If you read in between the lines....more than 500k and the trouble of paperwork issuing multiple RM50k banker cheque

Am bank promo applies to top up as well. Those who placed two years ago at 4.6% and mature now can get waive on the fresh fund rule.

Call RHB customer service, they are fast and efficient based on my experience.

Nothing wrong to ask. I did that on Cimb and i was surprised they really caled HQ for approval.

Am bank 12 months 4.2% ends next Monday.

2007 10k, assuming 4 % interest per year, after 10 years, it is about 15k.

Need to go back to the original bank where the FD was opened and in your case HL bank which "absorbed" that particular Eon bank to find out the status of the FD.

Was the FD auto renewed? The money may have gone to unclaimed money if due to inactivity for certain number of years.

If you are the benefiiciary, not joint account holder, you cant withdraw the money.

The complexity arises on did your mum has a will. If she has, who is the will executor ? Obviously this FD was not included when the lawyer filed to the probate court.
If the bank knew your mum has passed away, they will not release the money to you as it is against the law. The money will go to the will executor who will then distribute the money as per what is wriiten in the will.

This post has been edited by gsc: Oct 7 2017, 01:23 AM

Penang Am bank informed the promo rate 4.2% for 12 months and others extend to 16 Oct. Min 10k. I think Am wants to retain those FD placed two years ago and mature in Oct. Renew and top up can get the promo rate.

I received whatsapp message from their branch last week and today sms on the promo.
Seems it is a nationwide campaign. Surprise a member said not available in KL.

This post has been edited by gsc: Oct 10 2017, 07:05 PM


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Senior citizen get monthly interest, thus need a saving account to deposi the monthly interest

This post has been edited by gsc: Oct 11 2017, 11:48 PM

Am bank promo. Not extra interest but the interest is given on every month instead of on maturity. It may help the senior citizen on the monthly expenses.

Other banks, HL, UOB, CIMB have monthly interest promo as well and it applies to all depositors.

If the FD amount is big, 500k with 4.2% yearly interest, estimated monthly interst is 1750 which can be placed in bank for earning interest.
Assuming saving account interest is 3% ( earlier in Am bank True Saver, Ocbc Easi save?), the actual 4.2% interest is equivalent to 4.3%.

At least with monthly interest, the net interest gain is roughly 0.05%

Joint FD account with senior citizen

This year so far highest is 4.5% for 12 months

It is just a formality asked by UOB and other foreign banks when cash involved is big amount. They just need an answer to record in case bank Negara quiry them. You can tell them own saving.
But if the sources of income is legitimate and expect to have more coming in. Then for tax purpose, i will formally bring in or transfer in from Singapore. Imagine sing dollar 20k for 5 times will be a lot, when you buy asset with this FD, tax board may ask you the sources of money especially if you dont pay any tax in Malaysia.

This post has been edited by gsc: Oct 14 2017, 12:46 AM

When promo ends? Monthly interest? My UOB FD matures this month.

Am bank seems very eager to retain those matured FD placed two years ago. For mature FD, needs to top up 1000 only to enjoy the 4.2% rate.

Paperless? They are using FD cert. This should be removed first.

UOB 4.2% 12 month. Monthly interest. Promo ends 31 Dec.

This should be the best deal till end of year.

This post has been edited by gsc: Oct 17 2017, 04:24 PM

Yes. Am bank allowed renewed without topping up. I didn't mention it coz it may not apply to all customers.

Find out for 100k car loan, after 9 years what is the total interest which you have to pay.
Compare that with the interest earned from 100k FD for 9 years.

This is only a rough comparison coz you need to make assumption on the FD rate for the next 9 years.

I can view all my OTC cert on line. Go to profile maintenance, add/delete account.

Borrow 100k for 9 years, the interest is 31.5k. About 1/3 the money borrowed. After 9 years the car not even worth 31.5k.

Place in FD at 4% but with 3.5% inflation rate, net effective interest rate is only 0.5%.