You are right. For most banks, the standard practice for FD placement above 12 months tenure automatically entitle to half yearly interest. Why above 12 months must pay out interest ? Because the banks quoted FD interest in p.a. and pay out interest precisely as per quoted effective rate. Similar to savings accounts, interest is credited yearly or half yearly.

Banks sometimes offer monthly interest payment for specific FD campaign.

Anyone having issue with RHB eFD FPX option?
I'm getting this error page at the launching of FPX bank (for Affin and HLB) login page.

Luckily you call first. Otherwise you can't get back your "full principal"

Interesting topic.
I think it's perfectly correct for the bank to use 366 days divisor in 2024 leap year.
Take this placement for example:
100k 2 years @ 4% FD, placement date 1st July 2023 to 1st July 2025
184 days using 365 divisor in year 2023 (interest 2,016.43836)
366 days using 366 divisor in year 2024 (interest 4,000)
181 days using 365 divisor in year 2025 (interest 1,983.56164)

Total interest earned RM8000 ( assuming no compounding interest for easy calculation)
Depositor still getting the full 4% interest and the banks don't gain any advantage in leap year too.

I've observed the same behavior too. Can't find any value from all his posts in regards to FD rates. Just echoing on existing postings from others.

If own stay, yes. Dump into the flexi loan ac. But If the property is rented out, then put the money in FD.

Because your failed security question attempt earlier has triggered additional layer of security protection. You have one hour to suspend your account in the event of unauthorized transaction.

I was asked to deposit RM100 for new Al Awfar account.
Please take note that Al Awfar is an investment account, no capital guarantee and no PIDM. Only TDT is under PIDM.

Please don't bangwall, it's an additional security layer to safe guard your hard earned money. Imagine if some one attempting unauthorized withdrawal from your account, at least you still have 12 hours window period to stop it.
To prevent dormancy for multiple not so active CASA accounts, just schedule yearly/half yearly repeat transfer of RM1 to each other.

To quickly get a rough idea of effective rate, take 5.9% x 70%. Ignore the balance 30%.

I'm of the opinion that in a leap year (366 days) there is no such placement date strategy or maths to gain extra ringgit out from the system. In fact we rugi rather than gain.

Say a 365 days (1/1/23 to 1/1/24) placement of 100k @ 4%, we'll get RM4000 interest.
Compare to the same 365 days (1/1/24 to 31/12/24) placement of 100k @ 4%, we'll are getting only RM3,989.07. A short of RM10.93 due to leap year 366 days divisor.

Oldkiasu, kindly correct me if I'm wrong with a simple illustrations like the above instead of a wall of text. Thank you sir for your contribution.

This post has been edited by aeiou228: Jan 22 2024, 01:42 PM

Did the same thing yesterday and this morning. FD maturing next week. Wallop all my OD credit line to lock in the 4.4% first. Today is the last day for 4.4%.

Go HLB rentas out 500k to Maybank then login to hongleong connect to place eFD (fpx from Maybank). Previously can do fpx from mbb multiple times @ 30k each in a day but now I'm not sure if it still can.
Btw, HL connect instant transfer daily limit is 100k.

Instant 100k, IBG also 100k.

Sorry, I thought everyone gets 100k daily limit.
My account type are current account and savings. Didn't sign up priority banking.

Gifts from Bank Islam.


Attached thumbnail(s)

Normal 6mths time deposit.

No need millions can get liao.

If property is receiving rental, put in FD to reduce rental income taxation.
If own stay, put in mortgage, more liquid for your 100k.

New to bank only.
Open HLB wallet account gets 4.7%. cap at 70k.
Valid from 10 June to 7 July.
https://www.hlb.com.my/en/personal-banking/...209164340000766

BI officer advised me do OTC first, don't do Be U for the time being.