I was replying to Nexona comment that FD depositors still placed at board rates, after I posted no promo by Maybank. As if other FD promo depositors don't have their weak sensitive spots and are perfect and have good strategies and practices. I am not against the ideas of squeezing a few hundreds or thousands more, or even if a few sens or ringgit. After all, it can all add up if used well. But the point is that, it can be a lot more or lose a lot more due to not well thought out plans for cashflow and opportunity problems because most depositors do not treat nor understand FD as time scenario cashflow/deposit strategies.

This post has been edited by oldkiasu: Jul 15 2022, 03:45 PM

I only take pupils who are open minded, questioning, qualified and willing to discuss rationally about the real meaning of each sentence/passage, not those who seize on one sentence and fit in their own pet idea with total disregard to the overall context, nor those with fixed ideas and unwilling to accept it is about something else not related to their past perception/experience/reading/study.

I have no wish to take on thankless job like Team of Eminent Persons - macam kasi bunga kepada kera.

Lots of people already very rich and comfortably satisfied, not interested in cracking their head even if much better.

But you can try to become self aware and questioning. Just write down statements about FD operations and strategies that you believe describes what you believe. Then ask yourself heretical questions if they are true, a bit off, a lot off or rubbish if certain things are not like that.

This post has been edited by oldkiasu: Jul 15 2022, 04:29 PM

Usually as a general guideline when do FD placement, we need base reference so that we can figure out whether the benefit of shifting is a lot of money or a little bit of squeezing only and worth the effort.

To do this, click on this link to Maybank FD Board Rates.
https://www.maybank2u.com.my/maybank2u/mala...ount_rates.page

Usually Maybank, is treated as the reference (normal lowest or almost) FD board rate.

You can see that 6 months tenor is at 2.30 % p.a. , 12 months is at 2.35 % p.a., and 60 months is at 2.60 % p.a. in the table.

Usually people will just simply look at the last few pages of postings in this forum. What are the FD promo offers for these tenors? Suppose you have 10,000, or 100,000 to place, what is the increase for each rate? But does one actually need to know what is the offered promo rate? Please explain what actually is the lesson or shortcut you can practice from this about ball park figures to qualify for the next discussion.

This post has been edited by oldkiasu: Jul 15 2022, 08:43 PM

You work for a bank, is bank shareholder, or related to bank founder?

Rewarding FD or savings depositors with higher rates to gain more loyal and increasing depositors can be good and more profitable for a properly managed bank. Same like any other fund or financial schemes.

Bank shareholders should realise that correcting technical, management errors/oversights and exploitative products and unfair T&C are actually good for the long term benefit of the bank.

Depositors should be given a reasonable profit rate and not exploited and depend on government handouts or EPF withdrawals.

People should learn to take better care to get more out of their banking savings and FD so that they can earn more for a better life instead of losing the opportunities by wasting the time due to their sheer ignorance and lack of mathematical skills.

If Einstein thinks Compound Interest is a wonder, then are we so genius to argue that any improvement to it is not worth it?

The Ambank 3.2 % BEST12 promo is supposed to open on Monday 18 July 2022. You are too early.

This post has been edited by oldkiasu: Jul 17 2022, 08:51 PM

There are some who want info, comparison or opinion/advisability on foreign FD rates in other countries versus local FD in foreign currency for business reasons, diversification becuz lack of confidence in ringgit, trying to make money, trying to prevent loss of value of their wealth, getting ready to migrate, store and source of funding for their children foreign education etc.

For some, this is one way as they do not need to convert or bring back as ringgit, but some do and exchange rate trend and how to tackle over the continued business long term is involved.

Foreigners also ask from very short FD for shares and temporary keeping and second home for longer FD. FD business is not just confined to normal saving depositors like most people understand or use it. There are even separation between business and individual FD rates, and procedural differences.

Please ignore or delete if this is not useful or OT. If want to be a financial hub, naturally some of these issues need to be more widely known and use, otherwise there is a weak or less potential growth compared to other successful places.

