new rm from uob informing of this sat promo- 1 day for 4.33 12m

So it is the famous "basic savings account"

Any online banking available?

1) Effective 1 February 2018, all interest or profit earned under new eFixed Deposit/-i placements will be credited into customers’ nominated current or savings account/-i every 6 months and/or at maturity.

This is one of the usual problems with newbies always kena con or misunderstand or never read Terms and Conditions of FD.

Person serving you at bank can sometimes be new, ignorant, badly trained, misguided, lazy or have language problem reading long legal T&C. You should always be careful of the possibility  that the person answering is actually unable to clearly point out, or avoid mentioning the unpleasant parts, while focussing on the pleasing parts, when answering question. Complaints, loss of customers and trust, legal liability for misleading or partial or concealed half or imperfect answers is one of the problems when answering questions especially for people trained to push sales/bank products. The banks try to overcome mistakes from human communication/interaction problems with T&C.

Similar to T&C quote 3.6 from OCBC can be found applicable at all banks.

quote

3. Promotions Mechanics and Conditions: Monthly Income (Mi) Fixed Deposit/-i Deal

3.6. Upon maturity of the promotional Fixed Deposit/-i Deal tenures, the promotional interest/profit rates will cease to apply and the Fixed Deposit/-i Deal will automatically be renewed with a similar tenure at the prevailing board rate, unless the Eligible Customer withdraws the Fixed Deposit/-i Deal upon maturity of the promotional tenures.

unquote

The only way a for a FD to have a promo FD rate is to have the old FD redeemed and then have a new FD placed. Normally the money need to be transferred out and then back in under the Fresh Fund condition for the new FD promo in 12 months time. Unless, the bank specially allows the use of renewal funds (eg Ambank).

Otherwise, you will always end up with with a board rate for the same length of time if auto renewed with or without auto add-on of interest/profit. In your case, if you had placed RM 10,000 now.  After 12 months, a new FD of RM 10,438 principal will be made under auto renew and auto add-on for another 12 months at the board rate then which may be around 3%.

The questions of the financial illogic/illiterateness in an internet banking age for autorenew and autoaddon especially in  maximising gains from promo FD is seldom mentioned. The only way it can be justified is when the FD depositor has so little available money, that it is disqualified from the promo rate and had to be placed at  the best bank board rates like Affin Bank or MBSB.

Not only you like that method, the bank love it even more than you as it is their dream come true.

Great... Hope u got it..
Mind to share if your cert also looks like this ? Sorry as i am also first time on step up FD in BIMB...
https://forum.lowyat.net/index.php?showtopi...post&p=92127162