Just back from Mbsb, I showed them the Bank Islam offer and requested for same rate, 4.65% for 2 years.  Finally got approval and made it.  So save the hassles to move funds around.

If anyone got big amount can try to nego with banks.  And pls share with us in the forum, thanks ya :nod:

I think they have to ask approval from HQ.

Contacted branch manager, she doesn't know of this promotion. So I guess only rumours now... For FD MBSB best at 4%, but technically you get only 3.99%...

Joeblow and iamsexyandiknowit

Good that you observe that you are not getting what you expect.
However, regret to inform you that MBSB and some other banks also employ the 366 divisor for days in 2024 leap year and 365 divisor in 2025 for calculating interest.
This leap year method had been illustrated in this forum before, as one of the different peculiarities when dealing with FD in different banks.

it is very common for banks to follow calendar days in a year. so if leap year have 366 days hence interest also divided by 366. not 365.

it is PER ANNUM. No where it is specified that per annum means 365 days only, unless strictly stated so..

also, if your interest is RM100 PA. then that is your max interest possible already. If you have 400 days in a year also the max you getting is still RM100. The bank wont be owing you extra 35 days of interest

The banks mentioned before in various posts. If remember correctly, they were Maybank, Ambank, MBSB.Not sure about RHB as long time did not place FD with them.

2024- is leap year. so 366 days

LOL you summed up my experience in BI. Seriously funny how BI and MBSB operate. This special 4% sometimes can get, sometimes cannot. Sometimes need fresh fund, sometimes don't need. I suspect depends on the mood of the people in HQ.

But BI confirm for me is better than MBSB. MBSB doesn't give full 4% plus if FD matures over weekend no carry over.

mind to explain? Im out of the loop. what is this thing about MBSB shortchanging fd depositors?

is it the 365 vs 366 days thing?

read it, still dont understand how they only give out 3.99% instead of 4%.

Is it because purely a calculation error or is it because they use 366 days instead of 365 days?

hmm ok, since im curious about this. i go and check my previous BI FD, placement 9th june last year, standard maturity supposed to be 9th june this year, but since 9th this year was a sunday, so actual maturity delayed to next working day, monday 10th june. 9th june 23 to 10th june 24, the total days = 367. so got 2 days extra from the usual 365 pa. 1 day being the leap day and 1 more day being sunday

Upon checking the interest, they did credited extra 2 days worth of interest at the same rate. So i get your point now that even if 366 days, then should be getting more instead of lesser.

Since i have no reference with MBSB, so idk how is it. But if according to what you say happened, then yeah kinda dumb for not getting the full 4% amount.. Like how does it even happen..

1)Per annum specifically means complete 12 months of that  particular year
It means  1 year yes, but
2023 -  1 year is 365days,
2024 - 1 year is 366 days.
mana boleh  1 year in 2024 you insist is 365 days?

Do you know 1 year actually is not 365 days?
it is more than that  365.25days.

and so Leap year is time for  pay back.
2)So how can you expect a  1 year FD in Leap year to pay you extra 1 day?

say you put RM100k at interest 4.00% per annum,
2.1.24 -2.1.25 = 1 year = 366 days

you expect to get interest for 366 days?
Yes you get  for 366 days ,
the bank will calculate 366 days for you,
but you cant get extra 1 day interest

Because Interest =  RM100 000 x 4% x 366/366 = RM4000 only

How can you expect the bank to pay you like this?

RM100 000 x 4% x 366/365 = RM4010.96 ?
366/365 means more than  1

remember bank calculate every day in the year for you, but it uses divisor 366 you cant escape
you cant get any more than you can.
except MBSB? No you are wrong
many use 366 as divisor for leap year.. Ambank, PBB, Rize etc...oldkiasu can list all for you
he  checks on all these things since long ago,
i didnt bother to check till  you bring up the issue of MBSB cheating..

shortchange
cheat (someone) by giving insufficient money as change.
"I'm sure I was short-changed at the bar"

eh bro please give him some time to explain

ini MBSB cheating or he tak tahu kira
very important.
i support
yes i am waiting for him to show how  MBSB paid him only 3.99% instead of 4%
many are waiting for him to explain, so far he just made accusation without showing us the proof