you mean gia-i 4.5% campaign? over since jan!

This post has been edited by sandkoh: Jun 6 2016, 08:34 PM

Hi guys i would like to learn how FD works is it like i keep a capital for example 500k so will i get interest of it monthly from the capital?

for FD, the interest earn will be given to you on date of maturity.
you can get monthly interest payable if you put 1 month maturity FD

for more info,...try this
Fixed deposit variants explained
http://www.freemalaysiatoday.com/category/...ants-explained/

or more on google...

This post has been edited by T231H: Jun 6 2016, 08:52 PM

Only bank with monthly interest credited should be Bank Rakyat and MBSB (both no PIDM protection). But there are additional T&C. Best to check with the banks.

some banks with pidm pay monthly interest during fd promo. but have to check during the promo.

The current HLB 6 month FD 4.25% p.a. promo gives monthly interest.

Hi Guys,

So the best promo now is :

(bangkokbank fd promo

12mth - 4.35% ) ?


This post has been edited by Zellwong: Jun 27 2016, 06:20 PM

Usually normal FD are supposed to pay the interest at the end of tenor (period in months or years) on maturity. However some banks have monthly interest payments as an option which you must choose during placement of the FD principal (your capital), subject to certain conditions.
For example, Bank Rakyat requires at least 5k, tenor of 6 months or longer, and an account to credit the interest automatically each month.
Ambank also offers monthly interest for senior depositors. Other banks may offer monthly interest but usually specific to a particular promotion such as HongLeong current offer for seniors (qualifying age is not standard for all banks).

Interest rate may be higher for senior or priority/privilege/private higher worth accounts but need to ask to get it if you qualify.
Usually the banks allow a senior to have a joint account with a younger person/s.

To avoid any confusion, place your FD not later than the 28th of the month, then the interest will always creditted on the same day each month.
Some banks calculate based on 29/365 when a leap month occurs, and 28/365, 30/365 or 31/365 for other months..
Some other banks eg Maybank, will take into consideration leap month and use 366 as divisor.
Alliance Bank however, will divide the total interest due by number of months (promo over).
All the banks will make adjustments to the interest paid due to rounding error for each month.
To avoid confusion, you may place a multiple of RM 365 such as RM 3,650, RM 5,110, RM 7,300, RM 10,950, RM 36,500.

Depending on the promotion, interest can also be paid upfront, at end of each step, quarterly, halfyearly, yearly or on maturity besides monthly.
It is highly advisable to clarify the interest payment on each placement to avoid unpleasant mistakes.

Some banks limit the maximum principal for each placement of their FD offer. An offer may disqualify priority/privilege/private accounts or business.
Some attractive FD promotion offers are only for once a customer account for a certain maximum amount only and for a limited fixed tenor.

To avoid any big losses in interest due to unexpected need to remove (premature uplift) the FD earlier (especially for long term, higher rate FD), it is highly advisable to split up the capital into different FDs.

If you are willing to take the risk that interest rates will not go down and want to take advantage of the best promotion FD deal each month, your FD placements should not be in one big lump FD placement but spread out evenly about one or two months apart with the maturity date somewhere between 17 to 27 of the month.

If the maturity date falls on a weekend or holiday, you should uplift on the first following bank working day. Some banking FD programs will know and already changed the maturity date on the certificate and even print out the total interest due, but there are still banks that need to be asked to check whether it is non-banking day. Some banks will make two credittings for the actual maturity date and for the extra holidays. If you uplift later, you will not get any extra interest. To avoid any problems at banks that do not automatically pay or adjust for the forced holidays, you may try to avoid maturity dates that falls on weekends and holidays by placing on chosen days.

Usually it is not good to place according to the normal board rates as you will lose out a big amount of interest. On maturity, you should remove the principal and interests even if automatically renewed at board rate and place at the best deal for the month which should be known by then.

Most banks require you to go back to the same branch to uplift on maturity. If you lose your FD certificate, you will face some problems and have a penalty/fine deducted. Electronic FD (eFD) avoids this problem as no paper cert is involved. Unfortunately the best rates are not here.

Ambank, Bank Simpanan Nasional and Bank Rakyat allows uplift on maturity at other branches. Please check the current maximum amount (interest plus principal) allowed.

Ambank and UOBM says all computerised and the paper detailing your FD placement need not be shown. Only need to scan your thumbprint and IC. However, be prepared in case your thumbprint cannot be read.

This post has been edited by Deal Hunter: Jun 7 2016, 02:22 PM

Good summary, well written

Btw, currently there are two HongLeong Bank 6 months FD promo gives monthly interest:
For everyone at 4.25% p.a.: 3-month and 6-month FD Promotion
For seniors aged 50 and above at 4.30% p.a.: Senior Savers Flexi FD Promotion

bravo!

br can get monthly interest for fd 6 months or longer, more accurate description

This post has been edited by sandkoh: Jun 7 2016, 10:35 AM

Received my rakyat xclusive welcome pack ie membercard and car sticker. Free gift is a sad looking mug with its logo.

they did not give you xclusive umbrella, towel or even coins? stingy br.

I took BR 4.3% at 12 months last week, couldn't nego higher than this rate

how much min to join xclusive? 300k ?

amount >50k?

yup.

more than double that ammount

though I did get a nice looking diary & pen

This post has been edited by culain99: Jun 7 2016, 02:17 PM

no nego for promo rate, need more amount to get from board rate 4.1%.

Ambank 6 months 4.25%


Attached thumbnail(s)

Nope, this one was mailed to me. I asked my branch, branch said xclusive gifts all handled by HQ not them. My branch is kedekut one.

---
Moved my last FD from SCB, close SA and placed at 12m UOB 4.25%. Straight forward.

Just the mug ? Last time when they just started, I just received the member card. No other things ! Except recently did get some goodies (gold plated coins, towels, golf umbrella) that I have shown here.

I have ended all FD's in SCB. Unlikely to place there unless they have promo's like last year. Now keeping the JustOne CASA acct with total RM2 in there.

This post has been edited by bbgoat: Jun 7 2016, 04:02 PM