My SCB FD matures on Sunday and the next day Monday is a public holiday. How do I go about this to get the interest for the 2 days?

I was about to ask the same question as my HLB FD due on 6/7 and it'll be 2 days Hari Raya PH. Presumably bank will reopen on 8/7.

thanks man ... i certainly missed out a lot hahahaha but it's all good lah. I just moved to HLB 4.3 % for 6 mths just so i got flexibility if bnm & or local banks decide to offer higher rates after yellen does her thing in 2 weeks. I'm thinking also if rates do go up, i'll just not rollover some pbb 6+6s ie pull out after the 1st 6 lah

see how & keep fingers crossed 

I called the call centre for definition of fresh fund. Accordingly, fresh fund could be a source of fund from our maybank saving / current account, even the fund is uplifted from our existing EFD and placed into this promo FD. The only thing is do not uplift today and place it today. Have to wait after 1 or 2 days.
Although this was what explained by the CS, I am still doubtful especially when I probe the CS that uplift of existing Efd in Maybank to savings account and subsequently (not same day) place it under 12 months conventional Efd is defined as fresh fund.
Anybody can confirm on this?
In addition, is there anyway to check what is the rate we having? Like in those certificate FD, the rate is clearly stated.
This one is like unless till end of the 12th month, you never know whether you get 4.27%. But then if till end of the 12th month only know not getting 4.27%, then wasted the effort now, isn't it?
Thanks

What I don't understand is, what if the FD with 1-mth tenures, have been there renewed automatically for a year... So should it or should it not be eligible?
https://www.pbebank.com/pdf/Banking/pbeFD001eng.aspx
Source

The story illustrates the question of good days since people did not understand that the main idea was to avoid bad days at the end of the month. This is becuz somebody got the wrong idea that I was talking about specific good days, wanted to know why I am not answering clearly whether there was such a thing as a good day. The answer is:-  Depends on which date, how long, when the step rates change following your effective date and the maturity date. Is it relevant? Yes and No, depending on how efficient holding funds are handled.  Most times the required principal will take some time to be collected into some temporary holding place like Maybank GIA-i or in very short term instruments, so the loss is minimised. This is what is considered sweep and scrape. Not withdraw the money and keep in a bag to carry to the bank on an extra good day.

The story is useful only for kiasu people and high net worth individuals. However, if funds just happen to be available then, it is up to the individual to calculate whether it makes sense to wait. For most depositors, their promo amounts will be at least 10k or about 500 time less than in the story and so the amount is small and not worth bothering about. The question of losing money while waiting is simply becuz the money is not properly kept in a higher yielding place or there are no fresh income flow.

Think of the future and how many promos you will miss out if you do not adjust your maturity dates to earlier in the month. Don't think short term, don't think about reacting to now. Be pro active and put your house in order.
Start with making sure your new placements are scheduled earlier in the month. Do not wait, any date before last week of the month is okay and good.

aeiou228

This is the usual problems faced by normal people due to the way banks operate now. This is the old fashion way to do things. Long ago already worked out solution but never tell people. There is a way to transfer big amounts cheap, fast and easy. It is explained in my post Jul 1 2016, 12:38 PM about how I do it. You can also set up your own system if you need to. That MBB eGIA-i thing is eFD so never go there again. Last time like office boy, jalan here and there. Now use internet. You can even instruct bank to do FD without going there and you jalan, sign and pickup printed cert without waiting later at your convenience. If big customer, Bank Rakyat will even come to house/office to do FD things for HNWI.

sandkoh
good points esp number 2. notworthy.gif notworthy.gif transfer limit 10k, 30k, 50k per day depending on banks. lose interest if got to transfer few times/days.

Usually you can adjust the normal default transfer limit on the ATM or internet much higher. If scared, can readjust back down to lowest value which is the default transfer limit after you done your big transfers. If got check account even easier for gigantic amounts.

Maybank has been around for some time and had introduced new types of accounts over the years. Sometimes there is some aspect in a new account that is supposed to be better (well at least according to the staff), so ended up with more accounts.
These accounts can be linked together with the advantage of free instant transfer of any amount within the own accounts. Luckily, I had not bothered to terminate the not so attractive accounts while I tested out the claims of the superiority of the new account.
Hence, bigger sums beyond the transfer limit can be transfered cheaply, instantly and conveniently to other banks by first transferring to the Maybank accounts and then IBFT out to the target bank where you need a SA or CA. All these can be done at your internet connection. For promos, inconveniently, still need to go to the bank to place the FD. This is good enuf as long as our total transfer daily limit of all the accounts is adequate for the placement. Otherwise have to do it another day to add on.
The other way is to write a personal cheque in your name after transferring to the current account for the big sum. This cost a bit more, but there is flexibility in case you need to change bank. This will do for most banks as FD cert issued valid subject to cheque clearing, except some odd cases - effective date still on day of placement, but come back for cert after cheque clearing, or worst case - effective on clearing and collect then.

