1000x 4.28% / 12 x 8= 28.53

Thanks . Appreciated

[quote=Micky78,Jun 5 2018, 11:08 PM]

1) i having problem with HLBB, the staff kept saying if i transfer the current idle money in the book to FD, i only getting normal rate of 3%.. but if i go other HLBB outlet, they willing give me 3.8%....

This is usual problem of Fresh Fund requirement where you are not allowed to enjoy the higher FD promo rate. You need to redeem your old FD first and then appear to be new fund at other HLBB branch. Your present branch knows it is your just redeemed FD and thus it is from Existing (Old) fund.

2)or electronic transfer ...but what if no FD account in the new bank?

You CANNOT do electronic transfer to an FD account in the new bank by OTC request for Rentas or IBG; thru ATM; or internet thru computer or smartphone for IBFT or IBG. The only sort of electronic way is by FPX, but this means you must have the redeemed money in a savings or current account (CASA) in the source bank which is different from the bank where you wish to make a FD placement (the maximum per placement is usually limited to 30k). Source bank usually also impose daily maximum 30k except Maybank where you can do many FPX (limit not known if any). Usually FPX placement may also require some kind of procedures and CASA account in the target bank - check with banks for their own peculiar rules.

3) take out cash

Some braver people do not mind taking out cash. To them, 10k is only 100 pcs x RM100 notes - not very bulky. Some unfortunate people do get robbed or get fake notes which may get them into problems. Check with your bank branch whether they use latest note counting machine capable of detecting fake notes to avoid problem.

4) need to ask, how to do u all transfer the money to new bank upon maturity

If already certain where to place new deposit and already have CASA at target bank, then I ask bank where redeem FD to transfer to the target bank CASA account number. I do this before 11 am or earlier so can visit the target bank shortly later in the day to withdraw the money from the CASA account to pay for new FD there. Do not forget SA passbook if needed.
Depending on bank or age, this may be free or with a fee.

Normally, there is no advantage in using RENTAS as it is not real time at all but depends on your luck with how the various approving people in the banks involved handle your application (especially in smaller banks). I have stopped using RENTAS as very unsatisfactory experiences and upsetting erratic timing.

If the amount is below the maximum transfer limit set for ATM or online device, (usually 30k, 50k or max at 80 depending on bank), I simply place the redeemed money into the CASA at the redeeming bank. This also have the additional advantage of allowing me to suddenly choose another target bank later which the above method cannot. If not in a hurry, or uncertainty over the best FD rates, I do transfers over a number of days to the target bank or a number of different target banks.

If the amount redeemed is a substantial amount and I have not yet confirmed the target bank CASA account for the new FD placement, I just do a OTC IBG to my parking CASA account at a bank giving me the best savings interest and transfer facilities for my FD needs at that time.

If I am too late in the day, I may ask for bank cheque (if the bank allows) so that I can place at target bank before the day ends.

This post has been edited by Deal Hunter: Jun 6 2018, 01:37 PM

AT least they give u the cheque. For my case, no cheque and has to do Rentas. Have to wait for hrs before can go to CIMB for new FD.

But is the cheque in multiples of 30k as Cookie101 said ?

U receive Muamalat cheque in multiples of 30k ? Similar to MBSB if I recall correctly ?

For those into AUD FD
UOB promo rate valid till 30 June.
1 mth @ 3.10%p.a.
3 mths @ 2.5% p.a.

Ah i see. It's really stupid. I'm currently based in east malaysia and my old FD in Muar. Takkan have to purposely fly over and drive 2 hours just to withdraw my FD

But their rates gooding so no choice la

Luckily got cheque , no hassle with slow rentas. Even MBB rentas takes time, our system still not efficient enough

same like the 4.4%FD at CIMB, still need sign so many forms, despite already placed some few days back.
it seems Islamic FD alot more work, if conventioonal the staff says no need all those extra forms.


I would be mad if have to get 10 cheques, and pay 10times fee!
she told me RM500k also no problem,in 1 cheque.

