Can share the insights why u don't like the BI 4.65% @ 2 years?

Now still have?

It is good not to be naive, but instead check and double confirm on the validity of beliefs against reality on FD matters. With more experience, you should realise that there are many strange and non-standard answers at branches and actual practices at the various Malaysian banks, as many victims complain in this forum. Green rookies usually find out too late that certain assumptions are financially damaging or very annoying due to the strange, illogical and impractical idea that all banks and branches operate in a uniform ideal way which actually never exists. Not to make any excuses, but common business sense should tell you that this is not humanly possible as every bank and branch have their own history and development and capabilities and there is only some limited interference from government/BNM.

With regards to Islamic FD banking, the developments, changes and implementations could be considered as progressive, innovative, outdated practice, counterproductive or absurd depending which end or part of the situation is viewed.
Unfortunately, the lack of honest criticism, investigation, comparison and argument of pros and cons and counter suggestions, and possibly a thin-skin sensitivity does not promote any perception of optimistic progress to better ways.

May I suggest you examine dubious general beliefs on the following on premature uplift:-

1) After 3 months, get half rate (how about get nothing or something else).

2) The 3 months is standard (how about 4 months or more)

3) How long or how is 3 months actually counted?

Specifically for the GO 7 campaign rule 10:-

4) The half rate is half of what rate actually?

Not half the effective rate for sure in a step FD.

The pro-rated effective rate from the original date of FD placement?

Paid quarters not affected and taken back partly by bank in final adjustment, or what?

The rate for quarter when premature uplift occurs is adjusted to half or the prevailing 3 month BOARD Tawarruq rate (not the promotion step rate) or what?

What is the usual range of the fluctuating 3 month Board FD profit rate that is actually applicable?

What is the link for depositor to check on the prevailing profit rate, whether available and how updated?

Actually it is not safe to assume beliefs or generalities. Let the buyer (FD depositor) beware. When you sign for an FD placement, do ask whether there are specific different features from normal - especially differences about what happens at maturity. Do not try to be too smart ass for your own good by not asking "foolish" questions. Also always remember that the rules/practices can and do change.

This post has been edited by Deal Hunter: Jun 9 2018, 09:23 PM

It all depends on u. U may not have issues with it. I nearly go for it as well.

Please read back to understand this offer is not open to all.

guys anyone place on islamic or normally conventional? i notice 1 different on the maturity date. if discuss before i am sorry....i placed both in different type, and islamic need another 1 day on maturity.

both are same. maturity date is depending it is open ended or close ended

haha , you try hlb, it give diff... 6 month, both 9 june but maturity on 9dec for conventional and 10 dec from islamic

How about the way they calculate the profit based on how many days? Besides changing the maturity date for the term or even the step period. Do you also check the way they round the figures and what actually they pay you when you add up all the profits for step period or monthly profit payments. Wait until you take a detailed or precise look at other Islamic FD at other banks as well.

This post has been edited by Deal Hunter: Jun 10 2018, 02:03 AM

the Maybank FD promo must be fresh funds right??

so if I already got funds in maybank, I have to transfer it to another bank and then transfer it back to maybank again??

Hi, this fd rate reached campaign limit? Unable to choose from other account except savings account.

don't need. from ur savings is good.

your other account means? such as current account?

This campaign is for fresh fund right? I tot we should fpx from other bank for that promo?

lol, nope. FPX e-FD promo is hlb, this is mbb. don't need fpx.

btw, you can even place without fresh fund

This post has been edited by ProxMatoR: Jun 10 2018, 08:27 PM

ProxMatoR

I just tried it. It works, even though it says fresh funds.

lol yeah, its weird, i know..

Very good job.. Thank You

Start 3.80%
1 3.90%
2 4.20%
3 4.50%
4 4.55%
5 4.60%
6 4.65%
7 7.00%
Effective rate for 24 months is 4.65% ---》 These 7 rates are fixed, depositors will get exactly effective rate 4.65% after 2 years

Bank Islam's 4.65% FD is very attractive, but it requires min RM 50K, furthermore it locks depositors' funds for 2 years.


This post has been edited by BoomChaCha: Jun 10 2018, 11:47 PM

Guys, My FD maturity date is on Tuesday. Can I take out on Tues or Wed?

The best is to take out on Tuesday, if you take out on Wednesday, you will lose 1 day interest

Thanks Bro.

yes, only if 2 year with accum above 4.55% PA, can beat that 4.65%
50000*1.0455*1.0455 = 54653.51
vs
50000*0.0465*2 = 4650 + 50000 = 54650.

Too bad it need to lock for 2 year