This post has been edited by oldkiasu: Jul 24 2022, 05:35 PM

BM up FD rates from 27 July 2022.

Muamalat 12m 2.95 %, option monthly payment, online start 27 July 2022.

No new promo. I just checked by phone before making FD placement elsewhere just in case.
Wish I am wrong but feel they probably won't so soon after collected from their last FD promo.

But on the otherhand, Bank Muamalat already revised up their rates even before reaching their end date - probably competition from other bank promos make pretty certain target fund collection will not be achievable if remain at previous promo offer.

Just an expected guess on what the 2 banks probably need to do from info on start and end dates, and fund size.

This post has been edited by oldkiasu: Jul 28 2022, 03:10 PM

Just sharing a fraction of the fresh info about Bank Muamalat rise. Not asking you to put there. Not a table or info of the best promos available. Not meant for promoting any FD promo.

Personally I find posts informing about promo rates lower than the highest rate also helpful. Then no need to check with banks to see if quietly their rate is actually higher. Positive info rarer, but negative info also useful and good for decisions to place FD, or for guessing how banks are reacting or behaving.

It is up to you decide what is best for you from what you read, ask, confirm and evaluate according to your particular situation. Opinions and advice may not suit your tastes or you cannot do so for various reasons at a certain time.

This post has been edited by oldkiasu: Jul 28 2022, 07:47 PM

Not want to argue or give long OT explanations. Taste is something like one man's meat is another man's poison. It is the worldview, culture, beliefs, experiences, accepted learning, attitude, habits of each person that shapes his conformity or otherwise in behaviour and decision making.
It is the kind of thing that can say Ambank is best, or Ambank is a risk as the US rate is up as MattSally pointed out. It is who you are, that makes you think, react or decide in ways of your own.

This post has been edited by oldkiasu: Jul 28 2022, 08:20 PM

I find nothing offensive in your questions. I am not trying to attack personally, only answering what I mean by taste as you asked yourself. Bye.

Yes, Bank Muamalat is like that. You will get the failure on weekends. Anybody tried on Public Holiday and the result?

"Unable to process your request. (H0195)"

Personally, I do not mind if the bank actually have some verification arrangement or human oversight in case some crook somehow got the money into their FD account for themselves or for premature uplift the next day. Say place on Saturday, uplift on Sunday, while call centre or bank cannot be contacted even if owner detects something wrong going on during the weekend.

In general, it is never advisable to place on a Saturday or Sunday as a precaution to avoid any problems. Better be safe than to be sorry.

The other tip is always check the Maturity Date and Day and try to avoid if it is a Saturday or Sunday or Public Holiday for an eFD. There is no advantage, but only potential trouble in case the bank decides to do upgrading on those days to avoid disrupting normal business days.

What I wish banks do, is that they should always display onscreen and print/show on receipts,

the day besides the date at Maturity Date
as well as the Number of days used,
and the calculation of the interest/profit or final Selling Price for Islamic.

For step-up type, or monthly or periodic payments, also display and print
the calculation of the interest/profit for each scheduled payment period.

Personally, I always do these before any placement, and it should not be difficult for the banks to program their system to provide this as well as an assuring measure to customers to counter against internal cheating or technical errors.

For acceptance against the fear in using eFD or apps, the banks should be pro-active to re-assure the customers and make things difficult for the crooks. Let us see which bank can measure up first. The need for this is because most depositors do not know how to calculate the actual figures and calculate any final adjustment to last periodic payment. So they cannot countercheck if somebody cheats. With such a system, the bank can enable many customers to check to help detect against any internal cheating.

This post has been edited by oldkiasu: Jul 31 2022, 02:31 PM

This is a very common occurence in Malaysia for OTC FD placements. Some people like to make use of long lunchbreak on Friday to place their FD earlier on the day. One year later and 365 days later, it will always be Saturday. If after 366 days, then it will be Sunday.

