There are pros and cons in various banks, and some banks do practice unusual practices like this way of treating maturity date. This had been questioned before. Keep cool, there are other operational stories about interest amount paid, when interest becomes paid, limits to how much cash can take out, how much can transfer, need to go to HQ, no cheque, home branch, other branch, different types of branch having different available services, etc. If you do enough FDs of various sizes at all places, you will surely not only - Eaten more salt than other people eat rice, but also plenty of Salt to rub on your wounds - kind of experiences.

Each bank has its own special peculiarities and way of doing things - it is only a question whether you fall into the situations where you will experience them or not. Ignorance and assumption of standard or best behaviour is not bliss.

Read the small print, ask and reconfirm questions with the understanding that if you need to question on something not so clear, different bank staff and management can also interprete differently from place to place and over time and in reaction to events. Some times if ask too much at various levels and places, the bank will actually clarify and change their subsequent terms and conditions or their promo flyer - sometime better or worse for the depositor!!

Always check your calendar as to what may happen when you place and when the FD mature to either take advantage or to avoid problems depending on your knowledge of how the bank operate. You can use the internet to search/check on holidays like Chinese New Year and other holidays with variable dates in years in the future.

The most valuable info in a forum are the complaints and an understanding of how negative and positive situations can arise. I don't need to hear the good news only, the bad news means much more to me. So thank you for sharing your experience at BSN.

adele123 @ Jan 29 2017, 02:59 PM
I calculated based on current progress, unlikely will hit the 888mil. - (HL promo)

TOMEI-R,Jan 29 2017, 04:04 PM
Agreed. Looks like an impossible feat @ marketing hype to attract depositors. - (before 28 Feb 2017 last day)

Nice figure 888 million from Hong Leong, but hard to see 4.00% beating Bank Rakyat 4.08% for fresh funds even with a maybe 4.18%.

lookie @ Jan 27 2017, 09:50 AM
i guess best strategy for me is to dump more into epf via higher voluntary contributions!

I am also thinking putting voluntary contribution to EPF instead once the EPF rate is announced as not so bad rate just after mid February. If Hong Leong really wants the money and not just promotion hype, they may need to up the rate in next week or two, otherwise it is Bank Rakyat if EPF turns bad. Bank Rakyat promo last day is 23 Feb.

Any idea EPF is announcing on 17 or 24 Feb 2017?

This post has been edited by Deal Hunter: Jan 29 2017, 07:40 PM

It is normal for Bank Rakyat's Siil Deposit-i Berjangka to always gives a guarantee to pay the final amount at the maturity date regardless whether
payment is done on a monthly basis or at the end. The standard line is:-

Adalah dengan ini disahkan bahawa Bank Rakyat memberi akuan dan jaminan akan membayar berjumlah
RM ...(final amount = principal + interest) ... pada tarikh matang yang tersebut di atas kepada :

Depositor Name (IC)

For those whose deposit amount (=>RM 5,000) and period (=>6 months) whose FD qualify for interest to be paid monthly to a specified Bank Rakyat current or savings bank account- make sure the following line below is mentioned (bank code 51):

51 AKAUN DEPOSIT-i BERJANGKA (IND - MTH)

The bank account number for monthly creditting of FD interest should be in your written FD application form. It is not printed on the FD cert.

Bank Rakyat guarantees the full amount however big it is, no wishy washy PIDM maximum limit of 250k business for all your accounts/FDs total.

The Tarikh Matang is automatically adjusted not to fall on a weekend. Thus if you deposited on a Friday in 2017, it will be printed to mature on Monday in 2018 for a 1 year FD with actually 367 interest bearing days instead of 365 days. I have not had the chance to experience whether the Bank Rakyat FD program is good enough to handle future public holidays.

The divisor for the daily interest calculated for each month is always 365 regardless of leap year.

The rate for the extra days is at the rate stated for the FD

KADAR KEUNTUNGAN : 4.08000%

instead of reduced to normal board rate for the extra days as done by some other banks.

The depositor can take out the amount on the stated Tarirkh Matang - no next day businees and no more bank cheque. Only cash to certain limits at other branches instead of home branch, or thru atm, internet banking or OTC bank transfer to other bank account (free for senior citizens).

For deposits using either bank or personal cheques, the FD cert is only issued after the cheque is cleared but the effective date is the date you gave the cheque. You may transfer funds online into your existing Bank Rakyat over a few days and still be considered as fresh funds for promos.

