Means 2 days interest lost.

For all other banks where I have made FD placements, the value date date is the date of placement as long as before 4pm, because the bank will receive same day value through BNM clearing system on that day, for all local cheques. Even personal cheques also receive same day value.

The last time I placed with MBSB with a personal cheque couple of years ago, they gave me same day value, but they withheld the FD certificate until the cheque was cleared. But most banks don't issue FD certs any more, just an Advice of Deposit, so there is no need for a bank to withhold the "Advice". Anyone made placement with MBSB recently, can advice their current procedures?

BIMB practice is a bit strange, I'm not sure if it is within ABM rules. Might be worth to check further on that.

You got the FD certificate dated today by depositing a bankers's cheque today? Earlier, some were saying the the start date of the FD will be upon cheque clearance (i.e. 2 days later), and the FD Cert can only be collected then.

So it's a bit confusing now, do BIMB procedures on when the FD Cert is issued and the start date of the FD differ by branch??

"Citibank Berhad has transferred ownership of its consumer banking business to United Overseas Bank (Malaysia) Bhd [Registration No. 199301017069 (271809-K)] with effect from 1 November 2022. The trademarks "Citi", "Citibank", "Citigroup", the Arc design and all similar trademarks and derivations thereof are used temporarily under license by United Overseas Bank (Malaysia) Bhd from Citigroup Inc. and related group entities"

Bank Muamalat joining in! 4% for 3 months. Best 3 month offer at the moment?

www.muamalat.com.my/campaign/fta-i-fd-i-fleksi-mega-campaign

Looks like the best place for short term funds if expecting further rate hikes.

But are they under PIDM? Some conservative freinds here might want to know

How is their opening account service, etc?

The Islamic Banks are the ones pushing up the rates aggressively this round. First BIMB, then MBSB countered. Then BIMB upped their own rates within a few weeks. Now it's Muamalat.

No problem. The system is telling you that the upliftment is WITH interest, as it should be if it is not a premature upliftment.

I did one earlier this month, similar info displayed.

In my case, my interest was not credited to my account until I uplifted the FD. I think the information on the screen displayed at each step depends on what maturity instructions you provided originally when you placed the FD. Mine was to renew P+I, so only when I uplifted on maturity, both the P+I were credited to my account.

It seems that from what you have shown that you probably selected renew P but I to credit account, that is why your interest is already automatically credited by the system. I am trying to think logically based on what you have provided, since I do not have all your information

If the above is the case with your placement, I believe you can just uplift the P now. The screen you shared previously informed you that you will be getting the P+I due today upon upliftment (In your case, the I has already been credited today based on what you had chosen at the onset of the FD). You are not making a premature upliftment, hence it does not make any sense that the I will be reversed out upon upliftment.

If you are still uncomfortable, can call RHB helpline for confirmation/guidance.

*RHB does make it's upliftment screens seem more complicated than it actually is

Has anyone placed with Bank Muamalat for their latest offer of 4% for 3 mth FD? Just want to ask if they require savings account to be opened as well? And can we get the certificate on the day of placement itself using a banker's cheque?

Can save one additional trip to the bank!

AmBank revisions doesn't see much improvement. With dilution from the CASA requirement, the effective rates are generally below other banks revisions.

SCB has been extending their promo month by month since September, but without increasing the rate.

Their 4% x 6 months rate has now been matched by BIMB (which doesn't require 200k).

Actually the effective overall rate is less than 4% because of the additional 50k deposit required, which will earn less than 4%.

Their 4.88% x 3 months promo can still fight, but it's for 3 months only.

Alliance Bank privilege customer 3.6% x 6 months x 300k/3.5% x 3 months x 300k is another promo which rates are no longer competitive over time.

So think both banks need to up the rates if they still want to remain competitive!

Eh this came out of the blue, so last minute, no advance notice by MBSB?

Is it a once-off, or every Saturday got extra special rate?

Looks like they upped the rate in response to BIMB, and other banks also touched 4.0% since 2 days ago

Re: EPF personal contribution. Guess the 100k per annum proposal for 2023 needs to have the Budget re-tabled by next Finance Minister and approved by Parliament 1st?

This is quite a sharp move upwards for PBB

PBB also has a red carpet program for larger deposits. Those rates should be higher than these. Any info on that?

I see. Not much of a benefit being a red carpet client then, cos what people want is better rates no? I thought red carpet is a priority/privilege/premier branding which in other banks comes with higher FD rates, better service, lounge waiting area, free coffee/tea, maybe some snacks, etc

Bro, is yours a banker's cheque, that is why you got value today itself, vs aeiou228 using personal cheque?

Too many inconsistencies on treatment of cheques between Islamic banks, and even between branches

One of the lowest so-called promotion rates

Even if there is a small risk component and also because it is not covered by PIDM, the chance of us not getting back our money or the interest promised will arise only if the Bank itself will not honour any potential shortfall in the investment which shortfall if any is never disclosed to investors. And which bank will want to fail to honour it, more so a large bank like CIMB? It would be disastrous to customer confidence in their business. I think this will only happen in a serious business failure, or in a banking crisis. In the event of a systemic banking crisis, PIDM will not be able to withstand bank runs either, to pay back all depositors.

Any views on the above?

I didn't know that. Thot the rate is fixed upon placement



Apologies, I have no experience with TIA

Need to pay for stamp duty on Letter of Indemnity if you lose the FD Certificate, RM3 or RM10, not sure of amount. Government ambik.

That's why many banks do not issue Certificates of Deposit for many years already, just an Advice of Deposit (AOD). And all the online placements do not have certificates issued.

To me it is a much better system. Dont need to put the FD Certificate in bank's safe deposit box

But if you need to pledge the FD for a loan, then still need the Certificate as the legal document of ownership.