can explain what that means in layman language?

please? TQIA

It is for SA. There was a thread discussing about it, now I cannot find it. Search it and see. I think @aeiou228 started it.

https://www.pbebank.com/Personal-Banking/Pr...ers-Reward.aspx

Anyway, this is OT as we talk FD here.

This post has been edited by bbgoat: Jun 5 2016, 09:02 AM

Hi Guys,

I'm pretty hopeless and pathetic when it comes to managing my own finances. I can scrape out RM500-600/ month (and assume yearly incremental of 10%<) for FD. Looking for long-term, however upon doing much reading - there's just too much information available, and some of it doesn't quite make sense to me. I'm not a finance person

I had stumbled upon this post on LYN: https://forum.lowyat.net/uploads/attach-44/...-1462941010.jpg

It caught my attention. Is there a FD plan I can take long-term? 25-30 years maybe? Where I just put in RM500++ a month?

If it matters, I only have a CIMB savings account & CC.

Please guide me sifus

as far as I know, the longest one time renewal FD is 5 years. You can rollover thereafter. Sikit sikit lama jadi bukit.

You mean FD limit is usually 5 years, after which will auto-renew or I'll have to open another FD again?
My financial management quite bad lol

26 y/o, no investment, savings account is the same account my salary gets banked in and I withdraw from.
I need this to change. I understand FD is the safest way, but also the slowest? Time is not an issue, as long as 20-30 years from not I have something to live with

Put 5 years FD but you cannot add-on every year. Once put, money is locked up. Put and forget. After 5 years, remove and add it in again. Make sure to ask for promo rate

Another option is wait until have rm1k. Put into maybank eGIA-i. Select 2 months. After 1 month, uplift. Add your new rm500 to your rm1k + 1 month interest into a new eGIA-i. Do that until you have rm10k. Then go for promo rates. After 1 year, withdraw and look for promo rates.

Alternatively you could into EPF (max rm60k/year). Epf returns are higher than any FDs. You can add in every month. No need to run to the bank eveey year (can be done via online - not sure if cimb can do it) EPF is OT ya.

Keep in mind that FD cannot outrun inflation. However FD is the basic. Once have 6months - 1 year of salary in FD, dont put FD anymore. Go look for other stuff.

This post has been edited by Ramjade: Jun 5 2016, 12:32 PM

Oh, okay this is new to me. I didn't know I cannot add whenever I wish into FD. This is going to be an issue, since I don't have a capital to begin with.

Maybank eGIA-i sounds good - I will look into this.
What do you mean by promo rates btw?

As for EPF, you mean I can deposit any further amount (after salary deduction) into my account? Is the 60k/ year inclusive of the already existing salary deduction or is it on top of that? And what's OT?

Thank you!

I am not very sure about self contribution but can try. No harm. Scared give you wrong answer. OT = off topic.
Ask ypur epf question in this thread.
https://forum.lowyat.net/topic/2705461

This post has been edited by Ramjade: Jun 5 2016, 12:58 PM

U can deposit up to RM60k pa in addition to your mthly statutory contribution

the 60k/year did not include the existing salary deductions. OT = off topic

The promotional interest rate offered by banks from time to time in which higher than the board rate (i.e. the default rate given). The min requirement to get the promo rate usually starting from RM10k. Do look into the first page for more info.

Today still receive the MBB GIA-i 4% payout for the 8th month. Interesting to see if they would remember to credit the add'l 0.5% the coming days without me having to "remind" them.

This post has been edited by bbgoat: Jun 5 2016, 01:23 PM

Great! Thanks for all the info guys, I'll check them out accordingly.
Will be back if I need more advice

dude, i begin to worry about my efd with Mbb, what if they don't step up the rate as the plan read?

can't they set the system to pay 4.5% extra work to remind them everytime

Hahaha, u just have to wait until the step-up time !

Have explained before. They cannot adjust the system. They also do not want the extra work of doing it manually for the next 5 months. Now the branch has to manually do it for me. Bundle of people affected !

Thanks for the link. dun hv that much la & all locked up already

the promo rate for cimb fd still apply? can i do it using e-fd?

Sorry. I total lost update with the gia already. What do you mean by doing manually. I tot is automated step up?

Supposed to be automatic step-up. But due to MBB issue, they used wrong code. So it became normal GIA-i of 4% monthly interest. They admitted this error and have to manually adjust the step-up interest. System unable to change already.

I called EPF in Feb, was told effective this year salaried workers are not allowed to contribute separately. The 60k is meant for self employed.