Sorry for asking this silly question, but I appreciate help from FD experts like you all, to clear my doubt.

I have an Affin FD (Interest Rate: 4.33 %) which will mature tomorrow. Boy, we sure miss the days when the FD interest rate are around 4.6 %.

Principle: RM 10000.00
FD Duration: 15 months (from 9 June 2015 to 9 September 2016)


1) Is 9 June 2015 counted as one day for calculating the FD interest?

2) Is 9 September 2016 counted as one day for calculating the FD interest?

3) In this case, 15 months means 458 days.

Total Interest Gained = RM 10000.00 x 4.33 % x 458 / 365 = RM 543.33.

Is my method for calculating the FD interest correct?

Thank you for the help.

This post has been edited by kart: Sep 8 2016, 10:28 PM

cklimm

If I count both 9 June 2015 and 9 September 2016, the FD duration would be 459 days.

Total Interest Gained = RM 10000.00 x 4.33 % x 459 / 365 = RM 544.51.

That is why I am confused whether I should count both 9 June 2015 and 9 September 2016 or not.

Thanks for the explanation.

The actual interest credited in my Affin SA is RM 543.32. Well, I am not a cheapskate and claim 1 cent from Affin Bank, as the bank may claim it as a rounding error.

How did you know beforehand that the bank's actual credited interest is actually 1 cent less than the interest I calculated?

Not really. I am just an Average Joe. And, RM 1 is not so useful these days.

For me, I just want to learn from your all FD experts, on the proper way to calculate the FD interest, so that I get the FD interest I deserve.

This post has been edited by kart: Sep 9 2016, 10:22 AM

Before 1 November 2016, I assume that you have 3 saving accounts with Ambank.
- True Savers Account
- True Transact Account
- Basic Saving Account

On 1 November 2016, you just linked True Debit MasterCard to your Basic Saving Account, without closing your True saving accounts, right?

Smart. You can avoid paying for the annual fee for True Debit MasterCard.

So, did you cancel Ambank normal debit card for Basic Saving Account (not the True Debit MasterCard)?

This post has been edited by kart: Nov 4 2016, 05:29 AM

^
As you all said, the maximum amount for each FPX transaction is RM 30k. But, it appears that we can perform possibly unlimited FPX transactions per day, as shown in chrisoth80's RM 500k multiple FD placements.

In a way, in terms of maximum amount of money that can be transferred per day, FPX is better than IBG and IBFT.

If we can tolerate the inconvenience of making multiple placements, Hong Leong 4.15% FD is the best.