Hi guys!
Got a small question, I got some extra funds parked at SG account. Thinking to put in Malaysia FD since it offers better rates, as I needed the money in next year perhaps.

How does the process of opening a FD account?
Do I need to carry let's say 30k cash to the bank? because I don't have an existing account for let's say RHB.

I'm thinking to put into PublicBank, since I had an account there. So the procedure is to transfer funds to my SA first, then I visit the branch to open a FD?

Thanks!

http://www.thestar.com.my/opinion/letters/...-is-ridiculous/
Friday, 26 February 2016
Midnight withdrawal ruling is ridiculous

 
I HAD two fixed deposit certificates with a local bank, bearing the due date of Feb 23.

On the due date, I went to the bank in the morning to withdraw my money.

The teller struggled for a while unable to execute the withdrawal.

Then an officer said there is a new directive from headquarters.

Withdrawals can only be executed at midnight on the due date.

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.

For him, why would Mr. Lim put in @ 3.9% when he can get RM400k if he can place @ 4%. Is RM10,000 / 12 months = RM833 extra per month not worth it? Well, I can answer him on your behalf. It is because for Mr. Lim who has RM10 mil, RM833 p/m is not critical to his survival nor will it make him much richer.

Unfortunately, this is something that he will never comprehend. Because he isn't where Mr. Lim is yet.

It's the same why some won't understand why I would buy a car for cash instead of taking loan. They think the cash can be used to get >4% FD and pay off hire purchase interest at 2.x-3.x% and pocket the difference. They do not understand the feeling of being debt free from housing or car or any loan. It's like having wings every month without any commitments tying me down. The freedom and reduced stress for me is absolute, as you so put it. But all he would see is, the little gains he could get by trying to make the most of the money available.

*sorry off topic guys*

i see the charge is also RM5, same as bank cheque. any advantage of rentas over bank cheque? as far as i can see both need to be done over the counter.

You have to be in person at the counter or a call over the phone will do? Will they pay you on the spot?
Just got to know from LYN that one could request the interest for weekend to be paid if the maturity date falls on a weekend.. Well I wonder if I still can claim back the weekend interest for a FD which matured last year on a weekend which I have uplifted it last year..

Well, I don't think other banks will follow suit with UOB. Note that UOB came out with this 4.5% only short while ago, until end of March. This was after ALL banks have ceased their 4.5% 1 year promo. So it could be UOB in need of funds ?

But the trend is not encouraging. BR is also ending their 2 years 4.55% by end of March. 
Received call from BR. One year 4.5% with monthly interest approved. 

it's confirmed. I went to Menara UOB just now.
FD 4.5% 12 months

the banker also say if put into bond 1:1 with FD, FD can get up to 4.9% pa
bond is 3 years with past record of 20++% return in 3 years.

I'm just sayin, UOB offer up to 4.9% pa for FD, if you willing to put 1:1 amount on their bonds.

I'm not sure I want to put in bonds or not. haven't put my money in UOB yet because i didnt bring enough document.
The banker show me the bonds are mainly triple Bs from energy and real estate companies.
but bonds are the lowest risk securities right?

Not enough for PB .. 

UOB only took me 3 mins from the point of me entering the bank till I walked out. Impressed it took that fast or unimpressed that they have so little customer. Depends on which side of the coin some like to look at.

This brings me a point where I don't understand why banks are still insisting on counter fd while the technology is there for efd? This counter ransactions overhead is probably lose-lose for both parties.

Question regarding ocbc 15month fd. It's not mentioned anywhere that I need a savings account. However I rmb reading in here that for fd above 12 months, i'm receiving interest every 6months. So, I do need a savings acct with them?

sirs, i think first 6 mth they cannot change it once started. by next 6 mth if opr change, before the start of the second 6 mth fd 4.5%, they could change it. that is the intention of that clause. do u agree?

2 Save and except for the promotional interest / profit rates stated in Clause
4.1 above which are fixed for the tenure of this Campaign,

Australia cut interest rate from2 to1.75

Malaysia will ? Cut or remain ?

Looks like my 5% is slim chance almost goner liao

!
Some experts has been saying after Q2, so soon ? 

I am hoping at least OPR stay for a while, better still an increase in OPR !
Bad for me. Double blow, FD rate down and USD exchange rate UP ! 

Wow.. suddenly see my name summon here.

Looks like my vision of 5% still got some practical chances of success in 2016.. hehehehe

If By June Fed raise rate, then my vision will be closer.

OPR is decided by BNM. The decision to raise or lower the OPR, domestically, it depends on the economy growth GDP, the inflation rate CPI, the exchange rate stability, globally it depends on FED policy on raising the interest rate or not. If US does increase the rate, there will be hot money flowing into US, Malaysia ringgit is going to depreciate further. BNM may need to raise the interest rate to counter the outflow. However, with slowing economic growth, projected to be 4 to 4.2%, raising the interest rate will further slowing down the economic growth. The new boss of BNM may look at things differently from Tan Sri Zeti.
A few of the members here are looking at the macro economic changes domestically and globally and monitor the interest rate. A few banks provide FD promotions are for their strategic and operations needs, has nothing much to do with the monetary policy