For current 11 mth promo, no monthly interest. But for say 60mths 4.7%, got monthly interest.

I have asked and it seems with the upcoming budget,  FD would revert to the old system of taxation.

Anyone can confirm?

since you were there you should ask. Sure got some 'matching amount in UT' or something like that.

Do one need court order to withdraw fd if one of a joint fd holder deceased？how long it takes if with or without court order?

Noted. Thank you. Aware only BR has the 5 year tenure

Noted. Just to confirm, their 5 year long term is pure FD or CASA bundle?

wonderful. I tried searching here and couldnt find much info. Pure FD ???? Kindly provide link if possible. TIA 

The underlying fund is Affin Hwang Enhanced Deposit Fund is a money market unit trust fund. The fund size as at 31/3/2021 is RM2,027.4 million. Affin Hwang is a long established unit trust company in Malaysia. A majority of the promo FD rates currently offered are better than this fund's historical return of around 2.0%. Since the money that is invested in this fund can be withdrawn within 2 business days without penalty, it's probably better to compare bank savings/current account against this fund and other money market funds like AmIncome, Touch n GO+ etc. Please compare the interest rate, risk or PIDM, lock in period, ease of transacting etc.

Do you all ever worry that the bank will go bankruptcy? Example ambank now has highest fd among all, you dare to put 2m into their fd?

wonder if the money in s/a betul betul locked or next day can withdraw like last time?  , can anyone clarify ?

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?

TIA and FD, are they the same thing? Is TIA earns a higher rate of interest?
I thought this forum was purely for FD discussion but most of the recent posts was related to TIA.

Lol. I thought young guys wouldn't be bothered with boring low interests FD.

In Australia they just give you an acknowledgement as a receipt - if you need to withdraw, you can walk into to any branch and withdraw (just need some kind of id like driver's license or passport).

In Malaysia withdrawing fixed deposits is so troublesome - need original fixed deposit certificate to start off with before withdrawal can proceed. In a modern world moving online (with paperless transactions), this is definitely the way to advance further or be left behind 

The whole world is slowly going online and it is a matter of time e-banking will be the norm in Msia. I belong to the boomer generation and feel very comfortable using e-banking. All my fixed deposits are efd while my wife (same age as myself) prefers otc fds.

I like the ease of the online banking (using browser) with regards to efd in Msia. Only thing i don't quite like is having to do fpx each time my fd matures. I have many efd so i have to spend about 15 mins each time my efd matures (i usually break up into 1,2 and 3 months maturity). It is so troublesome having to save guard  to transfer funds to another bank and then bringing it back in  . Overall the banking app (i only use Maybank and PBB) is quite good in Msia so i have nothing to complain 

When i was in Sydney, i dread having to transfer money (using Maybank and PBB) because i have to swap my simm card each time to get the TAC. A lot of times the TAC would come a few minutes later and my transaction would have to be redone as it had timed out. I sometimes have to do the transaction a few times before i can get the TAC keyed in before it timed out.

I don't have a problem with my money if i conk off. My wife knows all my passwords  . Anyway most of my money is still in Aust and i have willed it accordingly. Only a small fraction of my assets are in Msia (i have enough liquid funds to last me at least 6-7 years of my current lifestyle in KL). Actually Msia is a very nice place for retirement for me because lifestyle costs here is so much lower than Sydney (every thing is so bloody expensive in Sydney due to the high minimum wage  ).

Of what I know, normally the next of kin will engage an advocate to apply for the Probate or Letter of Administration.
Hence, advocate will write to Bank for the deceased bank ac balance by providing proof of death cert. In response to it, Bank usually will reply accordingly.
On the dishonest bank want to take the money, I think it may not happened. Basically after 7 years of no activity of the ac,  the money will have to be transferred to Govt under Unclaimed Money Act. By then will have to claim directly from Unclaimed Money Departmental.

Malaysia
Horror as lawyer’s RM1 mil in life savings transferred without consent

Renowned bank unaware funds moved until man checks accounts

Updated 10 hours ago · Published on 24 Oct 2021 8:00AM · 0 Comments
KUALA LUMPUR – A lawyer here received a rude shock after losing RM1 million in life savings stashed in a renowned international bank, raising fears over the security of large funds handled by priority banking services for high-net-worth individuals.

In an alarming revelation, S. Rajan (not his real name) alleged that RM1 million from his fixed deposit accounts were transferred to an unknown individual’s account without his knowledge or consent.

According to a police report sighted by The Vibes, the lawyer, in his 30s, said he visited the bank in Bangsar with his mother on April 7 this year to open the fixed deposit accounts.

The accounts were meant to remain open until the same date next year to allow interest on the funds to mature.

The report said the funds were entrusted to a relationship manager from the branch who would handle all banking matters related to him and his mother.

The bank had also subsequently issued two fixed deposit account certificates amounting to RM500,000 each.

Less than six months later, on October 1, the lawyer returned to the bank to check on the balance of both accounts.

“I found that the fixed deposit accounts had been liquidated on June 11 and June 25, and each without my or my mother’s knowledge.”

He said he was prompted to check the account balances after reading a story about a customer relationship manager with a similar name who had been charged with criminal breach of trust a week before the discovery.

Based on the lawyer’s banking records, the funds from both accounts were transferred to a third party, an individual unknown to him or his mother.

The names of the bank, customer relationship manager and account holder of the transferred funds are being witheld from this report to avoid compromising an ongoing probe into the case.

“The original certificates for the fixed deposit accounts are still in my possession,” he said.

The lawyer told The Vibes that the bank has responded to his complaint and promised to reimburse the funds along with due interest, but this depends on its internal investigation.

“The bank is not seen to be taking an active step in addressing this issue. That is frustrating as the only thing it tells us is that investigations are under way,” he said.

Meanwhile, an officer with the police’s Commercial Crime Investigation Department confirmed that an investigation paper has been opened into the case.

“There is not much to disclose (on the case yet). We are working out (the matter) with the bank,” the officer said.

The Vibes has also reached out to the bank’s strategic communications department for comment but have yet to receive any response at press time.

The lawyer said he and his mother are highly distraught over the incident as they believe they had exercised due diligence before parking their hard-earned money in a reputable bank.

“But it seems that our money is not safe, even when it is deposited in financial institutions recognised by Bank Negara.

“The fact that such an amount can easily be transferred without raising any red flags for months on end is highly baffling.” – The Vibes, October 24, 2021
Source:
https://www.thevibes.com/articles/news/4539...without-consent

people should start looking into high interest rate savings accounts instead of Fixed Deposits.

Gives higher interest than promo FD rates and gives you the flexibility to withdraw.