For those not updating savings passbook often and do not keep track of statements online, they may be confused due to lumping together FD interest credited on the day the FD placed each month , and daily interests on it and other banking account transactions which is creditted on monthly rest at 1st of each month. There is a fee for reprinting past statements after the credits and debits are lumped together.

This post has been edited by Deal Hunter: Feb 2 2017, 02:47 AM

Not sure whether all Bank Rakyat branches have gifts and what their stockpile is like, and whether it is for short or long term FD. For certain, different branches will have different depositors. Maybe they don't expect so many new depositors, or they concentrate in rewarding loyal depositors? I am not so keen about gifts, more happy with the chances for the money prizes. I suppose money for the prizes, so less for buying the gifts.

Thanks for the info. Ambank has so many products and a number are not advertised especially the higher amounts. Have to ask. There is also a 5 year for 50k at 4.25% besides the 100k for 4.35% both promo ending on 7 February with payment of monthly interests.

It depends on the individual's situation and fears.
Bank Rakyat is 4.08% for a year and is only minimum of 10k per cert. For some people, they break 50k into 5 x 10k certs with the idea that they may need
to take out some cert before maturity.
For those, who fear that Bank Rakyat may go bankrupt or that the government will not honour the FD cert promised amount, and instead trust PIDM, then they will take Alliance's offer if they are certain thay will not need the principal earlier.
For those who think Bank Rakyat position as an old cooperative bank is even better financially and riskwise than normal banks, they will dismiss the possibility of bankruptcy and feel certain the government will not let it fall and do whatever support is needed.
If you have too much excess money beyond PIDM to cover, than PIDM has no relevance beyond the RM 250,000 for each bank.

Bank Rakyat is not just any ordinary bank but a special cooperative set up by government for dealing with cooperatives deposits and loans. Thus it has an excellent way of getting money and a sort of captured market in co-ops and government servant loans. It has been around for a long time and its shareholders are usually quite happy with the profit shared. It is almost impossible to bankrupt, unless there is either a big crooked organisation stealing inside or a crazy management wasting its funds as it has only limited local risks as a cooperative. In the unhappy event, the government will be forced to support it even more so than if a normal bank crashes.

There are some articles about this but off topic. The black and white by gomen to back the guarantee on the amount in the cert - maybe some govt people will respond. Something like that also in Islamic version of FD on buyback - but Islamic changes and variations and PIDM/PIDM equivalents in past and present are off topic and confusingly explained sometime as the Bank Rakyat FD is a kind of Islamic Term Deposit.

This post has been edited by Deal Hunter: Feb 3 2017, 12:40 AM

The banks in general do not seem to be so desperate for getting more cash thru nego rates in present economy. Growth of loans or their stock of funds and cashflow are probably quite comfortable. There is no competitive hoo-ha going on and everybody may be sitting on their hands to see how Trump affects things like US FOMC.

Even Maybank dropped their step-up FD Islamic promo to 3.91% from 4% before. HL eFd offer of 4% (possible 4.18%) still not showing good interest from depositors. The big banks do not seem really interested. Even small Affin OMG Combo TD-i have rates up to 3.98% only.

Anyway, if a bank can hold things stable, they should wait till after the EPF rate comes out before going down or up. After all the 10 k promo is fighting for the spare money from the people who takes EPF or ASN into consideration.

You may be right that hampers are for RM million plus depositors with all those towkays from Digital Mall. Other gifts may be to please Exclusive members at the same branch. Can they really make money by giving hampers for RM 100,000? Maybe very cheap one with some chocolate wafers and some angpows. Maybe Bank Rakyat should support some local industries/co-ops that use their loans/services that produce stuff/services that can be used for gifts. Anybody for dodol, batik umbrellas. bags, scarves, towels, sarongs, handkerchiefs, tissue, preserved fruits and tidbits or even songkoks and car products, tinting, sandblasting, keychains, letter openers, staplers, torches?

This post has been edited by Deal Hunter: Feb 3 2017, 04:51 PM

You may try to check out OCBC 360 savings account and see whether you can fulfill their criteria for reaching the higher levels of interest which is competitive with current FD rates. You are too late for the Maybank eFD promo of 2016 which was flexible for withdrawal anytime without penalty.

If you cannot meet OCBC requirements, you may try Maybank's Premier Mudarabah Account (technically Islamic investment but like savings/current etc rolled into one with higher interest on each day closing balance with monthly rest on the 1st of each month. The Islamic rate may change or be maintained at the
15th of each month, but usually higher than normal savings interest.

As far as I am aware, there is currently no flexible. no penalty on early withdrawal FD or Islamic investment like FD at present that suits your needs.

