Anyone tried this service before? look like very convenient that can place a fixed deposit thru online and certless.
but is it safe to do placement?

I'm using it now. Created on end of last month.

credit to your account or auto renewal when maturity ?

Credit back to my account.

I think the security wise should be the same as the previous. Just that it's more organized and faster processing.

i just applied it.....looks convenient no slip no paper anymore ...feel slightly unsecured

Last time, I also didn't pick up my FD certs from the branch. I just left it there.

Make no difference for me.

This post has been edited by David83: Oct 8 2007, 02:19 PM

No referral? No conditions? Just click via Maybank2u.com and apply only?

should have confirmation screen once transaction done right?
just do a print screen for in case, at least still have transaction references number if have any...

today gonna try it later... 3% interest + free hassle + save time... still worth it...

Yes. You need TAC to do that.

It's a faster process for sure...

Is it new?
Can withdraw money one or not? I mean cancel the FD

Can withdraw online. No interest will be given if your FD is less than 3 months.

More information about eFixed Deposit: http://www.maybank2u.com.my/consumer/onlin...ixed_depo.shtml

This post has been edited by David83: Oct 8 2007, 06:40 PM

but i think can do a eFD with 1 month right?

Yes. Tenure period is same as previously.

For 1-month FD, your deposit should not be less than RM 5000 (minimum amount).

very good.....citibank also same thing.....can even call up the officer to canc fd...no long queues n very fast.

That's good, they should have it N years ago, it gives me so much trouble to travel all the way to the bank to withdraw my FD. This isthe IT I'm talking about!

This is no need to call at all! You can cancel it online and I think your money will appear back to your account instantly.

I've been using it for few years already....
Both option, auto-renewal and credit back i've tried....

Its actually existed long time ago, just that never been advertised publically...
But my auto-renewal cant "e-credit" back into my account, although the website shows "ok" but it never actually works...
Maybe now they finally finished the coding/system and it actually works, so they advertised it....

err.. unless they have changed it since 2 mths ago, if not I AM pretty sure you can't withdraw or cancel the FD online. Not even if you were to call them!!

I had this prb 2 mths ago and I am not in Malaysia... you can place FD thru Maybank2u but not withdrawal.

Thats y i said, can even call. Its the same thing, u can do it online, call or watever. No old fashion FD placing anymore....Citibank had it like long ago.

Now, we should push CIMB clicks to provide such facility.

YOU hear that ?

Hmm ... i've been using the old version of FD placement for a year now, you need to deposit online and collect the slip in your bank and also, you cannot withdraw the FD.

This new version enable you to deposit online without getting the slip and withdraw and bank in to your saving. Older version cannot.

Actually this e-FD is an enhancement to the old FD placement.

They just implemented this e-FD in about 1 month ago.

Are you referring to "credit back into account" or "auto-renewal"? For "credit back into account", it's not necessary for you to pick up the cert but for "auto-renewal", as WaCKy-Angel said, you may need to withdraw at the branch. I accidentally created an "auto-renewal" FD and I have picked up the FD cert.

is it confirmed eFD minimum RM5000 placement? thought can RM1000...

What is the minimum and maximum deposit amount?
Similar to the existing FD Account. There is no maximum amount for eFD.
i.e. minimum amount of RM1000 for 2 months and above & RM5000 for 1 month.

so David83,
During old online FD placement, i placed auto-renewal...so there's no luck to cancel it/credit back to saving account without the cert ar?

Hm...since now it already been enhance liao, i think i'm going to opt for
"Credit Back To Account" for 1 month FD 1st...wait for more feedback...then only go for auto renewal

IMHO, I don't think you can withdraw the old FD online (referring to Auto Renewal FD).

Upliftment for old FD
. Upliftment can only be done over the counter (at the Home branch).
. Mode of payment for upliftment can be cash, credit to account or banker's cheque.

Upliftment for e-FD
. Only Reference Numbers with 'E' can be uplifted via Maybank2u.com
. FD with CERTIFICATE needs to be uplifted over the counter (Home branch).
. Mode of payment for upliftments can only be credited to account linked to Maybank2u.com.

U mean this Efd, after u do a placement or auto-renewal, u need to collect the fd cert?

No ... that one was referring to the old FD (not e-FD).

Hello,

Just wish to check if I have placed the FD in the Maybank branch located in Johor, am I allow to uplift this FD in KL branch?

