ALL THE PROMOS BELOW EXPIRED - KEPT FOR HISTORIC COMPARISON RECORD ONLY AGAINST NEW RATES

Ranked List of over-the-counter placement 12 months tenor FD promos with monthly payment of interest into specified savings account

Rank No - Company - Interest Rate p.a. - Minimum Principal per placement - Target Closing Date for Promo - Comments

1) MBSB - 4.10% - 100k - ufn (until further notice)

2) Bank Rakyat - 4.08% - 10k - 23 Feb 2017 (start 23 Jan 2017 Chinese New Year Promo - to end very soon)

3) Alliance - 4.05% - 50k - 31 March 2017 - for senior depositor 40 yrs old and above, FDGOLD (OVER & REPLACED)
Alliance - 4.05% - 500k - 31 March 2017 - FDGold for senior depositor 40 years and above (revise added on 22 Feb 2017)

4) OCBC - 4.00% - 10k - 28 Feb 2017 (entry added on 22 Feb 2017)

5) Hong Leong - 3.75% - 10k - ufn - Islamic FD (OVER & REPLACED)
Hong Leong - 3.80% - 10k - ufn - conventional and Islamic (revise added on 24 Feb 2017)


INITIAL INFO ABOVE posted 21 Dec 2016 AND REVISED 18 January, 22 and 24 February and 25 May 2017.


THE LIST OF FD PROMOS POSTED ON 28 JUNE 2019 FOR HISTORIC COMPARISON

Some FD promo rates recorded before end of half year 2019 for comparison.

Not all banks in this comparison list.
Special rates for PB, negos, children, seniors and bundles with fund products, insurance , wealth products etc
normally excluded as too complicated to mention and may not be suitable for comparison or unavailable for normal customer.
Please check and confirm with your particular bank branch/region as they may somehow have different rates or conditions from list below
which was compiled from verbal answers from bank staff and telephone calls in KL and PJ banks.
All here are usually OTC promo FD and normally require Fresh Funds unless otherwise stated/implied.

Affin Bank (20190627)
Promo from 17 May to 31 December 2019. Minimum 5k.

Islamic TD-i
p0m6 3.60 %
p0m12 4.05 %
p663m15 4.23 %

Conventional FD bundle 10 CASA : 90 FD
p0m6 3.78 %
p0m12 4.28 %
p663m15 4.48 %


AgroBank (20190627)
No promo.

Normal FRIA (upfront)
m6 3.30 %
m12 3.65 %

FRIA (45 years and above)
m6 3.25 %
m12 3.65 %


Alliance (20190627)
4 options of 3 bundles and 1 pure step-up FD. From 3 till 30 June 2019. Minimum 50k, maximum 3 million.

Option 4 Pure Step-up
p1m3 4.10 % + 4.15 % + 4.20 %


Ambank (20190620)
Need 10k in CASA to qualify.
p1m12 3.25 %


Bangkok (20190627)
No promo.
Previous promo till 30 June 2019 closed early due to overwhelming response.


Bank Muamalat (20190620)
No promo.


BIMB (Bank Islam) (20190621)
GO 7 promo over before 30 June 2019 as target reached.

Current promo running as follows:-
Minimum 5k till 30 June 2019.
p0m3 4.20 %
p0m6 4.40 %


BR (Bank Rakyat) (20190621)
No promo.


BSN (Bank Simpanan Nasional) (20190620)
No promo.


CIMB (20190620)
Rates updated every week. Minimum 10k.
p0m1 3.10 %
p0m3 3.50 %
p0m6 3.65 %
p0m12 3.80 %


HL (Hong Leong) (20190621)
Promo 27 CASA: 100 FD total RM 12,700 minimum. CASA lock-in for tenure.
p0m3 3.86 %
p0m6 3.94 %


KFH (Kuwait Finance House) (20190627)
No normal pure promo.

Not to be confused with KFH Senior ICM Account-i (55 years up). Minimum 5k.
p1m12 4.00 %


MBB (Maybank) (20190620)
No pure promo.

Not to be confused with bundled promo 1 ASN: 1 FD. Minimum 20k ASN:20k FD total 40k minimum.


MBSB (20190621)
No pure promo.

Can ask for special rate for big amount which follows regional HQ (formerly each branch can ask HQ, now follow regional HQ instructions).
Different region, different rates.


