Placed a Maybank CNY 4+4 FD during Feb and received it two days ago.

I was shocked as it does not rolled to second 4 months for higher interested.

I called the branch I made the FD and the person in charge replied that because during the application, I ticked the "Principal to be deposit into account" option, and thus it will not be renew to the next 4 months.

I did not know that ticking this option will make my FD to be stopped at the end of the first 4 months. Obviously I would not tick it if I know the consequence, since the purpose of my placement is to earn the second 4 months high interest.

Feel unfair and disappointed. Now I need to take leave and go other bank to make FD...

PIC in branch said she can't do anything, and there is no point for me yelling at her. I have filed a complain through maybank2u and let see how it goes. My previous experience with maybank2u CS is they replied within 2-3 working days. If no action were taken, I will have to take the last move which is complain to BNM.

For me, I think that Maybank internally should be the one who take the responsibility, as the policies does not stated clearly. It seems like Maybank does not fixed the rules clearly. Of cause the branch staff is also the one to be blamed for not giving the right instruction.

I mean, surely 99.99% of the people who applied this FD is because of it's second 4 months high interest, there is really no point for them to offer an option that would cause the FD failed to renew to the next 4 months.

Last time when I made the step-up FD in public bank, they mentioned that this FD can't set to "Principal to be deposit back to account at the end of tenure". I was curious about this rules as it is so mafan that I have to come back again at the end of the tenure to withdraw the money. Now it is explained

This is sort of a disadvantage compared to non-step-up FD

This post has been edited by sushix: Jun 3 2016, 02:18 PM

The cert is saying disposal of principal sum back to my account, I have no doubt on that, since I am the one who is asking them to do so. The point I wanted to make is that they should consult me on the FD will fail to renew during the application but not after I called them and complain.

I am not a bank expert, so do not tell me to be "smart" or whatever it is common sense that by having the "disposal of principal sum back to my saving account", it will definitely not going to be renewed.