Reference is made to the letter-to-editor titled “Fixed deposits calculation rate differs” published in The Star on 13 October 2015. We would like to respond for and on behalf of our 13 Council banks*.
Having checked with our Council banks, all 13 banks confirmed that interest is paid on fixed deposits where the maturity date falls on a public holiday and/or weekend. One bank has even highlighted that it provides weekend banking and real time fixed deposit placements/redemptions via internet banking.
Be that as it may, we wish to highlight that generally, any funds uplifted from a fixed deposit account before the maturity date may be subject to loss of interest, depending on the terms and conditions as stipulated by the bank concerned. Thus, where the fixed deposit has been rolled-over on Sunday 4 October and then up-lifted on Monday 5 October in the illustration provided, the bank may regard the upliftment as having been made before the next maturity date. Under the circumstances, no interest will be payable for those two days.
We also wish to advise that with the advent of the Competition Act 2010 each member bank makes its own decisions with regard to pricing, tariffs, rates, charges or fees independently and with reference to its own business strategies. Our member banks have been duly informed of the same. Consumers are thus encouraged to compare and “shop” for banks which are better suited for their banking needs.
We would like to urge the writer, JK, to contact ABM to provide us with further details of the bank in question so that we may better check with the bank on the issue raised.
Members of the public are welcomed to contact us at our ABMConnect hotline by dialing 1-300-88-9980, or emailing us at eABMConnect by logging on to our website, www.abm.org.my
*Our 13 Council Banks comprise Malayan Banking Berhad, Affin Bank Berhad, Alliance Bank Malaysia Berhad, AmBank (M) Berhad, CIMB Bank Berhad, Citibank Berhad, Hong Leong Bank Berhad, HSBC Bank Malaysia Berhad, OCBC Bank (Malaysia) Berhad, Public Bank Berhad, RHB Bank Berhad, Standard Chartered Bank Malaysia Berhad, and United Overseas Bank (Malaysia) Bhd.