PS:
After posted this, received whasapp from Bank Muamalat, paying me 2 days interest at 4.5% rate!!
despite my FD was on (forced) auto renewal ,new maturity 2.6.2019.
See the power of BNM letter! instant action from bank....


This post has been edited by guy3288: Jun 6 2018, 03:15 PM

OCBC june promo, premier customers

4.35 12 months

min 10k fresh fund, max 200k

[quote=Deal Hunter,Jun 6 2018, 01:20 PM]
[quote=Micky78,Jun 5 2018, 11:08 PM]

1) i having problem with HLBB, the staff kept saying if i transfer the current idle money in the book to FD, i only getting normal rate of 3%.. but if i go other HLBB outlet, they willing give me 3.8%....

This is usual problem of Fresh Fund requirement where you are not allowed to enjoy the higher FD promo rate. You need to redeem your old FD first and then appear to be new fund at other HLBB branch. Your present branch knows it is your just redeemed FD and thus it is from Existing (Old) fund.

2)or electronic transfer ...but what if no FD account in the new bank?

You CANNOT do electronic transfer to an FD account in the new bank by OTC request for Rentas or IBG; thru ATM; or internet thru computer or smartphone for IBFT or IBG. The only sort of electronic way is by FPX, but this means you must have the redeemed money in a savings or current account (CASA) in the source bank which is different from the bank where you wish to make a FD placement (the maximum per placement is usually limited to 30k). Source bank usually also impose daily maximum 30k except Maybank where you can do many FPX (limit not known if any). Usually FPX placement may also require some kind of procedures and CASA account in the target bank - check with banks for their own peculiar rules.

3) take out cash

Some braver people do not mind taking out cash. To them, 10k is only 100 pcs x RM100 notes - not very bulky. Some unfortunate people do get robbed or get fake notes which may get them into problems. Check with your bank branch whether they use latest note counting machine capable of detecting fake notes to avoid problem.

4) need to ask, how to do u all transfer the money to new bank upon maturity

If already certain where to place new deposit and already have CASA at target bank, then I ask bank where redeem FD to transfer to the target bank CASA account number. I do this before 11 am or earlier so can visit the target bank shortly later in the day to withdraw the money from the CASA account to pay for new FD there. Do not forget SA passbook if needed.
Depending on bank or age, this may be free or with a fee.

Normally, there is no advantage in using RENTAS as it is not real time at all but depends on your luck with how the various approving people in the banks involved handle your application (especially in smaller banks). I have stopped using RENTAS as very unsatisfactory experiences and upsetting erratic timing.

If the amount is below the maximum transfer limit set for ATM or online device, (usually 30k, 50k or max at 80 depending on bank), I simply place the redeemed money into the CASA at the redeeming bank. This also have the additional advantage of allowing me to suddenly choose another target bank later which the above method cannot. If not in a hurry, or uncertainty over the best FD rates, I do transfers over a number of days to the target bank or a number of different target banks.

If the amount redeemed is a substantial amount and I have not yet confirmed the target bank CASA account for the new FD placement, I just do a OTC IBG to my parking CASA account at a bank giving me the best savings interest and transfer facilities for my FD needs at that time.

If I am too late in the day, I may ask for bank cheque (if the bank allows) so that I can place at target bank before the day ends.

[/quote]

tq for sharing...

[quote=zstan,Jun 6 2018, 11:31 AM]
Good question but i forgot to ask anybody else have experience with affin bank?

earlier before this i tried to withdraw my FD from a different branch but the counter girl told me cannot, have to go back original branch. After i complained to the manager then he helped me settle on the same day.

[/quote]

[quote=Cookie101,Jun 6 2018, 12:24 PM]
They are doing the same practice like pbb- that’s why I’ve stopped dealing with them. They only allow inter branch withdrawal if amount is below 20k. Otherwise it’s a no.