OCBC (20190627)
Minimum 10k. Till 30 June 2019..
p0m6 3.60 %
p0m12 3.90 %


PBB (Public Bank) (20190621)
Minimum 10k, maximum 10 million per customer per product. For both conventional Plus FD and islamic TD-i revised down from 1 April 2019 rates on 13 May till 30 Sep 2019.
p0m3 3.45 %
p0m6 3.60 %


RHB (20190620)
CMD-i Campaign 20 May to 31 July 2019. Minimum 10k.
p0m8 3.85 %
p0m15 4.00 %


SCB (Standard Chartered) (20190521)
No promo for normal customers.


UOB (20190620)
Promo 1 to 30 June 2019 revised down from previous 20 May to 30 June promo rates.
Minimum 10k, maximum 500k (no longer old maximum 1 million).

p1m4 3.65 %
p1m7 3.75 %
p1m12 3.93 %

This post has been edited by Deal Hunter: Sep 5 2019, 03:54 PM

RHB promo till 31 Jan 2017 unless target quota met earlier

This post has been edited by Deal Hunter: Dec 22 2016, 10:15 PM

Lots of depositors still willing to place money at lower FD interest rates instead of highest rate. No pressure on banks to increase rates after last year's big collection to get more deposits especially with not strong demand/approval for loans. Banks happy to collect deposits at lower interest rates to lower overall cost of deposits.

They are talking about Maybank FD New Year promo running 5 January to 31 January 2017.
2.7 billion RM Islamic only over the counter step-up FD as follows:-
1-6 months at 3.5%, 7-10 months at 4%, and 11-12 months at 5.5% quoted as effective 4%.
Minimum 10k per FD placement.
Interest paid at maturity.
Saw the leaflet today.

This post has been edited by Deal Hunter: Jan 11 2017, 12:13 AM

Could this because HL and MBB are trying out blockchain in FPX? Heard they are the only 2 local banks trying it.

Bank just want people to step in and deposit with advertisement showing highest interest rate in attractive big bold colourful artwork.
Altho we use the word step-up, the more proper term is step. Maybank even had a step-down promotion in 2016.
For those promo with monthly payment of interest, and early withdrawal anytime or at the end of each step without penalty, the attraction of the rates for various steps may depend on its arrangement versus expected OPR changes. Meaning the depositor has intention to jump if it is beneficial. This is on top of the question of whether the actual effective rate (as against the claimed advertised effective rate) is competitive. Anyway this is how it works for me to evaluate and decide whether to take up a particular step FD. Different people will have their own different ways of dealing with the same facts due to their expectations/bias.
Also please note that the various banks may have different terms and conditions. There is no standard and no assumptions should be made at your own risks.

Simply explained - it just means having transactions also recorded somehow at places other than the 2 parties involved (dispersed) to ensure that there is a multiple record of the transaction in case some outside hacker or insider bank criminal tries to change the figures and details. Due to the claimed security and lessen need for legal records, minimal cost and greater risks and speed can be achieved for transactions.
This is great for those people who demand the bank to explain why they can't spend or transfer their money anyhow without limit within a short time frame. Of course, there are some assumptions and it is not really foolproof as some so called experts think. If the internet were infected with a virus, it is conceivable all data can be lost everywhere (however few, many, disperse or secure copies of record there really are). But let us not get into the nitty gritty of it. Without paper you can still get a big fat zero and no proof for all practical purpose or intents.
Becuz it is claimed to be much more secure, tamper proof and cheaper, banks and all kind of online businesses using electronic agreements, transactions and payments are interested in adopting it.
Various bitcoin companies as well as scams used it as a means or proving that their records can be trusted with some techno gobblygook. Of course, some police or central banks may not like it for some of their own reasons such as catching and proving the criminal/s at one end of the parties involved.
It is highly probable that most banking, FD, credit card, debit card and trade credit documents, unit trusts, insurance, forex and bullion activities will shortly be conducted thru blockchain method.
And Yes, it is highly important for people to understand this fintech especially how it can be abused or properly used- especially those with a naive trust in technology and big words - potential suckers for fraudsters.

This post has been edited by Deal Hunter: Jan 12 2017, 12:28 AM

Maybe the following Star articles are easier to understand

http://www.thestar.com.my/business/busines...-can-be-abused/

http://www.thestar.com.my/business/busines...ech-fraudsters/


http://www.thestar.com.my/business/busines...ot-the-bitcoin/

This post has been edited by Deal Hunter: Jan 12 2017, 12:06 AM

Each bank has own peculiar ways of doing things - it is only a matter of time whether you are sharp enough to notice the differences and changes as you move your FDs around.
Some branches of banks even do things in ways different from other branches. If you question the bank managers or the persons in charge of various operations they could end up confused when compared with other branches and they may end up consulting and phoning here and there to check if they take you seriously. Usually I do not take the call centers and websites too seriously when the subject is FD promotions or operational instructions - probably way off their training and updating.