Thanks.

have to withdraw it at Johor branch

For non-eFD, must uplift at the home branch.

Thanks David83 and muscaa.

is the normal fixed deposit account same with E-fixed deposit account?
cause i got the normal fixed deposit account number. and i really want to try e-fixed deposit cause i dont have the crap time to go to maybank

my bad experience of e-fixed deposit:
first time i am trying to open up a e-fixed deposit fail because this is the first time i am opening a fixed deposit. and ironically to make matter worse, my home branch jalan temoh, klang is no more due to relocation of maybank centre to menara klang. and i got to go to maybank just to place an e-fixed deposit.

second time: i got panic when after maturity, principal and interest is not creditted to my account. and the lousy reason is jalan temoh home branch is not menara klang homebranch. and i got to go to maybank to settle it, and after few sleepless night its settled. (luckily i am just testing e-FD for a month.......)

sequencely, all my FD is the normal cert FD placed at the centre....

wish me luck, i gonna test e-fd again and i hope this time they wont upset me again.......i also prepared test cases to be safe

TEST 1: after put e-fd, i'll try to uplift it after couple of days and see whether its creditted back to account

TEST 2: after maturity, testing whether the principal and interest is creditted into account.

i cant believe so much time is wasted just for E-FD.

sorry to sound stupid but can somebody explain what uplifting is?
If it is withdrawing or closing the account why must use funny meaningless word like uplifting?

Hi David,

Does this mean if my FD period is 12 months, I withdraw is on 4th month also can get interest?

Thanks.

upliftment means forfeit ur interest and get back ur money if it havent reach maturity.

it also means get back ur principal and interest when it have reach maturity date

according to http://www.maybank2u.com.my/consumer/onlin...ng/fd_more.html
, u wont get any interest

Please let us know with your test finding. Thanks.


So let say I put RM5000 for 1 month = 3.00% p.a, at the end of the month, I'm able to collect extra RM150?
Edit: it is per annum. Haha...didn't realize that.

This post has been edited by AskarPerang: Oct 3 2008, 01:28 PM

You can put your fix D maturity date to 1 month, 3 monhts or maybe 6 months if it is the case. Then you can get the interest...if you know that you will need use that money anytime.

hmmm maybe I understand wrongly on what was mentioned by David83...

"Can withdraw online. No interest will be given if your FD is less than 3 months."

any update from your test mate?

wow... this sounds scary. I'll have to watch my account closely. Do update us on the outcome of your test

I have been using Maybank e-FD for nearly a year since it was first introduced. I didn't encounter any problem as john123x experienced. Once matured, it'll credit back the principal + interest to designated account.

Before e-FD is introduced, I also got use their primitive version of online placement FD. Always didn't face great pain with it.

not that fast, bro
it will take bout 2 month too know the test results.....

note: 5k for testing is too risky....

This post has been edited by john123x: Oct 6 2008, 03:09 AM

All that trouble to test the e-fd ??
I've been using for more than a year no problem at all...

But the last time i uplift my unmatured e-fd it didnt give me interest up to that day, i remember last time it did...

David83, so the e-FD rates are also same with the Fixed Deposit rates which located at M2U website? (i.e. 12 month = 3.70)

same here.. i hv been using e-FD for quiet some time already.. creates less a hassle to go to the bank to bank in. forms admin etc..
its safe and so far its working fine.. only downside is its not one of the highest FD there is around..

to test. u can always try 1k for 3 months.. tats wat i did initially thn grow it up to 5k min for one month.. but the best rates is 5k for 3 months..

Yes. The rate is as published in M2U website.

another ques for me, what is the diff between the FD Flexi & GIA Mudharabah? I saw the graph between these two types of eFD, but i dun understand on it. Because both types also offer same term? Can you tell me what is the diff?

FD Flexi? Never heard before.

If you're talking about the two options in eFD, one is conventional FD and GIA Mudharabah (is based on Islamic banking whereby the interest paid using profit sharing ratio).

What is this "profit sharing ratio"??

I thought the difference is the bank will use the customer's money to invest in stocks/shares that is somewhat not very risky, since Islamic rules doesnt allow "gambling"...

i also wish to know, because based on the wiki explain on term 'Mudharabah' is what David83 say, the profit will shared equally to shareholders. So what it means? not follow on interest rate? maybe the invest will loss?

