Hi guys, as of 1st March 2013, my main blog GenXGenYGenZ.blogspot have yet to be restored. Click here to read more about it.
However, this blog Fixed Deposit Malaysia was not removed by google even though it is registered under the same username as that of main blog GenX GenY GenZ. Go figure.
Anyway, for us who are into FD, here are some of the current Fixed Deposit Promotions for March and April 2013.
Hong Leong Bank - Islamic Bank Product
3.8% for 12 months is pretty good. The minimum amount to be eligible for this promo is RM5K. And for those depositing more than RM200K, ask your Relationship Manager on the FREE American Tourister Luggage Bag.
The Hong Long Islamic Bank Term Deposit-i Promo has been extended until end of April 2013.
OCBC Bank - Combo Plan
OCBC is once again offering Combo Promo Plan with 4.5% interest rate for 3 months FD. However, this time around, one needs to deposit 1/3 of the total amount into CASA which includes Smart Saver.
For those of you who are new to OCBC Combo Plan, this is how it works.
Condition for the Promo: At least half the placement of the FD amount is to be earmarked in a CASA account for 90 days.
So the most important thing relating to this promo is to deposit the above said amount in a savings account that pays you interest. And here is where OCBC Smart Saver Account will benefit you and optimize the returns from your deposit. See Smart Saver interest rates below:
The thing with OCBC Combo Plan is that you must do some work, i.e. go deposit at least RM50 in to the Smart Saver Plan every month. And the timing you deposit is crucial.
Say you have RM60K to deposit.
- Deposit RM40K into 3 months FD Promo at 4.5% interest rate.
- Open or top up RM20K into Smart Saver Account and earn minimum 2.75% interest rate with RM50 deposit monthly.
- Therefore the effective interest rate works out to be approximately 3.9%
However, like I mentioned earlier, timing is crucial. If you deposit in say mid of March 2013, that means if you were to withdraw the amount in the Smart Saver Account same time as your FD mature, you will only earn 0.5% interest rate for the month of June 2013 for the amount sitting in the Smart Saver Account; as such the effective interest rate for your initial deposit will drop like hell. And if you were to withdraw the said amount in the Smart Saver on July 2013, the funds in the Smart Saver Account will only earn you between 2.4%-2.9% for month of June. So the best time to go for this promo is early of the month (or maybe even the last few days of the month).
And if the total amount you are depositing is like RM10K, I would say don't waste your time. Because there are cost involve when you go deposit the RM50 into the Smart Saver Account and if you are unable/not willing to withdraw the money the same days as your FD matures.
Seriously, if you do not want to waste time, I would say the HLB Term Deposit-i is a better deal as you get 3.8% and 3.9^ for 12 months and 15 months respectively.
For more FD Promos, please visit my Fixed Deposit Page which is currently being updated at www.generationsxyz.blogspot.com, until my main blog is restore.... which may be never, hahaha.
NON Promotional FD Rates.
Malaysia Major Commercial Banks and Foreign Banks Fixed Deposit / Time Deposit Rates as of 1st March 2013.
Bank - FD rates for 1 month, 3 months, 6 months and 12 months.
Affin Bank - 3.05%, 3.1%, 3.25% and 3.6%
Alliance Bank - 3%, 3%, 3.1% and 3.20%. FD Gold 12 months 3.3% (Interest paid monthly).
AmBank - 3%, 3%, 3.15% and 3.2%. Am50Plus 12 mths 3.25% (Interest paid monthly, FREE PA).
Citibank - 2.8%, 2.9%, 2.9% and 3.05%
CIMB Bank - 3%, 3.05%, 3.1% and 3.15%
Hong Leong Bank - 2.9%, 2.95%, 2.95% and 3.1%
HSBC Bank - 2.75%, 3%, 3% and 3.15%
Maybank - 3%, 3.05%, 3.1% and 3.15%
OCBC Bank - 2.75%, 2.85%, 2.85% and 3.05%
RHB Bank - 3%, 3.05%, 3.1% and 3.2%.
Public Bank - 3%, 3.05%, 3.1% and 3.15%. PB Golden 50 Plus 12 months 3.25%.
Standard Chartered Bank - 2.75%, 2.9%, 2.9% and 3.05%
UOB Bank - 2.9%, 2.95%, 2.95% and 3.10%
Banker's Cheque Fee purely for FD Upliftment/Withdrawal (Do not combine with other accounts, i.e. Savings Account)
Affin - FREE
Alliance - FREE
AmBank - RM2.15
Bank Rakyat - FREE
CIMB - FREE
Citibank - RM0.15
HLB - RM5.15 (PB Customers RM0.15)
HSBC - RM5 same day or RM2 next day (no RM0.15 Stamp Duty??)
Maybank - RM5 or RM5.15?
MBSB - FREE
OCBC - FREE
PBB - RM2.15
RHB - RM5.15
SCB - RM2.15
UOB - RM0.15 (Penang only?) or RM2.15 (in Klang Valley???)
