Saving plan is not saving account.

Saving plan is a type of endowment insurance. It is a long term commitment.
By participating into saving plan (insurance), you are bound to pay the premium for many years, typically 6,9,15 or more years duration (depended on the tenure of the plan)

So ensure what is saving plan first before committing , as once commit, no turning back unless premature surrender the plan which one stands a chance to lose significant part of premium paid, especially it is at early stage.

1. It is almost impossible to have all the bank go under.
If all banks go under, no more economy activity already.

2. PIDM is gov agency, not ordinary insurance company, so whether PIDM has collected enough insurance "premium" from banks to cover every account or not is not an major issue.

3. It is one type of scheme of protection/insurance set up by gov, instead if a bank goes under, all deposit (by law/theory) can be gone. That's the intention of PIDM.

The scheme is to assure depositors' 250K won't be gone, if worst to worst situation happened to a bank.
How PIDM or gov get the 250k is another story.

Somemore, under Basel III, the CET1 ratio or capital adequate ratio will be more stringent compared to past.
So banks generally are more well capitalised as compared which reduce the risk of banks go under in an economy downturn.

It doesn't make sense.
You lose more than gain.

It may end up penny wise but pound foolish.

I find it hassle need to do FPX for the online placement.

Last year at that time, liquidity was tighter hence banks need to offer better FD rate to attract deposit.

Since after that BNM lowering down the SRR frm 4% to 3.5%, whereby banks have extra a few ten of billion, promo deposit rate start to trend down, couple with July OPR cut of 0.25%, which sent promo FD rate now to below 4%.

Banks won't "suddenly" reduce rate one simply, they have their own reason.

Economy data, financial data (loan growth rate, LDR etc ) BNM policy are providing indicator how FD rate is heading.




This post has been edited by cherroy: Sep 8 2016, 02:11 PM

Please do not deviate too much from FD issue.

Ty.

You need to invest in "Silk Series" structured investment, before can enjoy the FD rate as published.

The posted image is not a pure FD offering, but a investment bundled.

Klibor structured investment, is a structured product.
It is not a FD.

Klibor = Kuala Lumpur Interbank rate.

It is the interest rate for interbank borrowing, which fluctuate based on market liquidity and BNM's OPR.

If the Klibor is behaving within the structured product "prediction" (as in the clause of the structured product), you get paid that interest rate or return as the structured stated.
While if Klibor is behaving out of range, you may get zero interest, but you will get back the capital (capital guaranteed generally) when it matured (if it is 5 years, then you need to wait for 5 years, but you may get zero interest for 5 years if the Klibor move out of range.

Please be reminded, it is not a FD, so if interested further can open up a new specific topic talk on Klibor structured investment, so that we don't deviate from this FD topic.

GIA-i is not an ordinary "investment"

GIA-i is a islamic banking version of deposit that similar to conventional FD.

Islamic banking concept is profit sharing and non-guaranteed.
That's why in islamic deposit, interest rate term is not used, but profit sharing.
While islamic banking itself doesn't have guaranteed feature, and that's why it is not PIDM guaranteed.

Sorry my bad, I take back my word on previous post.
Thank you for the correction.

I think this link give good explanation on GIA-i
http://ringgitstretch.blogspot.my/2016/03/...nt-i-gia-i.html

GIA-i is not ordinary "investment" like UT, just a way of deposit that you give money to bank so that bank can lend out the money at a loan rate, which in return, the profit is shared between

Quite similar to conventional banking, whereby we put money in FD, then the bank will lend it out to borrowers.

Different is in concept of profit sharing, vs fixed interest rate.

Please be reminded to use multi-quote function, as lately we have a number similar issues on this.

Thank you.

For the HL e-FD promo, it is clearly stated in the T&C that available time is from 6am-11pm

You need FPX transfer from other bank ac to place the 4.15% FD offered.

Mine one appears immediately after the FPX transfer being done successfully.

Yup, I did it in the early morning before 8am.

Guess may be after office hour, server become more busy or more FD fans are logging in, as even here also got so many forumers made E placement to take the 4.15% offer.

Until 11pm.

No, you can't do with transfer money from your own HL a/c, be it saving or current a/c.

You must perform FPX, whereby when you submitted the application for promo FD placement, the HL site will redirect to Myclear (FPX), then into your other source bank log in page.
You log in using the other bank online account, then everything already filled up after your log in, then just proceed/submit the FPX transaction.

Summary

1. Log in HL Connect
2. Apply for E-FD placement, fill in the source bank of FPX
3. After submitted, automatically being redirected to the source bank online page.
4. Log in the source bank (your username/password with source bank), proceed/submit.
5. HL site will detect the FPX, and acknowledgement page coming out, one can opt to print acknowledgement receipt (it is not a FD receipt, just shows FPX is done at what time, from where to where and successfully)

Generally, it won't be more than 0.1 or 0.05% subjected to different bank with different bank manager discretion.