Normally the simple interest formula for FD Interest = Principal x Rate/100 x Number of Days/365 for banks using the 365 divisor method.

However, for customers of banks using the Leap Year method (Maybank, Ambank and who else?), the simple interest formula used is

FD Interest = Principal x Rate/100 x Number of Interest Bearing Days in Non-Leap Year/365 + Principal x Rate/100 x Number of Interest Bearing Days in Leap Year/366

which can be simplified to

FD Interest = Interest Payable per IBD x IBD in Non-Leap Year + Interest Payable per IBD x IBD in Leap Year

If OTC place at Ambank on Monday 3 April 2023 for 1 year, there will be 273 IBD for year 2023, and 93 IBD for year 2024.

If OTC place on Tuesday 4 April 2023, there will be 272 IBD for year 2023, and 94 IBD for year 2024.

The total FD Interest to be paid decreases after each day in 2023 as the IBD for year 2023 decreases and the IBD of 2024 increases.

Usually occassional FD placers are not bothered or rather it can be said that they are hapless to do anything.

For bank staff or staff handling fixed deposit funds, this is an issue as they have to explain the decreasing interests to clients or auditors.

For clients that make a few placements at the same rate, they are disappointed. That is if they are observant enough to check what they get for each placement.

For businesses or those who set aside a  certain set sum on a regular basis weekly or monthly, this changes/upsets their cashflow expectations - whether they use it to pay for things in a year or for buying medicine or installments.

Of course rich people without any cashflow plans/needs do not understand such things as it is beyond their experience to be poorer.

Some people too free, waste their life writing imaginary things of no value.

Aiya, if dont like to read just put under Ignore List. Some people find that info useful on how to calculate, some not. No need to start another flaming war and have to summon Mod again.

For me , no more CIMB Tia. Once bitten twice shy.

Ask your RM to show B+W, sure tak boleh. 

Ambank promo this week if anyone is interested

For fresh fund/ existing/ renewal)
3-month @ 3.50% p.a.
6-month @ 3.70% p.a.
12-month @ 3.75% p.a.

Promo rate (Conventional & Islamic)
18-month @ 3.80% p.a. (Fresh Fund only) ( expired 31/7/24)

Offer validity:
29 July 2024  - 04 Aug 2024

BE U BANK ISLAM is offering 4% P.A 12month lock period, can use apps to transfer.

Just opened a BEU savings account and deposited Rm20. 👍🏻

why no detail on interest gain on BEU saving acc? confirmed not daily

Wah...seems like this BEU loads of problem. Don't want to use already. Later transfer back my RM20. 😅

u just select only. where got key in ACC detail

Hi, how do u guys doing the e-KYC process in Be U app? There is no any button for me to snap picture while i go through the front IC process. I already grant camera permission to the apps.

oh...i created BEU saving ACC first, then do Term Deposit from there. So just select BEU acc.

where to check where it withdraw to? already did few deposit, did not see withdraw ACC. Only can see download cert & early withdrawal

I find this to be true.
Successfully deposited my Term Deposit.
When adding withdrawal account, i entered my BI account.
It first ask you to choose bank, then enter account manually.
After that you return to your deposit details, no option to view the account and of coz you cant find where to edit.
So be careful.

6 months 4.7% only can see it after open BEU?