thanks for pointing out.

https://forum.lowyat.net/index.php?showtopi...ost&p=101976363

Ambank CASA 2.88% effective rate shd be lower than BR true 2.78%?

Yup, I didnt do the calculation but at a glance, it will be lower.

the diagram already stated effective rate between 2.25%-2.52% p.a

the T&C also have few calculation examples

Ambank is not offering the same rate but far worse Effective Rates at 80FD:20CASA. BR can also get monthly payment.

Hi all, my Hong Leong bank TIA matured today.

It is 6 months 2.45%, the effective rate is 1.225% (correct me if I am wrong)

I deposited RM5k and received interest of RM59.50. So, my return is 1.19%.

Based on your experience, does the differences between the actual rate and effective rate is acceptable?

try check back the placement receipt. what was the indicative rate stated?

placement = 17 Feb 2021
maturity = 17 Aug 2021
principal amount: RM5,000
indicative rate = 2.45% p.a.
tenure = 6 months
profit received = RM59.50


If i straight calculate like (e)FD, expected profit = RM60.75 (less RM1.25)

If i reverse calculate based on your received-profit, the indicative rate = 2.40% p.a. (less 0.05% p.a.)


----

i've placed 1 time back in Jan 2021 (matured Jul 2021), profit received is less RM0.01 (due to system), but the rate matches with my initiate placement.

This post has been edited by cybpsych: Aug 18 2021, 08:20 AM

Effective rate is 1,225%??? Why? they kept your $$ for additional 6 months for zero interest?

this one looked reduced. probably hongleong reduced the rate. 😕

https://www.bankrakyat.com.my/d/campaigns/c...0Conditions.pdf

do u know if they accept NEW customers too for this 2.78% 18m FD?

Anyone has BR relationship manager contacts to share for such clarifications?

BoomChaCha cybpsych Human Nature Deal Hunter

Did anyone notice this BR's strange clause:

they are selling your data in as revenue for getting their FD promo and not responsible for above stated events, is this even legitimate according to PIDM? and What happen to Data Protection Act?

This post has been edited by lowya: Aug 18 2021, 10:12 AM

if not mistaken, it was a short-term cny TIA promo

They have the same clause during the promo last year too. I doubt they bother la.

oh ok. could be giving out the extra later. not sure then. hope not general reduction.

u mean they accept new customers too for this promo?

hope someone with BR contact can share.

However i'm already hesitant in view of the already pathetic rate plus the funny clauses.

if you really dig through all the products and services that you use, all would have similar clauses in their T&C or PDPA policies.

not just BR, or banks or fintechs, but any other products & services that you use.'


in short, in order for you to use their products --- or they provide products or render services to you --- they need to use some form of your information in some capacity.

if you dont agree to this at all, just dont use their products or services. they dont have reasons to use your info since you are not their customer to begin with.

Interesting, someone posted this last year.

some good digging u got there

it's shaddy.

let's see if BoomChaCha manage to get it as a new customer without being tricked into getting their other "financing product or something".

No, I did not buy any investment product from Bank Rakyat.

I placed 11 months at 2.58% yesterday.

Tomorrow, maybe I will place one more 18 months at 2.78%

For HLB TIA, i always get the full indicative rate. The few placement matured last few days are giving the same profit as per indicative rate.
So I think it might be some small rounding ?

And u cannot annualise the rate like that. It doesnt make sense.

This post has been edited by Kyan0411: Aug 18 2021, 04:30 PM

If I remember correctly, I tried to place for this when this firecracker Chinese New Year TIA-i promo was mentioned. However, I aborted as the placement as the promo was cut short in only a few days and the rate dropped to 2.40 % instead of the advertised 2.45 % for 11 -26 Feb 2021.
I believe by 17 Feb 2021, the HLIB TIA-i p0m6 rate was already down to 2.40 %.
For RM 5,000, you should get exactly 5000 x 181/36500 x 2.4 = RM59.50. You will not get RM 59.51 because HL Bank is one of the banks that uses the Round Down Nearest Sen (rdns) method for rounding, compared to other banks that use Round To Nearest Sen (rtns) method. If you keep proper records and calculation, you can discover how each bank calculates profits/interests.
If somehow you can prove in the receipt that it was 2.45 % at the time of placement, then you can ask the bank to correct it.
You can then get 5000 x 181/36500 x 2.45 = RM 60.74 rdns and not RM 60.75 rtns as profit.

There are 181 IBD from Effective Date 17 Feb 2021 to 17 Aug 2021, and HL uses 365 divisor for all years.

Effective Rate is simply a rough guide and always off (wrong) because it is a simplification that does not take into account the distorting nature of calculating interest based on Interest Bearing Days (IBD). This is one of those instances where the common understanding/calculation is always 100 % wrong all the time because it is just arithmetically impossible.

What you are trying to determine is not called Effective Rate which is a % per annum. It can be termed Actual, Real, Paid, Collected, Return or Yield rate on your principal (depending which math, finance book, or author you read or follow}.

This post has been edited by Deal Hunter: Aug 18 2021, 07:46 PM

i think i have also get "cheated" by the 2.45%, as based on my statement, i still see it shown the rate as 2.45% instead of 2.40%, it seem like my other placement on 25 Feb will only get 2.40% instead of 2.45% if what u mentioned is true..



This post has been edited by mamamia: Aug 19 2021, 11:16 AM