In Islamic banking, before commiting into a financial contract, one has to agree to a profit sharing ratio beforehand. This is some sort of fundamental operation of Islamic banking.

Kindly read through this URL: http://www.maybank2u.com.my/maybankislamic...es_notice#title

I just place RM3K for 3 months as a test.
Hopefully not going to use the money.

it safe to use... i tested to withdraw money, it credit into my saving account immediately with the interest...
also, i do monthly renewal (1month) for my eFD, i dont want loss my interests for in case i need money urgently...

This post has been edited by gkl83: Oct 7 2008, 02:52 PM

CIMB also good....

CIMB eFD has a one day lagging for maturity.

how does this "share equally" means?

Is it if i deposit RM1000 and u deposit RM5000 both will get same interest?

this is my first time apply eFD, but the reference number i get got 10 digit and without "e" at the back, is that any problem with it ?

please help..im worrying

tat 10 digit is your account no. you will get another number

login your maybank2u, goto Fixed Deposit Info and check.

I don't feel safe to use eFD, you don't get any paper, only a number, I prefer solid receipt as proof of my FD placement.

You can print out the transaction as proof.
I think it should be save. There is this reference number that you can check.

The FD account number carries 12 digit.

The string of digits with or without the E should be referring to the certificate number. It's a running number. This should be a 8-digit number.

sorry to bother
just now i hv click into maybank2u website... there stated interest rates is based on p.a
so if i wanna put in for 1/2 yr so how does it calculate?

Make a proportionality calculation.

sorry... founded, thanks

---

Added on October 15, 2008, 8:32 amaargh...! lost i overlook into something

that is interest on how long u put ur money in it = 3.4% for 6 months

proprotional to p.a? wat does it mean still new into this field

This post has been edited by ! Love Money: Oct 15 2008, 08:32 AM

Rough estimation for 6-month will simply divide by 2.

divide by 2 n the interest will be paid every month or once per yr?

paid on the maturity date.

e.g.

You put 1K for 6month at 3% interest (example only)

(3/100* 1K) / 12 = interest for 1 month

interest for 6 month = interest for 1 month * 6.

u said that will deposit ur money for 6 months...
for sure give u the interest every 6 months lah...

Example:
6months @ 3.4% interest
{[RM5000 X 3.4%] / 2 (6months)} = RM85
u get RM85+ for every 6months
roughly u get RM170+ for 1 year

1months @ 3.0% interest
{[RM5000 X 3.0%] / 12 (1months)} = RM12.5
u get RM12.5+ for every 1 months
roughly u get RM150+ for 1 year



This post has been edited by gkl83: Oct 15 2008, 10:27 AM

thanks all, but still didnt satisfy me...
i put in 5k only can get rm85

with 5k in saving account, the most u can get was RM7.5 per 6 months

This post has been edited by gkl83: Oct 15 2008, 05:44 PM

If such the case, you can invest in bond funds. The risk is higher but could provide ample return which could be slightly higher than FD.

I just open eFD, I remember I select Instruction on Maturity to be "credited to account", but newly open eFD is set to "auto-renewal". Why ah ?

This eFD cannot be done as a joint name either to sign right?

i m greed mar

any link for more info??? thanks...

There're several unit trust managers around. I cannot pin point to the exact fund. You have to scout around.

Take some examples from Public Mutual - PBF, PSBF, PISBF.

If you have furhter queries, please divert your questions in the PM thread.

Eh, nowadays savings account also got no more passbook what, no difference also mah.

Hello guys can i know the requirement for opening FD acc... Coz i'm just 16 years old still in study and have maybank acc with my mom name together so izit possible for me to open a FD acc...

yup

Those kind of FD need to be created at the branch. Sorry for that.

Hey guys can i know how the interest rate is calculated... If i put my RM1000 for my principal amount...

Izit first month will get 3%... Then if at 3rd month so izit the interest rate is calculate like below:
>> (RM1000 + 1st and 2nd month interest rate that is 3%) + 3.2% for that month

or

>> RM1000 (original principal amount) + 3.2% for tat month...

Which two... So izit safe putting the money in eFixed Deposit... Anyonw tried b4 putting the money for a year... What da result...

The advertised rate is per annum rate.

