't be hiked for the foreseeable future. |
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Dec 22 2015, 11:51 PM
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#8
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(matow @ Dec 22 2015, 04:26 PM) 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. In before it is saving plan, that give cash back of 7~8% cash back... Anyone else got such telephone call from Hong Leong Bank?  Cash back /= interest. Saving plan /= FD or "new type of saving account". If there is such wonderful "saving account" or "almost like FD" that give guaranteed 7~8% as claimed, everyone don't need to discuss about 4.x% FD already, as all will flock to that "saving account" already. All FD can "close shop" already.  |
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Dec 23 2015, 01:39 PM
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#9
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(lookie @ Dec 23 2015, 11:26 AM) I placed fd with ocbc yesterday by cheque. So it show on the cert effective date 22/12/15. It should be debited as late as today. But my home bank still wasn't debited when I check the balance this morning. Let's say it takes 2 days to clear the check, does this mean that while my fd interest is ongoing, I still earn 2 days interest from my home bank account until the cheque is cleared?? Just curious how these things work. It only takes 2 days to clear the cheque nowadays. |
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Dec 23 2015, 01:41 PM
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#10
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(lookie @ Dec 23 2015, 12:21 PM) so next time aim for eve of long stretch of holiday then place fd to get some extra lunch money? Banks have the right not to count any interest on any deposit which has not been cleared. Mind that interest is calculated based on daily basis on the balance appeared in the account. |
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Dec 25 2015, 07:40 AM
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#11
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(matow @ Dec 24 2015, 11:33 PM) Sorry for the late update. Please use the word properly, interest and cashback has different meaning all together. 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:- » Click to show Spoiler - click again to hide... « It can be deemed a misleading statement on the bolded part Told that in before, it is a saving plan. Please read the saving plan topic to know about how saving plan works.  |
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Dec 27 2015, 11:39 AM
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#12
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(BboyDora @ Dec 26 2015, 05:42 PM) All sifu here, All so called "foreign bank" that many perceived, actually are local incorporated across.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? They are no different than other so called "local bank". Your FD in ABC foreign bank Malaysia is in RM denominated, you cannot go to ABC bank in SG or US to withdraw RM. Whilst you also cannot withdraw Sgd, or US equivalent as the money is in RM and sitting in Malaysia incorporated ABC bank, not in Sg, US or elsewhere. Unless you exchange the money in ABC bank Malaysia and remit it to ABC bank in Sg., then different story. Country cannot go "bankrupt" one, only default their bond obligation, (aka if no money, and cannot paying their bond due). Even country default their bond, bank is still there, your money is still with the banks, unless the bank bankrupt. |
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Dec 27 2015, 12:57 PM
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#13
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(howszat @ Dec 27 2015, 12:56 PM) New FD from "fresh funds" generally requires the depositor to turn up at the bank? Majority of promotion FD rate are not offered for online placement, so needs to turn up at the bank to do.Any bank that allows it to be done online? |
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Dec 27 2015, 05:53 PM
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#14
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25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(Ramjade @ Dec 27 2015, 05:20 PM) Hi, no. Eg. You open bank abc in malaysia. But you can withdraw from their local bank xyz arm. There will be a fee charged for each withdrawal This is a bit different.I do not know about whether that applies to like cimb. (eg. Open cimb account in malaysia and withdraw from CIMB sg.) whether they will charge you or not. This is like MEPS facilities, or just like your credit card can withdraw cash at overseas at an oversea bank that using the same platform of payment/settlement facilities. Just like people have ATM of A bank, but withdraw money at B bank's ATM. But in the process, one is not directly accessing into A bank account. |
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Dec 27 2015, 05:56 PM
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#15
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25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(BboyDora @ Dec 27 2015, 05:05 PM) Ahhh.. I get it. Basically, yes, but one can take advantage of various payment system like MEPS, Cirrus (just like Ramjade posted) that indirectly can withdraw small amount of money.is it apply to saving account as well? Mean if I open a ABC bank malaysia , I need to open a ABC bank Singapore in Singapore? Sorry to ask in this bank FD thread as I do not know which thread discuss about bank matters  |
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Dec 27 2015, 09:51 PM
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#16
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(BboyDora @ Dec 27 2015, 09:23 PM) one more question, Apart bank draft, TT, Rentas, IBFT, IBG are other faster option. If i wanted to transfer all my FD money from A bank to B Bank, i just need to buy bank draft right? Taking out in cash definitely too dangerous in malaysia Bank draft is too old fashion already. |
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Dec 28 2015, 03:20 PM
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#17
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(cybpsych @ Dec 28 2015, 11:44 AM) curious, how does the bank "calculate" the extra 3 days interest? It depends on the maturity date of the FD.manually calculate the 3 days' interest? or extend the maturity to 4 Jan instead? 1) Some banks fix the maturity date, disregard it is non-working day or not. 2) Some banks will adjust the maturity date according to the working day. For 2), the interest is counted based on the day completed, so extra day interest is counted. For 1) if the FD is matured on 1 Jan, the interest will be counted until 1 Jan, then the FD is deemed rolled over or auto-renew on 1 Jan. So by 4 Jan, you have 3 days interest, that whether bank is paying for it, this I cannot answer already. As for my experience, I did ask for the extra days of interest before, due to sudden holiday before (the FD matured on a date was announced as sudden holiday), the teller asked the officer, the officer give nod on it to give the extra 2 days interest. |
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Jan 1 2016, 03:14 PM
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#18
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25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(shuangping @ Jan 1 2016, 02:21 PM) OCBC 9month 4.15% OCBC 12 months was 4.5%, UOB same with last year promo 4.15% 9 months is not attractive at all considered that there are 3 months FD at 4.15% as well as 4.5% for 6 months. |
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Jan 3 2016, 06:27 PM
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#19
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(TOMEI-R @ Jan 3 2016, 04:43 PM) All in all, I do not think this "FD Grabbing" by the banks now are actually good in the long run. Yes, it may benefit consumers like us, but this is unhealthy as the banks themselves will have to offset the interests by being stricter in giving out loans and higher loan interests for loans. Loan to deposit ratio generally goes up across recently which is widely reported in the news media, not something surprise situation.This also shows that the banks are somehow low on cash reserves and hence the need to grab as much cash as possible. FD grabbing won't last forever, that's why banks run promotion FD instead raise their board rate to attract fund. As using promotion method, they can limit how much the want to grab fund through higher rate, and a lot of time, banks do state once reach x limit of deposit, the promotion ceased etc. which signalled that. Also, due to new Basel III in the pipeline, some banks may need to get more long term deposit to meet the new banking standard. |
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Jan 3 2016, 10:48 PM
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#20
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25,802 posts Joined: Jan 2003 From: Penang
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QUOTE(TOMEI-R @ Jan 3 2016, 10:34 PM) Bro.. if you could read in Chinese. Not that serious as the headline...Im also banana.  Loan to deposit ratio for banks generally run at 80~90%, but recently the number breached 90%. Both deposit and loan still growing, just the pace of deposit rising cannot match with loan growth. Deposit growth recently is about 5%, while loan growth is about 9%. So deposit cannot catch up the loan given out. While Basel III requirement for banks means the treatment of accounting issue prompt banks to attract more deposit as well. It was reported in the news before. http://www.thestar.com.my/business/busines...sits/?style=biz |
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