Yesterday I went to CIMB to get BC for matured FD. Lots of people lining up, like 20 or more. Luckily called RM so can get in, but has to listen to investment talks while he helps to fill in the form for BC.

Went to BR to place 11 mth 2.58% with mthly interest. Has moved from placing for 6mths to 11mths FD, not as optimistic as before.

Before I even give the old FD cert, the staff already brought out my new FD cert which they renewed based on WhatsApp and email instructions 2 weeks ago !

Just found out BR renewed my FD based on WhatsApp and email instructions to be wrong. Tuesday matured FD, done on Thursday. In system shown as original issue date Thursday.

Has informed them and they are checking it. Previous ones are OK.

Advise is do check it in online system for those that renew it as above but have not received the cert. This one is another BR branch.

I renewed mine all for 18 months already. Don't see the OPR rate moving up in the near future. Also, less interval time to need to arrange for renewal or uplift, getting lazier

Maybe I should have done that ! Next FD may be do that, 2.78% sounds attractive also !

which bank 2.78?

Bank Rakyat. 2.78% for 18 months

OCBC Bank July 2021 promotion 🌟

09/07/2021- 31/07/2021

Fixed Deposit
6 months: 1.85% / 1.90%
12 months: 2.0% / 2.10% / 2.30%

e.g.
Min RM10k - 2.0%
Min RM500k - 2.10%
Min RM500k (Includes fresh fund of RM10k) - 2.30%

hi there.
I would like to ask,would it be possible to open a new account on other bank than cimb bank online only without visiting the bank in personal to take on the offer?
cause other wise my parent is planning to apply for cimb FD for 6 month in normal 1.8% for now which i dont think is the best idea to do it now even if it have higher interest than putting it in saving

hlb from shopee https://shopee.com.my/Hong-Leong-Basic-Savi...6365.8210594323

rhb https://www.rhbgroup.com/RHBOnlineDepositAc...ning/index.html

agrobank https://www.agrobank.com.my/product/online-...ng-for-deposit/

ambank from their app

This post has been edited by cybpsych: Jul 9 2021, 12:16 PM

Thank you for the info! I will take a lot at those later.

After informing BR, by 2pm or so, they amended the "Original issue date". Got back the 2 days.

Is this the correct way to calculate..5k park for 3mths with 2% p.a...

Technically, it should be:

rm5000 * days for the 3 months / 365 * 2%

Cause interest is calculated by days. Different months have different days

ohh...even maturity is based on monthly basis?

Interest is calculated on daily basis, then only payout when maturity.

You can't compound the interest until the first FD matured and interest being paid and renew to newer FD period.

So meaning that interest would be rm25?

Yes, as a general answer, the interest will be roughly RM25 +/- some cents depending on number of days / 365 days as stated above.
But don't come back to us why it is RM24.83 or RM25.22 as already explained.

RM5k placement
3 months tenure
2.00% p.a. rate
placement date = 12 Jul 2021
maturity date = 12 Oct 2021 (uplift)
calculation based on 365 days per year

interest earned maturity date: RM25.21

This is the sneaky way that some banks may use to give impression of a better deal to depsitors. The calculation method is known as APY and is more properly used for person who borrow loans from bank. For FD depositors and savers, the APR calculation method should be used.

https://www.investopedia.com/personal-finan...ell-difference/

As explained by the others, what you actually receive is based on the number of days of the period of your FD. This Interest Bearing Days varies according to the Effective Date when you place, and how the particular bank determines the Maturity Date as a consequence. Different banks may have different ways in doing this regarding weekends, holidays and end of month placements. Rounding can either be rounded down or to the nearest sen depending on the bank.

For most depositors the differences is insignificant. Only those with bigger amounts and have a tight cashflow plan will pay serious attention and study how things actually operate at different banks to avoid problems to the plan.
To do better, it is necessary to plan/calculate in advance. But if the plan is off and calculated based on wrong ideas and multitudes of errors over time, then what do you expect? It is good to check whether something is valid and not a sloppy case of misunderstanding. Attitude of being dismissive, ignorant, tidak apa, and not getting it right can be serious matters in professional management.

This post has been edited by Deal Hunter: Jul 12 2021, 08:41 PM

many bank now desperate want customer open account, those days so LCLY ask customer bring this bring that and need referral and etc.