ambank Please be informed that the Terms and Conditions for Term Deposit (TD-i) Promotion 9 months @ 4.00%p.a. will be revised effective 16 January 2017 min 5 k.
The Promotion shall commence from 16 January 2017 until 28 February 2017 (both
dates are inclusive) or upon reaching RM1 billion
T&C https://www.ambank.com.my/ambank/SiteAssets...romotionTnC.pdf

Are you coming for good? No plan to return to Aus? Why don't you keep your money in Aus bank until you have fully settled down in M'sia? I would suggest you only bring back the money that you needed for the first 12 months and decide what to do with the rest of the money after that. At the moment, RM is still unstable and you would have more time to find out the best plan for your money later.

Sometimes concentrate too much on promos for short term FD and not pay attention to longer term FD for retirement.

For those who have no problem with taking a 5 year FD (60 months), you may wish to consider Bank Rakyat NORMAL board rate at 4.3% with a minimum of RM 500 only which you might consider putting in at intervals when money is available and the rate competitive..

For those who already have some money or can collect the money from various other sources, you can consider putting in RM 5,000 at least per placement which will enable you to instruct interest payment to your Bank Rakyat savings account each month. You can withdraw for use, or replow to your next long FD to effectively increase your return above the 4.3%.

Please note that in the past there had been promos that had offered higher rates than 4.3% by banks and MBSB.

DELETED by Deal Hunter. Boss remind Off Topic.
This thread is strictly for discussion on Fixed Deposit Rates, for EPF related discussion please proceed to this thread --> https://forum.lowyat.net/topic/2705461.


This post has been edited by Deal Hunter: Jan 16 2017, 12:08 AM

checked with AmBank today, min is RM50k

As I understand it, please confirm with your bank, that it is still valid.
The PIDM protection total of RM 250 K covers all your PIDM eligible accounts (other things besides FD added) in your bank regardless of branches and time.
However, usually the Islamic and conventional are treated like 2 different banks or like 2 different persons.
But must be extra careful whether the particular so called Islamic FD is covered or not.
Joint accounts in a bank containing different set of participants are each separately eligible for RM 250K protection, eg A= You alone B= You + Wife
C= You + Wife + Son D= You + Son E= Wife alone F= Wife + Son (6 x 250 worth of PIDM protection).
However, not everybody is comfortable with joint accounts or their operation.

This post has been edited by Deal Hunter: Jan 14 2017, 01:44 AM

Yes, I am. My reason for coming now is basically because I feel it's the right time personally and I wanted to convert the currency now because I don't believe the RM will stay this low forever. I might be proven wrong however but historically speaking, the AUD to RM has been at around 2.8-3 instead of 3.35 as it stands now. My family members think that I'm mad for wanting to come back, but I see it as being a lifestyle change. Politics etc don't affect me as much as others as I'm still single. Don't think I will return to Australia as I have no real attachments here, but I guess I can't say never. I might just rent in Malaysia for the first 12 months, see how it goes as you suggested, but I still think I should convert the cash right now. It's speculation of course but I don't see the AUD being this strong for much longer and the RM being this weak.

This post has been edited by Jeff the Bear: Jan 14 2017, 02:33 AM

Open joint fd account over the counter, either one to sign, if u trust each other, for convenience sake.

Board rates are published on websites. Monitor this thread or drop by banks from time to time to enquire promo rates.

Normal fd with board rates min rm1k. Promos might need 10k.

If you intend to deposit monthly, you need to go to the counter monthly, unless u Hugo with eFd, eg mbb, hlb. Efd rates changes from time to time depending on promos.

You can rule out Citibank. They seldom has FD promo, if they have will be for Citigold customers (like last year once only I think). Their FD is board rate as compared to FD promo rate of other banks.

Unless, of course, u have no issue with the std FD board rate.

This post has been edited by bbgoat: Jan 14 2017, 09:41 AM

Congratulations on your questions to seek for feedback suggestions.

I am quite old now, and I made many mistakes unwittingly. You have a number of questions and proposed actions, and there is a big range of possible specific answers, but you should have asked or know about the following first before going into the muddy water.

It is important to look and reflect critically on your options outside the apparent appeal by the banks marketing their product.
There are many negative and terrible things and as a smart consumer, search and pay the greatest attention to the complaints, misunderstandings, criticisms and comparisons. In general, if I cannot find a few bad things or not so good things, it simply means I did not do my homework and may be too positively influenced due to various factors.

For a start, it is WRONG and COSTLY MISTAKE/LOSS to assume that all banks, their branches, or their officers at all levels have one way of doing things on FD or other necessary operations to handle FD. There are a number of factors why this must be so in reality in complex organizations like banks but off topic - so will not explain. As you gain experiences and become sharper or read complaints/experiences online, you will realise that differences are much more frequent than common sense or standard way.

Besides the common complaints of different/ill treatment, there is also a personal problem of assuming that it is clear and understandable and it is understood properly and fully.

First, the message may be expressed in a way that can have different ways of interpretation and operation. This is an extremely common marketing or legal trick if it is not a matter of imprecise appealing communication with loophole clauses hidden in the small print or internal memos.

Secondly, the problem is with the reader who may not have that level of understanding of the language or the realisation that same/similar terms/jargon have different operational differences in different bank cultures, speakers and at different times. Normally people, will give a broad general explanation, but unfortunately everything is subject to the specifics in terms and conditions, variable timing differences, and different operating behaviours by staff/systems in use.

DO NOT REPEAT what was told but question it in your own simple words/understanding to make sure all sides reach nearly the same certain precise meaning.

This post has been edited by Deal Hunter: Jan 14 2017, 12:02 PM

Depends on bank. Like the AM Bank spoken above, it will give you the interest every 6 months.

