Islamic Fixed Deposit (IFD-i) Hoorey Campaign

Maybank launched "Islamic Fixed Deposit (IFD-i) Hoorey Campaign" from 1st March 2019 to 300th April 2019.

It gives 3.95% pa interest to fresh fund and 3.85% pa interest to non fresh fund!

The campaign page is here.

Terms and conditions can be referred here.

Source: https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/promotions/account_and_banking/promo_my_fdhooray0319.page?

Maybank FD/IFD-i CNY Campaingn (10 months)

Maybank launches Maybank FD/IFD-i CNY Campaingn (10 months) before chinese new year.

Key Details

Feature	Detail
Commencing date	23rd Jan 2017 to 28th Feb 2017
Tenure	10 months
Effective rate	3.91% p.a.
Method of placement	Over the counter
Restriction	Fresh fund
Minimum placement	RM 10,000 for individual, RM 25,000 for business
Maximum placement	RM 15 mil for individual, RM 20 mil for business

Scenario of placing RM 10,000 into the campaign over 10 months:

Malaysia FD Rates Update from Investalk Forum

Quite some useful information can be obtained from this forum : Investalk.com (content mostly in chinese). A forum user has provided information update about most of the fixed deposits from Malaysia banks. The page can be viewed here. 

The fixed deposits include normal FD (which needs to deposit over the counter), e-FD (can be placed online) and other promotion offered by the banks from time to time.

Hope everyone can contribute and share the information to keep us updated with any change in FD rates or promotion launched by the banks.

Happy investing and learning more about your money. Be someone who is good in both health and wealth! :)

KWSP Dividend 2016

KWSP just announced the dividend for financial year 2016 on 18th February 2017. The nominal dividend declared is 5.70%, the news can be read from their website.

Maybank FD Rates

Before we start investing our money for better returns, we must also keep some money in a safe place for emergency use. When there is a crisis, those money will also be a good fund to find the golden investment opportunity in the market. One of the safest place with relatively not so low return will be fixed deposits.

Here is the rates for main fixed deposit offered by Maybank:

Besides that, Maybank does offer some special financial products which give a slightly better rate. For examples, Maybank launches General Investment Account-i (GIA-i) Campaign from 16th Oct 2016 to 15th Feb 2017. This the rate for 12-months campaign:

This is the rate for 6 months campaign:

The best feature for this product I would say is it pays out the interest monthly! The downside would be unlike fixed deposits, it does not covered by PIDM. However, due to overwhelming response, the fund reaches its maximum quota and will not receive new placement anymore not long after the campaign started.

Do keep an eye on each bank's website for their promotion. Sometimes there will be good deals to consider. Putting money in current or saving accounts hardly earn you any interest and your money will definitely outrun big time with the inflation. Be wise and learn how you can put your money in better and better place.

Calculating Interest on Fixed Deposit

This might not be a big deal but it is always good to know how the system works.

Have you ever wonder why although you put in an exact amount of money into a fixed deposit (FD) account, but you receive not exactly the same interest every month?

This is simply because most of the FDs calculate interest payment based on number of days the money is in the account, not number of months.

For example, say you have a FD of RM 10,000 put on 1st Jan 2017 with 3% annual rate and monthly maturity time. By 1st Feb 2017, you will receive RM 10,000 × 3% × 31 days ÷ 365 days = RM 25.48 interest.

Say if you continue to maintain the amount of RM 10,000 in that account. By 1st Mar 2017, you will then receive RM 10,000 × 3% × 28 days ÷ 365 days = RM 23.01 interest. This is the reason why every month the bank will give out interest of different amount.

Take note that if it is the leap year (ie year 2020), then the denominator shall be 366 days instead of 365 days.

Just sharing, or just to show you that the banks do not cheat you with the rates declared, haha. :)