[/quote]

Some banks still place restriction on FD withdrawal in branches which are different from the original placement branch for OTC placement.
From my experience Bank Muamalat insist that FD need to be redeem at the original placement branch .
So the posting mention, banks that do not allow interbranch OTC FD withdrawal are

Bank Muamalat
Affin
PBB

For banks that allow online withdrawal for OTC FD placement are
OCBC
RHB

For banks that allow different branch OTC FD withdrawals are
CIMB
AMMB

... anymore, maybe anyone add further add, or correction if I am mistaken in any of the list given.


[quote=Deal Hunter,Jun 6 2018, 01:20 PM]
[quote=Micky78,Jun 5 2018, 11:08 PM]
4) need to ask, how to do u all transfer the money to new bank upon maturity

If already certain where to place new deposit and already have CASA at target bank, then I ask bank where redeem FD to transfer to the target bank CASA account number. I do this before 11 am or earlier so can visit the target bank shortly later in the day to withdraw the money from the CASA account to pay for new FD there. Do not forget SA passbook if needed.
Depending on bank or age, this may be free or with a fee.

Normally, there is no advantage in using RENTAS as it is not real time at all but depends on your luck with how the various approving people in the banks involved handle your application (especially in smaller banks). I have stopped using RENTAS as very unsatisfactory experiences and upsetting erratic timing.

[/quote]

Rentas is my prefer method of transferring fund from one bank to another if amount exceed the daily online limit.
As I understand, RENTAS transaction across banks are immediate. Just like instant online transfer via internet banking. Problem is that the bank staff carrying out the instruction may not carry out the transaction immediately. Some branches forward the paperwork to other back end office or their HQ to perform these transaction, hence the delay. Usually the delay should be less than 1 hour. As a practice, I will give very clear instruction to the branch staff that I need my fund immediately and request them to carry the transaction promptly. From my experience, fund are available within half an hour.

I do have an incident where one bank wrongly send my fund to a wrong bank. Turn out the staff pick the wrong bank code during input (accidentally move the mouse during input) . After over an hour I query the branch why fund still not yet transfer, they traced to wrongly send to another bank. Take another hour or so to sort the error. Luckily still managed to open FD in the other bank on the same day.

The advantage of RENTAS over Banker Cheque is some bank FD placement only commence after the cheque is cleared, especially those tied to Islamic product. An example is Bank Muamalat.

My Bank Muamalat FD matured on 29/5 which is Wesak Day. I withdrew the FD the next day at the branch and asked if they were going to pay me the 1 day lost interest. The teller told me they dont do so, and their practice is FD can only be withdrawn on the following day of maturity date.

Is that true?

And their working attitude is very bad. Slow ! The teller even kept shaking her legs while serving me

This post has been edited by 7498: Jun 6 2018, 04:39 PM

Wah.. Bro, play so big to complain to Bank Negara..

I also encountered the same problem when I tried to make a withdrawal from Bank Muamalat last week, I was not aware
all joint name depositors must present to withdraw the FD.

Luckily Bank Muamalat was so kind to let me to withdraw by myself first but on condition that another joint name depositor
must present the next day to sign on the withdrawal form.

Actually either one to sign is only applied to Muamalat's saving account, FD will need all depositor to sign with withdraw.

Wah..Bro.. The is the real Power from Big Guy Bro..

This post has been edited by BoomChaCha: Jun 6 2018, 05:12 PM

What do you expect when you deal with a GLC? Same courtesy and professionalism as a big private sector commercial bank?

No, this is not true.
I have made 2 withdrawals from Bank Muamalat on exact the maturity dates.

Yes，can, can issue check.
I have received 2 banker's check from Bank Muamalat from my 2 FD withdrawals.
One banker's check cost RM 2.65


This post has been edited by BoomChaCha: Jun 6 2018, 04:47 PM

Not true.

So much BS from Muamalat !

Cimb got 4.4% monthly?

if deposit via cheque...so need go back to Ambank to process the FD once the cheque is clear on next day??

Ambank will process and give you a paper receipt on the spot after getting your IC and thumbprint checked into their system. There will be a condition that the FD placement will only be valid if the cheque clears. The whole process is fast.

This post has been edited by Deal Hunter: Jun 6 2018, 08:41 PM

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