Sometimes concentrate too much on promos for short term FD and not pay attention to longer term FD for retirement.

For those who have no problem with taking a 5 year FD (60 months), you may wish to consider Bank Rakyat NORMAL board rate at 4.3% with a minimum of RM 500 only which you might consider putting in at intervals when money is available and the rate competitive..

For those who already have some money or can collect the money from various other sources, you can consider putting in RM 5,000 at least per placement which will enable you to instruct interest payment to your Bank Rakyat savings account each month. You can withdraw for use, or replow to your next long FD to effectively increase your return above the 4.3%.

Please note that in the past there had been promos that had offered higher rates than 4.3% by banks and MBSB.

DELETED by Deal Hunter. Boss remind Off Topic.
This thread is strictly for discussion on Fixed Deposit Rates, for EPF related discussion please proceed to this thread --> https://forum.lowyat.net/topic/2705461.


This post has been edited by Deal Hunter: Jan 16 2017, 12:08 AM

As I understand it, please confirm with your bank, that it is still valid.
The PIDM protection total of RM 250 K covers all your PIDM eligible accounts (other things besides FD added) in your bank regardless of branches and time.
However, usually the Islamic and conventional are treated like 2 different banks or like 2 different persons.
But must be extra careful whether the particular so called Islamic FD is covered or not.
Joint accounts in a bank containing different set of participants are each separately eligible for RM 250K protection, eg A= You alone B= You + Wife
C= You + Wife + Son D= You + Son E= Wife alone F= Wife + Son (6 x 250 worth of PIDM protection).
However, not everybody is comfortable with joint accounts or their operation.

This post has been edited by Deal Hunter: Jan 14 2017, 01:44 AM

Congratulations on your questions to seek for feedback suggestions.

I am quite old now, and I made many mistakes unwittingly. You have a number of questions and proposed actions, and there is a big range of possible specific answers, but you should have asked or know about the following first before going into the muddy water.

It is important to look and reflect critically on your options outside the apparent appeal by the banks marketing their product.
There are many negative and terrible things and as a smart consumer, search and pay the greatest attention to the complaints, misunderstandings, criticisms and comparisons. In general, if I cannot find a few bad things or not so good things, it simply means I did not do my homework and may be too positively influenced due to various factors.

For a start, it is WRONG and COSTLY MISTAKE/LOSS to assume that all banks, their branches, or their officers at all levels have one way of doing things on FD or other necessary operations to handle FD. There are a number of factors why this must be so in reality in complex organizations like banks but off topic - so will not explain. As you gain experiences and become sharper or read complaints/experiences online, you will realise that differences are much more frequent than common sense or standard way.

Besides the common complaints of different/ill treatment, there is also a personal problem of assuming that it is clear and understandable and it is understood properly and fully.

First, the message may be expressed in a way that can have different ways of interpretation and operation. This is an extremely common marketing or legal trick if it is not a matter of imprecise appealing communication with loophole clauses hidden in the small print or internal memos.

Secondly, the problem is with the reader who may not have that level of understanding of the language or the realisation that same/similar terms/jargon have different operational differences in different bank cultures, speakers and at different times. Normally people, will give a broad general explanation, but unfortunately everything is subject to the specifics in terms and conditions, variable timing differences, and different operating behaviours by staff/systems in use.

DO NOT REPEAT what was told but question it in your own simple words/understanding to make sure all sides reach nearly the same certain precise meaning.

This post has been edited by Deal Hunter: Jan 14 2017, 12:02 PM

DELETED by Deal Hunter. Boss remind Off Topic.
This thread is strictly for discussion on Fixed Deposit Rates, for EPF related discussion please proceed to this thread --> https://forum.lowyat.net/topic/2705461.


This post has been edited by Deal Hunter: Jan 16 2017, 12:11 AM

As a baseline to compare the competitiveness of various banks, if you have not collected enough money.

Look at the Board Rates for Affin Bank, Bank Rakyat and MBSB.
Usually there is no need to even look at the other banks.

In the case of Bank Rakyat, the minimum FD placement is only RM 500.

Once, you have RM 5,000, the best deal at 14 January 2017 is Bank Rakyat at 4.3% for 5 years where you should specify and make sure the staff show you that the monthly interest is to be automatically creditted into your savings account.