So most banks have improved to adjust to Monday automatically for any placement on a Friday, instead of the hassle over approving customers complaints/requests for interest loss over the weekend in the past.

There is still room for improvement to cater for known Federal and specific State Public Holidays.

But there is still some complaint/hassle over unscheduled or adjusted (make-up) Public Holidays, not being automatically "corrected/adjusted" when it occurs.

For online eFD, the Maturity Date is usually not adjusted, thus leading to 2 systems - unadjusted online versus auto-adjusted OTC. Sometimes get technical confusion.

For OTC placements, I try to avoid the usual common problems:-

1) Placing on Thursday. Next year it is a Friday. Have problem getting out early enough to uplift FD OTC or face traffic/parking problem, bank closed or understaffed and cannot wait.

2) Placing on Friday. Same as above problems plus cheque clearing and RENTAS delays due to absent staff or coming back staff not handling in time.

If shows the names of other banks, then may have any of the general problems as follows:-

1) FPX transfer limit of source bank - not set or too low for your placement. Some bank do not mention FPX at all in settings so confusion.
2) You exceed maximum placement allowed for each placement.
3) Your FPX requires some extra verification Token, Secure thingy etc. to be setup and active to work other than OTP above certain minimum.
4) Different banks can interprete 10k limit differently from what you think.
5) May require the target bank to be listed for Favourite in source bank.

This post has been edited by oldkiasu: Jul 31 2022, 03:01 PM

This the existing for those less than AUM 50k at Affin. The interesting part is last day is now mentioned as 8 Sep 2022 as if competitive till next Malaysian OPR despite US rise.

This post has been edited by oldkiasu: Jul 31 2022, 05:48 PM

I normally try to avoid transfer problems and delays in bank whenever avoidable to lessen Covid infection.

For instance at Bank Rakyat, I could only uplift on maturity up to 50k at a more convenient branch which happen to be nearer at that date and no need to cross border. So my placement is usually pre-calculated to mature with an uplift principal plus last monthly payment at 50k already taking into account any shift in maturity date.

Nowadays, I just go physically to uplift the OTC FD, but I do not want to stay to wait for bank to do Rentas or their transfer. I just uplift into SA and then do tranfer to better interest paying holding accouint or to identified target bank for new FD after calculation. This normally means that I can only limit 50k at one bank or 30k for bank with lower Maximum Daily Transfer Limit.

Since I now normally practice staggering placements to reduce risks and for arranging cashflow, I normaly no longer place big amounts at one bank on one day. Normally, RM 18,250 or RM 36,500 depending on the MDTL works just fine if not trying to gamble that the rate is going to hold especially for eFD.

But for sudden need for cash, it is good to place for 5k or 10k properly staggered.

This post has been edited by oldkiasu: Aug 1 2022, 11:12 PM

Just info on the increase at the lower online FTA rates offered at Bank Muamalat with effect from 27 July 2022. Not asking you to place there but for comparison against better rates and effect of OPR changes.

6m from 2.30 % to 2.68 %.
12m from 2.80 % to 2.95 %.
18m from 2.88 % to 3.00 %.
Minimum 5k, can opt for monthly payment of profit.

Following also available online.
1m at 2.30 %, minimum 5k.
3m at 2.35 %, minimum 1k.
6m and 9m at 2.45 %, minimum 1k.
12m at 2.55 %, minimum 1k.

Online placement from SA and not FPX.

That is not the only con for saving on debit card annual fee. You also have to remember to put in or transfer in money by CDM, ATM or online from other bank account, or withdraw OTC to keep the BR savings account alive if your FD is not instructed for monthly payment of profit. Otherwise problem when want to place another FD in future.

This post has been edited by oldkiasu: Aug 6 2022, 01:06 AM

Still a work in progress and not yet foolproof, and still have things needing improvement. All negative cases, but without criticism, are their management or IT team still unaware or in the jungle? It is easy to be No 1 when all the rest are not quite good as well. Best of the worse kind of situation.

This post has been edited by oldkiasu: Aug 6 2022, 01:16 AM