Ya, I thought of that before you mentioned. If you are spending in ringgit later on for a long time, why not. The only risk is that this country goes really bad.
With the FD interest, should be able to maintain your lifestyle with some decent amount of insurance coverage. Welcome back, it's a nice (your) country after all

hong leong online FD latest promotion is 4% p.a., will become 4.18% p.a once their fund size reaches RM 888,888,888

RM 61 million at the moment

plan to go with RM1K for 3.5 years
might follow the board rates.

so far, which bank have the highest rate

i've check CIMB, Maybank, HLB Flexi/eFD, RHB
so far CIMB/AmBank board rates quite high

This post has been edited by myteam94: Jan 14 2017, 02:54 PM

DELETED by Deal Hunter. Boss remind Off Topic.
This thread is strictly for discussion on Fixed Deposit Rates, for EPF related discussion please proceed to this thread --> https://forum.lowyat.net/topic/2705461.


This post has been edited by Deal Hunter: Jan 16 2017, 12:11 AM

As a baseline to compare the competitiveness of various banks, if you have not collected enough money.

Look at the Board Rates for Affin Bank, Bank Rakyat and MBSB.
Usually there is no need to even look at the other banks.

In the case of Bank Rakyat, the minimum FD placement is only RM 500.

Once, you have RM 5,000, the best deal at 14 January 2017 is Bank Rakyat at 4.3% for 5 years where you should specify and make sure the staff show you that the monthly interest is to be automatically creditted into your savings account.

When you have collected RM 10,000, it is time to survey which promo rate is best at that time. Most bank websites are not well maintained or updated on the subject of promos. Forums can be misleading due to inconsistency in quoting and uploading images, links or non-standard report on each promo without mention of the valid date and are most useful as a source of complaints and troubles to be met. For those who can, the best way is to take a walk around the banking area eg. banks in State PJ area and check out at each bank at the start of the 3rd week of particular month when the various banks and branches will have received info and ironed out mistakes. Make yourself familiar with the staff to ensure they know what you want and be served quickly. Usually bank call centres are erratic in quality and unreliable.

Most banks have promos for special seasons from 1 month to about 3 months. There are also sort of semi-permanent long promos. Then there are the banks that sometimes change things in half a month - but rarer nowadays as less need.
Beside these, special days promo per week. Bank Appreciation or Reward Clients on 1 day only nationwide per year. Special promo only for particular branch/branches with parties/gifts and sometimes on weekend..

Pure FD rates are usually flat and paid on maturity. There are many other FD rates beside the normal Board Rate with various names. Sometimes, these rates can be better, the same or worse than the normal board rates.

Some banks will have slightly higher rate for seniors and/or creditting of monthly interest on the same depositing day each month. The qualifying age for seniors varies from bank to bank. For joint FD accounts, some bank allows the senior as first named with younger persons named later for the account to be qualified for senior privileges.

Joint accounts with either one to sign to operate but be warned that there are extra differences and various procedures and costs for different banks.

Step FD rates offer different rates for different months (interest calculated on number of days per step). The steps can be up or down.
Pay Up Front FD usually credit the interest into a savings account or can only be removed on the next working day or after cheque clearance.

Bundled FD usually have higher rates but tied up with purchase of other products which will significantly affect the effective rate of return and the period.

For traditional over the counter OTC FD placements, usually there are FD certificates. You may have a fine deducted if you lose your FD certificate when you take out the FD. If you forgot about your FD, after 7 years, the bank will deactivate and remove the money.
Some banks will just print on a piece of paper for your FD transaction - which you do not need to return to the bank on maturity or removal of money
as the details are computerized and depend on your thumbprint.
Most OTC FD will accept personal cheque or bank cheque effective on the day you place before a cutoff time in the afternoon. Some won't and require vetting and clearing which can delay matters a few days or weeks even before you get the FD which may be dated at any date before you get it.

If you opened a joint account and make subsequent placements alone into it, some banks will still try to make you get your joint partner signature on documents depending on the size of each placement. You can avoid this hassle if the amount is lower but sometimes because the promo minimum is too high, the hassle cannot be avoided.

FD promos usually state new funds required but this is subject to various interpretations by different banks and branches/staff. Some will just require a top-up depending on size involved. If you transfer funds into your savings account cheaply by IBG either in one lump sum or staggered over a few days by ATM or internet banking, the funds considered as received some 5 to 7 days ago can be considered as fresh funds. But this is a hazy area due to interpretation of working days and holidays and when the transaction considered in the receiving bank. There are limits to various types of transfers depending on your sending bank and all promised timings should be taken with a huge pinch of salt to avoid any unfortunate upsets.

If you wish to take out your deposit, you will need your FD certificate, and if that is not needed, your thumbprint at least at the branch you placed the deposit. Some banks allow you to remove at other branches but up to a certain amount only. There are other strange and upsetting limitations on cash removals of final amount, no bank cheque removals, tranfers peculiar to each bank (maybe branch type) which are peculiar to certain banks/branches.


This post has been edited by Deal Hunter: Jan 14 2017, 05:59 PM

plan to keep it grow for 3-4 years
because i've been investing in ASB for a few years already and with current dividend super low.
need to find other alternative,
since i'm almost finishing my course study
might need to start early.

plan to deposit for at least 500-1000 a month

Young gentleman, the fd rate is even lower than asb.

1k won't make much diff where u put it, I would just do mbb gia-i, online with maybank 2u. Please read t&c. It's not pidm insured. But u save parking, time, effort.

Regarding depositing 60K/yr into EPF, what if , say after 5 years I want to withdraw half of what I put in, am I able to do so? What is the effective rate like?

This post has been edited by drbone: Jan 15 2017, 05:48 AM

deleted

This post has been edited by drbone: Jan 15 2017, 05:47 AM