Just sharing. Bank Islam certificate do state the amount of interest you will earn.

Also for those free atm non charging basic accounts, yes all banks need to provide one. But so far some banks refuse to let me apply for the promo FD, AMBank being one of them. But they waive the first year, I guess I will just pay for the next year until I can terminate the FD.

For RHB and Public Bank, despite me getting non fee basic account they still charge me annual fee of rm8. Public bank eventually waived it off and RHB supposed to waive but no news. I will have to check next year if they charge me again this annual fee. Oh Bank Islam one is also chargeable... but they waive off the first year too.

So it is true, a lot of staff either don't know or bank instructed them to open fee based.

Depends on what you confirmed with the staff that opened your account. For me I only open when I confirmed no charges for the account and also no charges for the issue of debit card. Then I just write in email to complain why charge me when I double confirmed no charges. Took a long while for them to cancel the charge. RHB one still pending... but I am no more chasing.

Quick deposit and lock it down. Once locked in they have to honour...

I don't think this is true. I did not sign any form which states what you stated. It is FD. Not TIA or Structured product. Who did you confirm this with? Some random staff or branch manager? I confirmed with the Branch Operation Manager.

Assistant Branch Manager, aka the Operation Manager. The counter people report to her. Once you placed this FD, the rate is locked down until maturity even if OPR rate changes. A FD certificate is being issued with the details, rate plus the amount earned.

Have you placed this FD before? They will give you some documents to sign, but none states the fluctuating OPR condition. Not sure if we are talking about the same product.

I stated before. Do not assume BI does this automatically. Their system does not do that. It depends on the person opening the FD. So for the rest please remind them. Affin will pay. You need to set to auto renew, then the next working day go withdraw. Remind the counter people. I have had many Affins FD done this way. So far only RHB is the most strict. Even PB pays for the weekend abeit at board rate.

Affin regardless of promotion always allow for auto renew. If not you can change the instructions later. BI first time I placed, it matures on a Sat on the cert. That time the staff says system generated. It was later another staff did another FD it falls on a Monday though it should fall on Sunday. Only after this incident I tell the counter staff to move to the next working day every time I place BI FD. Only RHB refused and very strict.

https://www.freemalaysiatoday.com/category/...fair-dismissal/

You need a really strong heart to put FD in BI... more than half of my FDs now in BI...

With a change in BNM head, and election coming, I doubt there will be a raise. But let's see how. Even recent US inflation data suggests inflation going down much.... ie FED might U turn no increase.

Just confirmed with Bank Islam rate still 4.5% 12 months min 10k. Thur OPR result right? Let's see if they will increase or decrease and how fast other banks react to it.

I am surprised no one reported this. BI 4.5% today last day. No more next week.

Now it seems Bank Rayat one best. FD % going down, not good.

Branch manager sent me info on this.

Nope, never ask as no more money to deposit. LOL.

Now FD highest is it Bank Rakyat 4.22% 12 months? I lazy to go open MBSB. Or is it Bank of China at 4.1% for 12 months? My previous experience with Bank of China not good.

This post has been edited by joeblow: Aug 2 2023, 03:43 PM

Can i check for mbsb, they will need for the cheque to clear right?

And normally how long it takes to open account there? I am thinking if I should drive 45 mins to go mbsb open new account. Bank Rakyat also need the cheque to clear...

Wow that's great news. Thanks to all. Just quick update, AMbank says will request to HQ to give same 4.3% based on bundle. But I think I will just go open MBSB if the above is correct.

It can be straight forward. Read on.

Yes they just offer me that. Even though I hate monthly as I always think it will not add up right (the 12 months). But eventually I opted for monthly trusting the bank calculation. I am not going to calculate myself after 12 months.

That's the problem with such banks. Clueless about the practice. Takes long time for them to realize the new rules.

OK in the end I went with AMBANK. The manager was kind enough to give me a net effective rate of 4.3% for 12 months. It is quite straight forward as the savings account gives 0.25% and the FD 8.35%. 50 - 50 Fresh fund. If the savings account do not give 0.25%, I will get 4.175%. Lazy to go open MBSB account even though if got chance I will just go open account first for future promotion.

The ambank promotion depends on the branch manager. So no harm trying to ask. Fresh fund above 200k. They told me also got cases of 100k and the HQ gives 4.2% nett.

I am below 50 and got it. Depends on the branch... only hardcore banks like Public Banks follow rules rigidly.

Lately no special FD rates right?

Seems like all from 3.9% to 4.3%... latest I know is AMBANK 4.3% bundle but need special request from HQ... that means amount more than rm200k plus branch manager doing you "a favour"...

Wow I didn't know 4.85% possible. I thought 4.8% is the max. Yeah AMBANK seems to be the only one that can go higher. But 4.3% same as MBSB. Eventually I will have to go open MBSB as well for confirmed 4.3%. I think moving on FD will be lower.

https://www.freemalaysiatoday.com/category/...says-economist/

Sad, seems interest rate may be going down and not so many good secure alternatives. Let's see when mbsb takes away 4.3%