As at last visit on 23 August, UOB had promo from 1 August to 30 September 2016 at 10 k minimum fresh fund, 7 mths at 3.85% and 12 mths at 3.95%.

It is 458 days for the calculation, not 459 days. The answer could be 1 sen less than your calculation.

Bangkok Bank was 4.1% for 12 months, but hear it is over and replaced with 3.8% for 5 months and 3.95% for 10 months. Affin still top promo at 15 months at 4.05% for straight FD under package 1, 4.15% for package 2 - with card, and 4.25% for package 3 - with unit trust. Number of other months at different rates may still be available under same promo, but did not reconfirm at Affin. RHB conventional and CMD-i at 4% 10k fresh fund for 12 months under promo from 1 Sep to 31 Oct 2016.

Check whether your interest put directly into your savings account separate from your uplifted principal.

Different banks have different programs for dealing with the last sen of interest. In the case of Affin, it appears that
their program will simply take the final nearest rounded sen and minus 1 sen. In your case, you were rounded up, and they cut 1 sen. In my case, I was rounded down, but they still cut 1 sen. Of course this appears dubious, because Affin should have just truncated i.e. always rounded down to the nearest 1 sen. From this, it appears that, roughly half of all interest calculations from rounding down will be have the depositors penalised 1 sen and the money skimmed off somewhere. The other half (like you this time) won't get any extra from rounding up, but this is not too bad as not expecting bank to pay extra. It is probably just a program way or bug - whether Affin internal auditors knows about it or how it accounts for the difference - who knows??

In the case of Affin Bank, the final amount is not printed for the FD I had, but for Affin Islamic Bank, the final amount is printed on the FD cert. like Bank Rakyat. The total interest to be paid is printed out at UOB and Bangkok Bank.

This post has been edited by Deal Hunter: Sep 9 2016, 01:21 PM

Yes, I did not. 4.1% promo is over.

Telephoned Bangkok Bank on Wednesday 7 Sep. Told 4.1% promo over and replaced with 5 mths 3.80% and 10 mths 3.95%.

Are the special rates for 3, 6, 9 and 12 months at MBSB still running. Thot they were the next best rates when Affin expired offer was around.

Coolstore - Not the best competitive rates at Maybank 4 mth 3.6%, Bangkok 5 mth 3.8% and HLB 6 mth 3.85%. The best deals today for short term straight FD are now at MBSB. Interest paid on maturity. Not to confuse with other usual MBSB promos that have options for interest payments at selected intervals at different but lower rates.
MBSB Quarter Pounder Deal special promotion, minimum 50k fresh fund from 1-9-2016 to 31-12-2016 or meet target amount earlier.
3 months - 3.9%.
6, 9, 12 months tenors all available at 4%.
Conventional and Islamic available at same rates.
The best monthly interest paying is Bank Rakyat at 3.95% for 12 mths for fresh funds ending 31-10-2016 or earlier.

This post has been edited by Deal Hunter: Oct 11 2016, 04:01 PM

Don't think BNM will lower OPR or even change SRR. No boost to housing demand loans or increase in prices, and no effect on exports or investment. Maybe the banks need to collect cheap FD from us to pay off more expensive FD interest of the past? Is the economy so bad that need to lower the loan payments to prevent biz bust which may have the opposite effect instead? Anyway if really got demand for FD and loans, bank will raise FD if not enuf funds. Since banks not raising FD rates, it simply means there is no or small demand, or not approving loans.

Why so interested in banks and PIDM? Why don't you try and ask MBSB for higher rates if you have money? No way MBSB try to demand RM 1 million for 4.1% for 12 months. They have been consistently attractive and competitive on the top side - but need to ask. If your cash flow and money is available, the first place is MBSB.

BR is good for payments of monthly interest without requiring a big principal. So I use it as benchmark for step up and other monthly promos.
MBSB is my benchmark for FD paying interest on maturity for promos and negotiated rates.
Affin is my benchmark for board rates, but I don't layan board rates anymore.
All other banks have to beat them some how to be looked at.

Where got thread for nego rates above the MBSB promo. But you can nego for more than the current top promo rates without getting anywhere close to RM 1 million.

Looks like Prez Donald Trump. What is the effect on direction of FD rates? Any ideas?

Confirmed Prez Donald Trump won US election. Seems that US people on the ground not so keen on cheap loans but more fearful of losing jobs to incoming migrants and factories/jobs going to other countries. Makes sense, people cannot really keep on borrowing or be on dole if no good income - a desperate sense of impending bankruptcy in the economy/system. A simple reflection of the failure of the economics idea of using cheap money ineffectively.

Is the thinking as follows:- Clinton wins -0.25 OPR. Trump wins +0.25 OPR?
But does Trump have the power or even influence to move the OPR at all?
Not in USA - since he probababy cannot say YOU'RE FIRED or even YOU"RE HIRED to the Fed.
Any other country already blink and raise interest rate yet to signal the end of easing policies? Who is the last one to the door?

If BNM thinks a weaker ringgit is still good despite higher imports and outflows, then lower the OPR rate. If BNM thinks a weaker or stronger ringgit has no real impact or speculative consequences, then maintain. If BNM thinks a higher OPR will increase savings and FD rates, support share mkt, lower the price of new properties and increase ratio of cheap vs expensive property projects, then increase. Unfortunately, BNM only likes to talk about fundamentally strong and not about what effects - so am not expecting any startling Nobel prize for Economics views, research or initiative, but just conformity.

This post has been edited by Deal Hunter: Nov 14 2016, 04:23 PM

When OPR or interest rate lowered, it is absurd to suggest that the common majority of people will get loans or credit to spend more on food, or other necessities. The only thing that really happens are that the happy housing developers and car sellers are encouraged to introduce, produce or market more expensive items on the simple idea that the banks will help the well-off clients to pay. On the giant side of things, this simply means the price of infrastructure projects can be upped.
As in USA, the basic idea/argument of lowering OPR is to increase inflation (raise the prices to massage the economic figures) and NOT decrease inflation. When inflation indicators go up, the Fed hopes to increase the rate.
The basic idea is like that, but of course things do not quite work out like the half baked economists/bankers think. For the giants especially in US, the lower rates just means borrow the money and invest in other countries to get the best return.
Of course for a foreign investor, the idea of earning weak ringgit may not be an interesting or safe looking venture regardless of what appetite he has for political or economic management risks.

30,000 x 4.15/100 x 181/365 = 617.383562
181 days for 6 months for placing in month of November 2016.
Divide by 365 days - not 366.
Interest due 617.38 for principal 30,000.

Number of days used in FD calculations depends on the total number of days in different months involved between effective date on the date of placement and maturity date at the last month - not how many days in the month of placement. Number of days also affected by placement on effective date that results in maturity date falling on weekend or holiday and adjusted.

This post has been edited by Deal Hunter: Nov 19 2016, 03:08 AM