OK just went all in to put 18 months in Bank Islam 4.4% just now. To be honest I am really impress with how Bank Islam has grown for the customer service portion. Previously many years back I wanted to go BI to open the 7 steps or whatever account FD, they even need to check with HQ since deposit amount bigger than rm200k or something like that. Opening account tedious blah blah, so in the end I never open.

Fast forward, now opening an account is fast and even the whole FD process is like less than 30 mins. They even waive the debit card costs plus annual fee because I insisted on the BSA (BNM insisted no charge). I am so impressed with Bank Islam that I am considering buying their share, if they don't bankrupt then either they go up in value chain or get eaten up.

Ok today I went Cxxx to rentas the money, took 30mins for the money to arrive BI. Went BI as I said the whole process less than 30mins. It helps there's no customer then. That's the problem with a lot of Islamic banks, they are good. But not many walk in customers. Good for customers like me.

Now according to the lady, Bank Islam is unlikely to revise the rate anytime soon since it is the best at the moment. They might still revise, so don't bet on it. The key is this promotion requires "fresh fund", and if you withdraw your FD within 14 days it is still considered fresh fund. If above 14 days then they need to check with HQ. But of course you will lose your interest in those days you deposit. So in a way good, if next week they revise the rate I will go change the FD just lose the number of days I put in earlier. Earlier I mention I had two FDs I put one month thinking someone might up the game with the Nov OPR rate increase. I lost the bet and lost quite a good amount of money.... shame.

Also this branch in JB I go to (bukit Indah) accepts personal cheque effective on that day too. Banker cheque personal cheque this branch don't care. But subject to clearance meaning you will get your FD cert a few days after cheque clears. They gave me a free gift too. A golf net... looks expensive even though I don't play golf.

I think these Islamic banks really up their game, so sometimes I wonder why we bother to go PB or Cimb or Maybank to queue like xxxx and the service not there too.

Thanks for reading. I am so far a Happy BI customer. Oh one more thing, I calculated the interest rate. I think BI goes by the number of days, not like some banks go simple way of calculation. I get less than a straight 18 months interest. And you get physical FD cert and you need the cert to take out the money. If you lose the cert can replace at counter costs rm10.

Don't understand what you mean. This is my first time with Bank Islam.
For free BSA limited withdrawals, you need to go check on their website. Free internet banking. I don't do atm withdrawals. Not sure if their online platform can access SSPN. Lately their internet banking quite buggy... sometimes cannot login.

I placed some FD with HSBC today but the effective date is 20/11.
Damn, losing 2 days interest and maturity is 20/12.

Is this a normal bank behaviour?

Is this electronic or physical transaction?

i use electronic. Seems immediate

Like cclim mentioned could be Rentas problem.

Affin 24 month rate so low, must be from an old promo, dunno if revised higher by now

Affin has up their efd rates for normal acct

just back from ambank open new account...need to wait a week they say....i dun 1 to wait

Haha is it that easy to game the system for "fresh funds" requirement?  Just transfer out the $$ to our CASA in other banks and then FPX in again...

Uob has been revised.

Islamic / conv
6m 3.4/3.25
12m 3.9/3.75

Muamalat 6 months 4.08%, 12 months 4.22%

If you have extra cash of 200k now, and your outstanding housing loan is RM1mil at 3.9%, FD rate is 4.8%. Do u want to use that extra cash 200k to pay your loan or put in FD? See below illustration:

1mil * 3.9% / 12 = monthly loan interest is RM3,250
(1 mil - 200k) * 3.9% / 12 = monthly loan interest is RM2,600
If u use that 200k to pay loan, u save RM650.

However, if u put in FD that gives u 4.8%, 200k * 4.8% /12 = monthly fd interest is RM800. It is higher than RM650 by RM150. Use the RM650 from RM800 to pay the loan interest and you have extra RM150 as pocket money.

In most circumstances, loan interest is always higher than FD interest. In addition, if you place fd with 2 years tenure to get the 4.8%, the risk is the uncertainty on how many times the OPR will raise that may result in loan interest rate is higher than fd rate eventually within the 2 years period. So, assess and calculate first before any decision.

Shouldn't RM200k * 8 be RM1.6 million? #Maths

PBB will require full 2 years maturity only will releasing the full interests, if we calculated by annual effective interest paid, theirs is 4.6%