Unlikely. Bank just have to bite the bullet for the mistakes they make.

Unlikely. Bank just have to bite the bullet for the mistakes they make.

I only state what has been done. If crossing state borders help, please do it if worth time/effort !

Received sms from OCBC

Grow your deposit with an exclusive 3.80% pa for a 6 month FD. Call RM for T&C and other info. Valid 1-30 Sept 2016.

would prefer to opt for the OCBC 360 account...
Complete 3 tasks per mth, and get interest of 4.1% p.a.

1. Save - save RM500 per month into the account
2. Pay - pay online for 3 bills
3. Spend - use OCBC to spend RM500 per mth

the banker go to my office to explain and sign up... They will bring along the IC scanner... No need to go OCBC branch...

Since you are newbie,

For personal loan and hire purchase, bank quote you interest rate, known as flat interest rate or academically known as simple interest rate. For housing loan, bank quote you interest rate known as effective interest rate (EIR) or sometimes I see being described as effective annual rate (EAR). For this purpose, I call it effective rate. EIR is the actual rate applied to you. You use this to compare to your returns from FD.

The analogy is like saying something is 3 feet long and 1 metre long. You must convert them into same ‘unit’ to know which is longer (or shorter). Similarly. Your must convert the flat interest rate into EIR to compare.

So for 3.99% p.a. for 1 year, the EIR is actually 7.29% p.a. So this is actually obviously higher than your FD. So no, please don’t take the personal loan to place in FD.

As for the maths behind it, I think we skip it for now. Yes, no doubt the interest is still just RM399 per year, but the maths will tell you the rate you are being charged is 7.29%. reason being bank should charge you lesser interest as you pay off your loan, but it doesn’t happen in this case. So for now, ignore the maths, know the difference. Use calculators provided (use the link I have given). We are not in the age where we calculate on our own.

https://loanstreet.com.my/calculator/flat-t...rest-calculator
hello, please do not misled others. read my comments above.
FPX is just another method of payment/transfer. nothing fishy about it. I believe, HLB is doing it to ensure fresh fund, although i still think easily manipulated.

It's just that you are not familiar with FPX. FYI, GIRO and instant is also under BNM. 

The effective rate will be around 7, Your "investment" better be earn more than that.
Just make sure that you remember to pay the 5% every month, and clear the remaining balance at 6th month,
else they may charge you 18%!
yes
Bring cash along then, its untraceable

2&3 using OCBC credit card?

I was surprised the first time I heard it. Last time I have one FD promo with RHB for 6 mths 7.8% with ASNB VP funds.

But confirmed true on Wed, 2 days ago. I also opened 3 FP funds there. I am sure some other branch of Affin is doing the same thing. 

Aside guys those fd expire on 15th sept , any new promo? lol

bulde only with vp rite?
FP hard to get...
Aside guys those fd expire on 15th sept , any new promo? lol

noob question, what's fp?

would prefer to opt for the OCBC 360 account...
Complete 3 tasks per mth, and get interest of 4.1% p.a.

1. Save - save RM500 per month into the account
2. Pay - pay online for 3 bills
3. Spend - use OCBC to spend RM500 per mth

the banker go to my office to explain and sign up... They will bring along the IC scanner... No need to go OCBC branch...

this is interesting, so i guess the main thing here is our understanding on flat rate and effective rate.

would you care to elaborate more the proper understanding to look at these 2 terms?

Pay 3 bills can be the same biller or must be different biller?

as of today 3pm, Affin FD promo ended. I missed the boat as I was there only 3.30pm. Therefore put CIMB