Just replying you, though maybe considered off topic by thread owner Ah Siang as it is NOT FD FACTS, but sharing how to work around things in bank transfers and FD operations.

I assume you are familiar with Maybank M2u top transfer limit is only 30k to accounts outside Maybank. Say you have 210k in eGIA-i but at 7 placements of 30k each. You can uplift 30k with interest to each of the 7 accounts for IBFT out a total of 210k. Alternatively, if not already set-up like this, you need to uplift whatever into one of the accounts, and then use Own accounts transfer to shift 30 k into the various accounts (unlimited amount between Own Linked accounts). This method is adequate for most of us.

You can do it even cheaper using IBG if can get up to do it. IBG before 5 am - arrive by 11am. IBG 5-8 am - arrive by 2 pm.

Maybank introduced and promoted many different type of accounts, and I was attracted to open quite a number over many years. Later I realised that each of those accounts could be used for IBFT transfers whenever it was confirmed by the bank that the FD can be placed.

6) The maximum you can transfer in any day is the sum of all the transfer limits you set for each live account subject to adequate funds.

To transfer 210,000 only need 11x7 = 77 sen cost for IBG but 53x7 = RM 3.71 for IBFT. For me, IBG is good enuf because I will only show up at the bank just near 11 am or at 2 pm on the same day to do paper work for the FD.

Different banks may work differently as there is no standard.

The limit for each account does not change up from say 50 k to 200k if you have 4 accounts. Do you understand that you have to transfer 50 k each from each account, meaning 4 transactions and not 1 giant IBG/IBFT transaction.

Experienced with one bank separate IBG and IBFT limit one, so totally combined limit can be transferred become 50K+30K.

Please check the t&c for al Rahji fd. The last fd I put, they require me to uplift exactly on the same day of maturity. Else there will be a  1% penalty if you plan to uplift few days later. Not a problem if you monitor diligently.

Other than that no issue with this bank as not many ppl and hence service is better.

Please refer to cherroy post July 4, 2016, 01:53 PM. She also did it. Why can't you?

Each bank has its own product range and their own rules. Frankly some banks are better, and some a lot worse. You can read it from the complaints. Please ask your bank what you can do and cannot do. If the answer is not so nice, you can change to a better bank.

Not all banks systems  are the same, some are more stringent and may impose more restrictions. That is the banks right - that is why I stated you need to understand your bank. It is not that it is faulty or excuses, it was made like that for my  bank.

Things can be delayed because sometimes the TAC only arrives later, that is why it is not advisable to do things in one login session, by which time the security aspect may already disconnect your login.

FYI, I was also in the computer field and one of the pioneers of computerisation in Malaysia before my retirement. I am more than qualified from work experience to speak about  computer staff and so called top foreign and local  experts and consultants, computer systems and their running. Usually there is some kind of need to go thru various servers and different storage devices.  But I was not in the banking line.

Tip- If OK, place FD Friday 9 September 2016 using high interest bearing cheque account. Extra from account and from more interest paying days. Only for those interested in getting more money using FD.

Things are supposed to work better, faster in general but sometimes it turns out slower than promised. It is just your luck how efficient the bank process your cheque, or whether they held back for some reason like verification or checking background of customer (see posts on Bangkok Bank). Normally can see when the cheque is cleared - sometimes the charge and gst first, sometimes later on the internet banking.
Once, Ambank at Medan Pasar offered a good rate which I immediately  took unprepared. They were so fast like you said, they already processed the cheque even when I told them I was going over to Maybank nearby  to transfer the money to my ordinary cheque acct which they say no problem. I could see that my transfer came later to cover back in both the internet and paper statement later than the debit for the cheque. Not many banks are so efficient or maybe it is because they want to rush it as it was nearing their cutoff time, besides not having a crowd, and I asked them whether they can do it if I write a chq, rush over to Maybank and come back to collect the FD cert. The human factor is what is meant by creating your own luck like hoping that the bank does not operate at normal speed before holidays. It is OK to praise a bank like Ambank, but should not mention banks that are slower especially when I am not complaining.

Did online termination for last week matured OCBC FD. But daily transfer limit max 10k, have to transfer out few times ! 

Why can't OCBC increase it to 50k like some other banks ! 

Just to share - called my RM in Alrahji branch - PJ new town,

50k - 4.05%
200k - 4.15%

12 months tenure

Thanks for the info, but I don't think I can make it for today

Naik the boat at the very last minutes. You will be enjoying looking at the slip which printed 4.4% as this will become history.....

hi, a little help, please. i'm sorry but i don't really understand these things. i'd like to check about fds at bsn. i opened one a few months ago when they had their promotional rate. is it still considered "locked in" or will the rates be revised? (i read about bsn not being pidm protected, don't know what that means  , and on the first page of this thread it says islamic banks' profit rates can't be guaranteed?    ) sorry, if this is confusing, as i don't know enough to ask it better. hope it makes sense. thanks a lot!

maybank gia dropped to 3.75℅