He already mentioned :" Told Interest paid on maturity date - not monthly."

NO - most FDs do NOT pay interests on a monthly basis.
Some people do not get it because they are not aware of it or how to get it.

The normal way is to get the interest at the end on maturity.

Some places will give monthly interest for senior citizen but not for non-senior citizen. But usually have to ask to ensure you get it if you are senior citizen.
The qualifying age for senior citizen or for a particular FD promo and bank may vary.

For Bank Rakyat, need to place minimum 5k and 6 months at least to get monthly interest payment to your savings account. This is not automatic. You need to specify this and fill in the account number otherwise treated like normal FD and paid at the end.

In the case of joint FD, if the interest is put into a sole account of one of the joint FD holders, the other holders may need to sign some agreement to do so and a fee may be charged.

Some places like MBSB formerly, offers different rates for the period you want you to be paid interest - like quarterly, halfyearly, every year etc.

The interest is usually calculated based on the number of interest bearing days and the rate applicable for the days involved. The rates are usually fixed for the entire period, or for the step periods. But for Islamic investment may change or be maintained for any particular period according to each bank's way of doing things. The daily rate is the per annum rate divided by 365. Some banks like Maybank will divide by 366 for interest bearing days in a leap year. Bank like Alliance may divide by month instead of days.

The interest paid can be withdrawn after payment creditted on the same date each month. The interest is not added to the original principal and compounded unlike what happens in those savings accounts that practises monthly creditting of interest.

i found a website indicating january 2017 fd promotion info, quite nice

tomorrow bnm got opr meeting right? haiz, better today settle it

What is the link ?

AMB 4.1- 3yrs min 50k

Just locked 12 months today from MBB

1-6 mnths 3.5%
7-10mth 4%
11 to 12 % 5.5%
Prorata 4%

BR up the game a little bit !

Received SMS from BR:
4.08% 12 mth min 10k

Also win prize up to 40k with T & C. Until 23/2/2017

This post has been edited by bbgoat: Jan 18 2017, 03:18 PM

Are you already a Bank Rakyat customer?

I am their Rakyat Xclusive member.

Why do u ask ?

Takut not open for public but only for exclusive BR member aje ..

No need takut.

It is open for public. Their CNY promo.

Minimum placement to be their Xclusive customer?

This post has been edited by drbone: Jan 18 2017, 03:52 PM

Thanks for the news. The Bank Rakyat Chinese New Year promo start Monday 23 Jan to Thur 23 Feb 2017 for minimum 10k fresh fund, 4.08% 12 months.
Monthly interest OK.

What's the definition of fresh funds ya? let's say if i have 10k in maybank. placed in fd. can i withdraw all the funds and then deposit into a new fd account? or do i need to inject funds outside from my maybank? tq

this: https://genxgenygenz.com/fixed-deposit/

updated till 12/1/2017

so the latest br promotion not shown

but at least got basic info where to go if want short term for 3 months or odd months like 8 mths, 9 mths

sure monthly interest credited?

Fresh funds is the jargon used for money that goes into the bank from other banks (not branches of the same bank) i.e inject funds from outside.
Premature uplifting/withdrawal of existing FD or use of cash already kept in other accounts in any branch of the same bank for the purpose of taking advantage of a FD promo is not considered fresh funds. The idea is to collect more money from other places/sources into the bank, not recycle the money already inside the bank.

FD promos usually state (new) fresh 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. You need to speak to the bank people whether a particular case can be considered, and this may also depend on your relationship with the bank.

If you transfer funds into your current or savings account (CASA) cheaply by IBG or IBFT either in one lump sum, or staggered over a few days by ATM or internet banking due to daily limit on the large amount transferred, the externally sourced 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. Normally you cannot transfer funds into a FD account by IBG, IBFT or Rentas.

The Hong Leong eFD promo ensures that only fresh funds from a different bank is used in the FPX payment using the connection thru the CASA account.

Bank cheques and personal cheques need to be issued by other bank to be considered fresh fund.

Some people try to overcome this fresh fund requirement by transferring out fund to another bank and then write a personal cheque or get a bank cheque or do a Rentas, IBG or IBFT transfer possibly of the same or different amount. For the bank, there is some risk that once the money is transferred out, the money may end up somewhere else with better rate or split up for diversification.

This post has been edited by Deal Hunter: Jan 18 2017, 07:35 PM

Monthly interest creditted ONLY for depositors who know what they are doing. Otherwise NO.

Some people do not get it because they are not aware of it or how to get it. These people assume it is automatic, but it is a mistake. You have to do and check to ensure something extra in the application form otherwise the normal default is to not give at all as for normal cases.

The normal way is to get the interest at the end on maturity.

For Bank Rakyat, need to place minimum 5k and 6 months at least to get monthly interest payment to your savings account. This is not automatic. You need to specify this and fill in the account number otherwise treated like normal FD and paid at the end.

In the case of joint FD, if the interest is put into a sole account of one of the joint FD holders, the other holders may need to sign some agreement to do so and a fee may be charged.

You also need to watch out and get it right for the eFD when filling in the application details. As I understand at present stage, there is no way to handle the electronic version of the above agreement.

If you do not update or check your account regularly, the old figures may disappear and lumped together after some time. This may confuse some depositors especially those who are not familiar with how to calculate the monthly interests of their FDs. Detailed statement can be subject to fees depending on bank practice.

This post has been edited by Deal Hunter: Jan 18 2017, 08:20 PM

Very quiet.... Any Jan2017 promo from Pbb? Preferably long term 6mths, 12mths, 15mths???