So can i know when i deposit RM1000 for 2 month... How much total interest will i get... How to calculate...

If deposit RM1000 for a year how much interest will i get... Really need help...

And izit deposit for 2 month and 12 month is the same (same mean if i deposit 2 month for 6 times izit total i get is the same as 12 month interest)

Nope. You deposit 12 months you get 3.7% p.a. 2 months you get 3.0% p.a. only.

Is the interest taxable?
I remember last time only terms of more than 12 months are tax free. Anything less than that, the bank will deduct tax before paying you.
Any idea what the current situation is?

Saving is not taxable.

just update my picture...


as we can see...
12 months and 24 months interest rate no different... same as RM185...
better got for 12 months since same interest rate as well...

1 month and 2 months interest rate no different... but common sense should same interest...
but NO... 1 month's interest are higher than 2 month's interest... extra RM0.20...

so if wanna to deposit ur money based on certain interest rate, go for the shortest tenure since have more benefits...

This post has been edited by gkl83: Oct 20 2008, 07:27 PM

That is what I thought too. However RHB bank site shows there is still a withholding tax of 5% imposed on interest earned on deposits of less than 12 months.


*****
RHB P.A.Y.S Fixed Deposit

Get the best of both worlds when you save with RHB Bank’s Pay-As-You-Save Fixed Deposit plan. With interest payments credited every month, you have the freedom to manage your savings regularly. Sign up today and give yourself a treat!

The benefits you can enjoy with the FD P.A.Y.S are
Eligibility Individuals aged 18 years and above.
Initial deposit RM10,000 per account/receipt.
Tenure 3 months only
Interest Computation / Payment Calculated daily / paid monthly and automatically credited into your savings or current account.
Withholding tax Applicable as per Bank Negara Malaysia’s guidelines. 5% withholding tax imposed on interest earned.
Other benefits
*****

This is because of the difference in times you get your interest.

e.g. interest calculated each month

Deposit RM1000.00 , 3.0%pa
1st month - RM1002.500
2nd month - RM1005.006
3rd month - RM1007.519

e.g. interest calculated quarterly

Deposit RM1000.00 , 3.0%pa
1st month - RM1000.00
2nd month - RM1000.00
3rd month - RM1007.50

So the difference for 3 months is like around RM0.019. But if overtime for long period, you'll earn a lot.

temptation1314 is right, and heres the table for interest calculated for different fixed deposit tenure and the concept of lousy 3% compounding

[attachmentid=637951]

notice if u put for 2 months tenure and auto FD renewal, for month 2 and month 3 , its the same amount as u get interest every 2 months (coz its 2 mnoths tenure)

conclusion: 3, 4 and 6 months tenure is as good as 12 months tenure, as u traded in few bucks for earlier maturity and flexibility. thats if u already determine how long u want to put fd for.

facts: higher the interest rate the better, if u notice the pattern, if u put for tenure 7 months, every 7 months interval, u have the most money compare to other tenure at the same interval (even the compound advantage cant even win against higher interest rate). therefore, tenure wasnt as important as interest rate.

This post has been edited by john123x: Oct 21 2008, 09:38 AM

Damm.. i keep on looking for the word. Thanks to john.

The keyword for this eFixed Deposit is "Compounding"
Take a look at your dictionary and see what it means

of course i know the reason why the interest higher bit lah......
i want to advise that if going for Fixed Deposit... better go for the shortest tenure based on certain interest rate....
who the heck going for longer tenure if interest still the same and taking risk to loss the interest?

if 3.0% @ 1~2 month tenure: choose 1 month tenure
if 3.2% @ 3~5 month tenure: choose 3 month tenure
if 3.4% @ 6~8 month tenure: choose 6 month tenure
if 3.5% @ 9~11 month tenure: choose 9 month tenure
if 3.7% @ 12~24 month tenure: go for 12 month tenure
... ... ...

lets talk in another concepts...
if 3.0% @ 1~12month tenure, which tenure we going to choose?
i think wont have ppl going to choose the 12 month tenure... if the person withdraw money at 11 month (12 month term), he loss all the interest and get back the same principal/capital... if the person choose 1 month term, at least he still got 11 month interests if withdraw when 11 month... that the reason why i said "deposit ur money based on certain interest rate, go for the shortest tenure"

This post has been edited by gkl83: Oct 22 2008, 07:55 PM