It will have difficulty to reach that fund size due to limitation of max FPX 30K.

Apart from Mxx bank that can do multiple 30K FPX, many other banks's (as far as I knew) FPX day limit is 30K per day per online account.

With GDP number exceed expectation at 6.2% for Q3, and a recent more BNM hawisk tone, there is a chance for FD rate to trend higher next year.

Last time when OPR was 3.25%, the highest FD promo was around 4.5%.

Some banks do pay daily interest if one is withdrawing unmatured FD for specific bank offered investment, typically like structured product, unit trust etc. (whereby bank can earn from the investment you made).

In a more simple word, the whole amount of unmatured FD being shifted to the investment.

You need to fill in the saving/current ac number for the interest to be credited, which normally printed on the receipt.

Check the maturity date of your FD as well.

Maturity date can be "shifted" to working day (this is how some banks FD depositing mechanism, UOB should be one of them), which may resulted monthly interest crediting day may be differ compared to the depositing day.

eg. deposit on 29, but maturity is 30, by then interest crediting may be on 30.

For UOB, I believe there is small printing stated interest credited to xxx-xxx ac number in the receipt. (Not settlement for deposit)

Generally, all FD are withdrawal on the date of maturity.

Consider possible hike of interest rate in 2018, this promo is rather unattractive.

Cross branch depositing/withdrawal already can be done after around mid of last year.

Yes, last time HL must go back to home branch one, but since last year, it has changed.
Much more convenience.

There are still banks system that depositors must go back to home branch.

Why Banks want to do FD promo?
To get more deposit and new fund into their banks.

e-FD mechanism cannot ensure the depositing money is new fund except via FPX, but FPX has daily limit of 30k only, which takes ages to fill their intended target amount.

While OTC, cashier can ensure the depositing money is new fund.

Bulk of FD still through OTC, as not everyone is internet or online savy.
While there are still many people particularly elderly (they are the major FD customers) are still skeptical about online FD placement.

Even if BNM does hike rate tomorrow, FD rate will take sometimes to be adjusted.

From the past, we can see banks always quick in adjusting their lending rate, but slow towards FD rate.
There is no certainty for tomorrow rate hike, it may like 50:50.

Need to wait awhile, probably a week to two, so around Feb.

But highly tomorrow, banks will raise their lending rate first.

Yes, OPR affects all deposits and loans.

This is FD thread, so if wish to discuss the OPR effect, please open a new thread. Thank you.

Wrong.
You put FD for 5 years, means you cannot touch the principal for 5 years.
While your personal loan, you need to pay every month.

You need to know the effective interest rate (EIR) of a personal loan.
A personal loan of 4% is equivalent to 7% EIR, aka you need to have a 7% more FD to win against.

Please create new thread to discuss if do not understand the EIR.

To all forumers,
Please stick to FD rate issue only in this thread, for others issue like EPF etc, we have existing EPF thread, which one can post there.
Thank you.

No charges for time being.

No.
FPX is a payment gateway system.
In FPX, the money is actually transferred from your ac to a "merchant", not for yourself or any ordinary bank account.

In the e-fd FPX mechanism, the money is transferred to HL bank from your other bank account, or in other word, the bank "sell" you a e-FD, and you paid for it using your other bank account via FPX.

It is different compared to IBF, IBFT or Rentas

Info I gather is interest on maturity

Seems like FD promo starts to heat up.

Let see how other banks responding.

OBCB 4.38%, with both option of interest credit on maturity or monthly (need Mi FD account)

UOB 4.3%, monthly interest,

HLB e-FD 4.28% 8 month, 4.38% 18 month, OTC 4.3%.

Please be reminded this is FD thread that talk solely about FD rate issue, and not any philosophy thread, nor talk which is right or wrong, nor who is sifu or moral etc whatever.

One may open a new topic in serious kopitiam talk section for such discussion.

Thank you.