Maybank’s eFD (Electronic Fixed Deposit)
September 25, 2007 – 2:02 pmThis morning, I logged into my Maybank2U portal and read that they have a new product called eFD which is Fixed Deposit bought through the internet. At first glance, I thought that it is a pretty neat product to be able to buy FD without suffering from the long queue. You know, doing simple banking at my branch could take up to two hours and it is a wait that I can do without.
Anyway, since I have been contemplating keeping some money in FD, I thought that this product was released in a timely manner.
However, after reading that they do not issue an FD certificate to FDs bought electronically, I am starting to think that this is not so great after all. Can you imagine that all you have to proof that you have money in FD is just eight digits to show, if I remember correctly.
What happens if something unfortunate happens to a family member of yours and you have to post a bail with the police? Normally things like bank book which Maybank has already discontinued and gone paperless, house grant, FD certificates and share scripts which are also no longer available, would do.
So will the police accept the eight digits that is supposed to be your FD as bail? Errmmm… I don’t think so. So, while eFD is so very convenient, it is not very practical. What are your thoughts?
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5 Responses to “Maybank’s eFD (Electronic Fixed Deposit)”
i just deposited in to eFD on RHB on a monthly tenure. Though the interest is much lower for 1 month, at least I don’t need to wait too long should I need the money for emergency.
I haven’t tried Maybank eFD as I hardly have any money in that account.
By Wilson on Oct 18, 2007
Hi Wilson,
In case you missed my post, Interest Rates For Savings & Fixed Deposits, RHB has the best interest rates for FD and Savings accounts.
The problem with eFD, to me, is that there is no certificate to show for it and as I wrote in my post, you will not be able to pledge your “number” in case of an emergency.
By Cyberpartygal on Oct 21, 2007
I read that post as well..
my friend told me that we can insist on getting the certificate even after we get the eFD. we need to go to the bank for that though.
he told me that we should have the certificate in our hand as you know how well the bank works here in Msia
By Wilson on Oct 21, 2007
Ah, if we can get the certificate then that should be all right. You should get it too although you are only locking your money on a month by month basis.
By Cyberpartygal on Oct 21, 2007