Affin Bank Chinese New Year FD + CASA 2014 – Up to 3.85% p.a. (ends 30th April 2014)

Affin Bank Chinese New Year FD + CASA

Affin Bank Chinese New Year FD + CASA 2014 (ends 30th April 2014)
Drawback: Long fixed deposit tenure.
Promotion Period: 1st December 2013 – 30th April 2014
Minimum Deposit: RM2,000
Maximum Deposit: RM1,500,000
Tenure: 15 months, 18 months, 24 months
Advertised Rate:
1. 3.88% p.a. (15 months)
2. 3.98% p.a. (18 months)
3. 4.18% p.a. (24 months)
Effective Rate:
1. 2.92% p.a.
2. 3.11% p.a.
3. 3.85% p.a.
Terms and Conditions:
1. CASA earmarked period are the same as the FD tenure.
2. CASA account name must be the same as the FD account name.
3. Partial withdrawal of FD is not allowed.
For the full terms and conditions, click here.
Affin Bank Chinese New Year FD + CASA
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Chinese New Year is here early and already Affin Bank is offering you a chance to save your money, but on a long term basis. That’s right, their Chinese New Year 2014 FD + CASA promotion goes beyond the conventional 12-month tenure. They’re letting you keep your money for 15, 18, and 24 months. So if you’re interested in taking part in this promotion, just be sure you don’t need the money later on because it’ll be in the account for a while. Different tenures come with different CASA amounts and FD amounts as well as different interest rates, but the CASA earmarked period is the same as your selected FD tenure.

Criteria:

In order to be eligible, you must have a CASA account and an FD account. Eligible accounts are as follows: Basic Savings, Ordinary Savings (passbook based), Statement Savings, Affin Plus, Affin Gold (both passbook and statement based), and Normal FD. For existing Affin Bank customers, you must top up a minimum of RM1,000 into your CASA while new customers must open a CASA account and deposit at least RM1,000 in it. Also be sure that the funds you have prepared for this promotion are fresh funds (money not from existing Affin accounts). Once that’s done, you’re ready.

Tenure 1: 15 months (CASA Amount: RM1,000 – RM5,000)

This is the shortest tenure you can get. If you deposit RM1,000 to RM5,000 in your CASA, your FD amount will be two times the amount you deposited in your CASA and the advertised interest rate for 15 months is 3.88% p.a. The table below shows you the total interest earned (assuming you deposit RM1,000 for CASA and RM2,000 for FD).
15-month Tenure Option15-month FD Promo Rate15-month CASA RateTotal
Initial DepositRM2,000RM1,000RM3,000
Interest Rate (p.a.)3.88%1.00%2.92%
Interest EarnedRM97.47RM12.52RM109.98

Tenure 2: 18 months (CASA Amount: RM10,000 – RM50,000)

This is the second tenure option available and if your FD amount for this tenure is 2.5 times the amount you deposited in your CASA. The advertised interest rate for this option is 3.98% p.a. The table below shows you the total interest earned (assuming you deposit RM10,000 for CASA and RM25,000 for FD).
18-Month Tenure Option18-month FD Promo Rate18-month CASATotal
Initial DepositRM10,000RM25,000RM35,000
Interest Rate (p.a.)3.88%2.80%3.11%
Interest EarnedRM587.61RM1,057.32RM1,644.93

Tenure 3: 24 months (CASA Amount: RM100,000 – RM500,000)

You’ll be keeping your money for two years with this option. The FD amount for this tenure is 3 times the CASA amount and the advertised interest rate is 4.18% p.a. This option is rather risky because a lot of things can happen in two years and if you need the money, you’ll be forfeiting the promotional rate. If you’re interested, the table below shows you the total interest earned (assuming you deposit RM100,000 for CASA and RM300,000 for FD).
24-month Tenure Option24-month FD Promo Rate24-month CASATotal
Initial DepositRM300,000RM100,000RM400,000
Interest Rate (p.a.)4.18%2.85%3.85%
Interest EarnedRM25,604.17RM5,781.23RM31,385.40
*Note: CASA rates for all 3 examples are based on the Conventional Interest Rates that applies to Basic Savings, Ordinary Savings, Statement Savings, Affin Plus, and Junior Saver.

The Prizes:

Since 2014 is the Year of the Horse, the bank is giving away a total of 1,000 fortune horses. It’s up to the bank to pick the winners, so if you wish to win a fortune horse, be sure to keep your fingers crossed.

Conclusion:

As a result of the CASA, the effective interest rate is actually lower than the advertised rate, as shown in the 3 tables. Also, this promotion has very long tenures and unless you’re ready to put away the money, it’s not really recommended for those who are short on money, because if you withdraw it prematurely, you won’t get the promotional rate and partial withdrawal isn’t allowed. In other words, you’re just wasting your time. In conclusion, you MUST be very sure you don’t require the extra money for a while.
Interested to know more about FD as well as the top rates for 1, 3, 6, 9, 12 months FD tenures? Then head on to our “Best FD Rates in Malaysia – Earn up to 4.01% for one year” article! If you’re looking to compare the best FD rates in the market, you can use our handy Fixed Deposit Comparison Tool.

 

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