If you are willing to break the FD at anytime and forego the interest, you may consider placing a number of 1 month eFDs in various sizes. For convenience, the size should not exceed the total limit for IBFT or IBG transfer set by the bank you choose. You may need to use 2 banks or more if the size of your share purchase is big. Normally I use 1 IBG today and set another IBG for tomorrow.

You can ask your bank to confirm whether it will separate limit for IBFT and IBG instead of lumping them together - try the Singapore banks like UOBM etc, not Maybank or CIMB - if you want to do things this way.

Or you may wish to see what Hong Leong bank can offer in terms of multiple FPX payments to Hong Leong Investment Bank or other brokers.

This post has been edited by Deal Hunter: Feb 4 2017, 02:10 AM

Ambank but supposed to revised or close on Tuesday 7 February according to the branch I visited.These are usually never displayed - have to ask either counter or person in charge of FD - who may refer to some internal memo on what to offer.

This post has been edited by Deal Hunter: Feb 4 2017, 02:30 AM

Yes, you need to go to the HLB branch you select as your home branch.

They have many products, so make sure the person attending to you understands that you want to open a personal (not joint) account that is able to do the FPX for the above promo and pay for your choice. For me a basic account without passbook was good enough.

For FPX thru internet banking, you also need an ATM card. Change the pin number and then get the internet connection done up including your working e-mail address and handphone number..
Please consult the staff if you use smartphone app as to what is needed to be done.

Besides this, you also need a bank account with a different bank with internet banking done up. This other bank holds the money as fresh fund to be paid to pay for the placement for the HL 4% promo. According to postings, only Maybank will allow you to place multiple eFD at HL (max each placement is 30k) thru FPX for more than 30k per day without being limited by the total interbank transfer limit set by the bank. So if you wish to place bigger amounts in many placements in one day (instead of different days), Maybank is the only way.

The FPX transaction for placing the FD promo is done from the HL website - you may be confused because they have at least 2 HL websites. You must have your handphone ready for requesting TACs for HLB and the bank holding your money. There used to be a rather short time limit to handle everything before time out, so make sure you have your logins, passwords, handphone, TACs, amount and how to answer all ready. After logging in and selecting the eFD and filling up, you get passed to the other bank for login - what happens after this - I don't know if the different banks are different. After the usual SMS notifications, an e-mail holding a printable receipt will be sent to you but this may take some time later after accepted for processing.

The eFD can be seen when you login to your HL account besides your recent transactions and available balance.

This post has been edited by Deal Hunter: Feb 4 2017, 05:36 PM

Some of the info in 1st page already no laku as no updating when promo ends earlier than original end date of promo advert.

For example:- Affin PROSPERITY BLOSSOMS with 3.88% per annum for Chinese New Year promo ending on 28 February 2017, already closed early. Now replaced with OMG Combo to end on 31 March 2017.

Any ideas how to make this forum give better info?

This post has been edited by Deal Hunter: Feb 6 2017, 04:19 PM

The last time I read anything about this was some versions ago on the idea of a standard format for reporting promos.

I believe there are some basic and diverse problems that need to have satisfactory solutions. Usually when I do my own confirmation surveys before placing FD, I meet with the following:-

1) There are different terminologies used by various posters, conventional FD and various islamic products.

2) Some posters may not have the knowledge to understand the real meanings of the promo offer and may report their perception.

3) Not all promos are offered at all branches at the same starting and ending time.

4) There are special occasion promos for certain dates, branches or specially qualified customers.

5) Banks may end promo early, suspend and restart, or just continue to another date or until further notice, instead of ending as expected.

6) Some parts of promo can be adjusted and some maintained.

7) The lack of starting date and ending date, and when last reconfirmed makes it more difficult to check whether the situation is the same or different.

8) Some promos are publicised clearly but may be outdated, whilst others are not and have to be extracted from bank staff - who may not answer the same but according to instruction at their level or how they treat different customers - meaning different people may get different rate to the bank's benefit.

When we have collected and understood all the elements, then it is easier to formulate a way to settle or reduce the problems.

This post has been edited by Deal Hunter: Feb 6 2017, 08:16 PM

Please try to understand that quite a number of promos are not publicised as they are restricted to some qualified people only and not for everyone. Higher level value FDs are also usually not publicised. This Alliance FDGold promo for 40 years and plus depositor with monthly interest payment is not at the normal board rate for normal amounts, but for 50k minimum. See my observation to lowya as below.
.
8) Some promos are publicised clearly but may be outdated, whilst others are not and have to be extracted from bank staff - who may not answer the same but according to instruction at their level or how they treat different customers - meaning different people may get different rate to the bank's benefit

You shouldn't waste your time looking at bank websites if you are really serious about getting higher rates. In this case, it is not like they are hiding it, but it is not something to make a big hoo-hah about considering the others and how their position is.