When you have collected RM 10,000, it is time to survey which promo rate is best at that time. Most bank websites are not well maintained or updated on the subject of promos. Forums can be misleading due to inconsistency in quoting and uploading images, links or non-standard report on each promo without mention of the valid date and are most useful as a source of complaints and troubles to be met. For those who can, the best way is to take a walk around the banking area eg. banks in State PJ area and check out at each bank at the start of the 3rd week of particular month when the various banks and branches will have received info and ironed out mistakes. Make yourself familiar with the staff to ensure they know what you want and be served quickly. Usually bank call centres are erratic in quality and unreliable.

Most banks have promos for special seasons from 1 month to about 3 months. There are also sort of semi-permanent long promos. Then there are the banks that sometimes change things in half a month - but rarer nowadays as less need.
Beside these, special days promo per week. Bank Appreciation or Reward Clients on 1 day only nationwide per year. Special promo only for particular branch/branches with parties/gifts and sometimes on weekend..

Pure FD rates are usually flat and paid on maturity. There are many other FD rates beside the normal Board Rate with various names. Sometimes, these rates can be better, the same or worse than the normal board rates.

Some banks will have slightly higher rate for seniors and/or creditting of monthly interest on the same depositing day each month. The qualifying age for seniors varies from bank to bank. For joint FD accounts, some bank allows the senior as first named with younger persons named later for the account to be qualified for senior privileges.

Joint accounts with either one to sign to operate but be warned that there are extra differences and various procedures and costs for different banks.

Step FD rates offer different rates for different months (interest calculated on number of days per step). The steps can be up or down.
Pay Up Front FD usually credit the interest into a savings account or can only be removed on the next working day or after cheque clearance.

Bundled FD usually have higher rates but tied up with purchase of other products which will significantly affect the effective rate of return and the period.

For traditional over the counter OTC FD placements, usually there are FD certificates. You may have a fine deducted if you lose your FD certificate when you take out the FD. If you forgot about your FD, after 7 years, the bank will deactivate and remove the money.
Some banks will just print on a piece of paper for your FD transaction - which you do not need to return to the bank on maturity or removal of money
as the details are computerized and depend on your thumbprint.
Most OTC FD will accept personal cheque or bank cheque effective on the day you place before a cutoff time in the afternoon. Some won't and require vetting and clearing which can delay matters a few days or weeks even before you get the FD which may be dated at any date before you get it.

If you opened a joint account and make subsequent placements alone into it, some banks will still try to make you get your joint partner signature on documents depending on the size of each placement. You can avoid this hassle if the amount is lower but sometimes because the promo minimum is too high, the hassle cannot be avoided.

FD promos usually state new 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. If you transfer funds into your savings account cheaply by IBG either in one lump sum or staggered over a few days by ATM or internet banking, the 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.

If you wish to take out your deposit, you will need your FD certificate, and if that is not needed, your thumbprint at least at the branch you placed the deposit. Some banks allow you to remove at other branches but up to a certain amount only. There are other strange and upsetting limitations on cash removals of final amount, no bank cheque removals, tranfers peculiar to each bank (maybe branch type) which are peculiar to certain banks/branches.


This post has been edited by Deal Hunter: Jan 14 2017, 05:59 PM

DELETED by Deal Hunter. Boss remind Off Topic.
This thread is strictly for discussion on Fixed Deposit Rates, for EPF related discussion please proceed to this thread --> https://forum.lowyat.net/topic/2705461.

This post has been edited by Deal Hunter: Jan 16 2017, 12:06 AM

DELETED by Deal Hunter - boss remind Off Topic
This thread is strictly for discussion on Fixed Deposit Rates, for EPF related discussion please proceed to this thread --> https://forum.lowyat.net/topic/2705461.

This post has been edited by Deal Hunter: Jan 16 2017, 12:05 AM

Ya, bank websites usually late. Not easy for them to be so organised and change things anytime suka suka in website even for regular recurring event like GIA rate. Or even planned FD promos - secret loh.

This post has been edited by Deal Hunter: Jan 17 2017, 09:22 AM

OOPS WRONG PLACE


This post has been edited by Deal Hunter: Jan 17 2017, 10:35 PM

As at Tuesday 10 January 2017, there was a step promo for New Year at Maybank starting 5 January, ending 31 January 2017.
1-6m @ 3.5%, 7-10m @ 4%, 11-12m @ 5.5%. Effective rate 4% over 1 year. Minimum 10k per cert. RM 2.7 billion Islamic fund target.
Told Interest paid on maturity date - not monthly.

Please check with bank whether still on or target achieved. One of those short promos of less than 1 month which is quite a normal practice with Maybank which comes and goes without much notice for those who wish to monitor or new at checking FD rates. Good thing is that their front counter ticket staff are usually quite well infomed after practice of a number of such short promos.

This post has been edited by Deal Hunter: Jan 17 2017, 10:38 PM

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.