Yes, the retention rate is 4.1% irrespective of amount. Don't think even with RM5 mil can get >4.1%.

Someone is lying.

4.5% from Bank Muamalat was a lie. "No such thing and who is saying that???!!!???", as quoted from the Head of Deposits when asked.

That Head of Deposits was visibly upset.

As for the 4.2%, 4.35% from Bank Rakyat is confirmed correct. Of course, subject to amount, the aforementioned rates can be negotiated.

Just got news from BR.

If you have substantial amount (by BR standards), they will offer +0.1% for the 12 and 24 months.

Which means 4.3% for 12 months, 4.45% for 2 years, with monthly crediting of profit to SA (for those who want this option too).

Other commercial banks have restricted this to either half yearly or annually and make monthly credits available to old folks only.

Muamalat can't give good rates anymore with TDM at the helm and I am sure things in Proton will be undone.

This post has been edited by pearl_white: May 23 2018, 05:16 PM

Quickly go for the Ambank 4.4% for 12 months, 4.45% for 2 years at BR and 4.7% for 2 years from B. Islam now with FED slowing down rate increases and tolerating inflation.

Went for the 4.45% for 2 years with monthly credit of profit. Board rate is 4.35% so if there was premature withdrawal for better deals in the future, I would lose only 0.1%.

They were giving branch specific gifts too, got umbrella, pen, pineng 10000mah powerbank.

I chose the powerbank and took 10 units. Worth rm350 at lazada. So okie.

Lets say there is a premature withdrawal from Bank Islam?

What profit rate will you get? Is there a board rate for all tiers or each tiers have their own board rate to be applied at specific months?


This post has been edited by pearl_white: Jun 11 2018, 05:16 PM

How can pearl_white be confused.

At B. Rakyat, if you premature withdrawal after 1 month, you get 1 month board rate. If 2 months, 2 months board rate, and all the way up to 24 months.

The risk of premature withdrawal profit LOSS is very much lower.

That is another consideration if one is looking for FDs to put into.

RISK MANAGEMENT

September la.....

H3ad of D3posits.

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

Anyone can confirm?

Under the old system, FD is taxed at source (called withholding tax) at 10%.

So, if you put in RM1million, and supposed to get say RM50000 as interest, you get RM45k only. RM5k deducted automatically.

It was exempt if the FD is less than RM100k per piece, so in those days, depositors put many pieces of FD not exceeding RM100k each.

As for RPGT, CGT and Inheritance tax, good luck to ya all...It is good if you could read up how inheritance tax came about tho.....

This post has been edited by pearl_white: Oct 12 2018, 08:22 AM

It is not mandatory to disclose effective interest rates in Malaysia. If it were so, all these bundle gimmicks would be in the drain.

sometimes the way people dress, scare alot of bankers.

If they look like a drug addict, then more questions will be asked.

but all in all, all BNM requirements of tonnes of info gathering and cross check at the terminal

Better take the picture down. Too much details on your FD. If you are 30 years old and have that amount, then great.

Otherwise, better

Seems odd that nobody mentioned that M'sia is awash with liquidity after RM200billion of borrowed funds from abroad.

There is no need for internal funds now.

Bank Islam has to ensure all of the deposits it receives are "halal".

Before that happens, the filling up of forms and queries are necessary. These declaration forms will form the basis for checks for money laundering activities, multiple accounts in other financial institutions and etc.

The more the person has the abovementioned, the more "risky" the person is.

A depositor that puts in X amount of deposits or has $ in assets does not mean that it belongs to them nor does it mean that it has "obtained / earned" the halal way

What is the point of searching for promos?

There are no more promos since our banking system is flooded with cash. RM200 billion of cash injection from bonds issuance for the past 1 year.

Negotiated rate is the way to go at this point since not all banks will have a piece of the RM200 billion.

4.0% - 4.2% negotiated rate for either 12 months to 24 months at BR.

Otherwise, stick to the Affin.

This post has been edited by pearl_white: Jul 11 2019, 10:05 AM

4.23% for 15 months 663, and setup 10:1 = effective rate 4.15%pa.

Better nego with BR with a minimum (RM30K and above) of 4.1% for 12 mths (subject to branches) and get monthly credited interest which will give you an effective rate of circa 4.19-4.20% (depending if you like to round up or down).

This post has been edited by pearl_white: Jul 12 2019, 01:55 PM

All this hoohaa for effective 2.98% p.a.

Banks are in the businesses of making profits.

Time and time again, savers and FDers ("depositors") alike make the same mistake thinking that to the banks, they are "customers".

Depositors fail to realise that banks pay interest/profits to you. You are a liability, in other words a vendor. Vendors scrape for the best deals and will be given whatever is left the bottom of the barrel. You are at the bottom of the food chain as far as the banks are concerned.

When banks go bankrupt, it is always the depositors that gets whatever is left LAST after liquidation process.

This post has been edited by pearl_white: Jul 30 2020, 11:44 AM