Actually, depositors are their customers as well. Without deposits, banks cannot give out loans and thus cannot earn income. To grow their loan book, they need to either get more deposits or raise capital from shareholders.

Actually, I also want to ask this question.

In the case of 1 month eFD, if make a placement on 01/01/2016, I can make upliftment on 01/02/2016 straightaway online. But, if over the counter FD, I can only uplift on 02/02/2016?

This post has been edited by ZeaXG: Feb 26 2016, 05:07 PM

Last time cimb efd only can uplift next day. Only recently they allow to uplift same day

It was mentioned that the teller did try to perform the withdrawal (probably with full interest matured withdrawal and not the prematured withdrawal) but the system doesn't permit that.
It was also mentioned that there is a new directive.
So better watch out and find out which local bank is this.
So far, I have not come across any local bank asking me to come back one day after FD maturity due date.

This post has been edited by aeiou228: Feb 26 2016, 05:34 PM

For the sake of discussion, If you shorten the FD tenure to 1 day, then we can see things more clearly.
Say today 26th you make a 1 day FD placement, then the maturity date shall be on 27th. Therefore by hook or by crook, on 27th you can withdraw the FD with 1 day interest.

Note:Assuming 27th is a banking day.

This post has been edited by aeiou228: Feb 26 2016, 05:30 PM

I just experienced similar incident few weeks ago, and I insisted to see the officer, manager regarding (come back tomorrow due to system didn't allow to withdraw, did not know what was the reason as stated by the cashier).

After a few round of complaint, the officer was in and out few round the office and refer to their manager may be and may overwriting the computer earmarked situation, (exact reason, they did not want to explain) and let me to withdraw later on, and they just explained due to system glitch.

I told the officer, if they do not allow to withdraw the FD at maturity day let say 1st of the month, then they should print the maturity on next day aka 2nd, instead of 1st.
It makes no sense for customer to withdraw money on the maturity date.

So which part of the balance sheet will it appear? Assets or Liabilities?

Eagerly anticipating answer.

Which bank ?

Yup, interested to know which bank too so that can be extra cautious. I will demand a compensation if I need to come the next day.

Talking about maturity date - if it is conventional FD, one can withdraw on the actual date. However for some Islamic so called "Fixed Deposit" or Term Deposit-i, I think it was mentioned before that one can only withdraw it the next day after so called maturity date printed on the receipt/cert.

my hsbc fd experience (dec/15), could not redeem the fd on the maturity date. had to go next day again.

affin, hlb, pb, ocbc, uob - can redeem on the maturity date.

however, I didn't reconfirm those interest amounts paid. should be no 1day interest short gua.

one day interest for a few thousand, lets say 5k is around +-50 sen,
I am utterly sorry for her lost.

As for me, it is more of a hassle because I normally take annual leave based on my FD maturity dates even though I am on flexi working hours. So if new system said next day, they better print it clearly on the cert.

lol while her lost is minimal, it does impact your RM1 mil FD if you happened to deposit at that particular bank.

So far for Islamic FD, TD-i, I did not encounter this issue from BR, HL, KFH, MBB etc. Still same maturity day/date to withdraw FD.

Only problem is with CIMB eFD which can only terminate one day after maturity date. But someone mentioned that this was rectified recently.

This post has been edited by bbgoat: Feb 26 2016, 08:29 PM

My experience was with conventional FD promo one.
It is a popular and one of largest local bank.

Have several similar FD with them, only the particular FD cert experience this, while others no issue at all.

The FD interest was credited in CASA account already in the early morning of the maturity date.
Interest already given, yet principal was held. It doesn't make sense, either the cashier or officer was not competent or system glitch, this I cannot guess already.

Wiseman say.. "Penny wise, pound foolish".

This post has been edited by TOMEI-R: Feb 26 2016, 09:52 PM

The clue shorten the list to Maybank, Pbb, CIMB.
Let's guess, CIMB ?

Customer deposits sit in Liabilities

Did you manage to get a deadlin on both promo? When I was there, was too rush to ask about it.

Yes, coincidentally I went to mbb ap on Thursday, was told 2 promos available. Looks like best promo right now is 4.45% 12 months rhb.

rite on ................

bsn 4.5% if u dun mind the time spent. br for 4.55% 2 yrs if u dun care about pidm.

oh ya, epf self contribution.

This post has been edited by yygo: Feb 27 2016, 10:03 AM