This post has been edited by Deal Hunter: Feb 7 2017, 03:17 AM

There is no need to mention old news as it is already shown in page 1 of this thread.
The last time there was a query on this was on page 34.

The catch is that the rate is 4% now and will only become 4.18% if the target fund size is reached, OR the bank still gives 4.18% despite not reaching the target fund size.

A number of earlier posters had estimated that the target fund size of RM 888,888,888 will NOT be reached during the promo period 9 January to 28 February 2017 to ensure that 4.18%.

The bank website today shows that RM 347.250.114 had been deposited. It is already more than half time today , and the deposits need to increase much more to achieve the target size. As such you can only be sure of 4% and hope that the bank will be generous.

This post has been edited by Deal Hunter: Feb 8 2017, 07:39 PM

This advert is not the same kind of advert like step FD promo, bundled package promo, long term promo, special welcome for first timer to bank promo, special promo for class of depositors or promo for high pure deposit or CASA deposits.

Not that I have become a loyar buruk for Hong Leong Bank.

However it is not too deceptive except for those who do not understand that it is a conditional type of FD promo as qualified in the 3rd line and there is also the * in the 2nd line.

Enjoy up to 4.18%p.a. on your
8-month Online Fixed Deposit/-i*.
when fund size hits RM888,888,888

It may be late but the following general advice works fine.

If it is good or too good to be true, look for the catch.

What you see is not what you may get in an advert.

Know yourself - danger - is your English comprehension up to the standard to understand any legal wriggling loopholes?

If there is a * asterisk - you are supposed to read something else which affects what is written. That something may not be easily seen.

If you are too lazy or too disinterested or too rushed to read the whole thing and Terms and Conditions
or the wording is too small for you to read
then do not ass ume that there is such a thing as your standard instead of the advert or bank different standard
do not be afraid to ask
it is far smarter to look like a fool or a nuisance than to be a sucker
if you have responsibility about how the FD works out financially.

It helps if your arithmetic is more accurate and you really understand that most answers you get or taught are introductory simplifications, approximations, and misunderstandings and not the real thing at all when implemented especially in treatment of time and error computations and predictions.

This post has been edited by Deal Hunter: Feb 9 2017, 12:00 PM

Different bank branches and banks have different speeds to do things. While waiting at a bank, you could get some idea by timing how long it takes to handle various activities at certain times. I find this kind of collected performance info useful in planning the initial schedule and re-adjusting the timings to banks I could visit.

One solution for the opening problem is to open small FD deposits initially at a number of selected bank branches near to each other in advance when the depositor has the time to do so - maybe on a leave day. The only question is how long your FD account will remain once your FD matures, for you to re-use for another FD cert in the future when their rate is acceptable. Different banks have different operating ways about FD accounts.

Hopefully the eFD placement methods will evolve together with eCASA methods, so that we do not have to go physically to the bank to start things initially.

This post has been edited by Deal Hunter: Feb 9 2017, 11:56 AM

Some MBSB rates on Friday 10 February 2017.
4.1% minimum 100k 12 months, interest paid monthly. Running until further notice.
4% minimum 50k 12 months, interest paid on maturity, fresh funds until further notice.

Yes it is fresh fund. Even IBG after some days still fresh.

Bank Rakyat 12 months @ 4.08%, minimum 10k promo to end on 23 February 2017.

This post has been edited by Deal Hunter: Feb 12 2017, 04:29 PM

Usually, at least the cheapest basic savings account is opened if there is a need, or other types of savings account if there is some kind of advantage. But usually not multiple accounts in the same banks except when forced to do so as a FD condition, or there is some other advantage, or wish to open joint savings account. ATM card or debit card usually not taken unless there is specific operational need for the extra cost and hassle to keep it active.

If avoidable, I try not to open new savings account. Not only that, I try to close them if I think they will only give me more trouble later.

This post has been edited by Deal Hunter: Feb 13 2017, 08:02 PM

Seems like lots of people know a little about PIDM but not enough that matters. There are a number of postings about PIDM, but it is still subject to the real happening test. Then only we will really know for sure how good it is for some unasked questions.

This post has been edited by Deal Hunter: Feb 15 2017, 06:10 PM