CIMB premium fixed deposit

[blurblur123]

my dad is going to take this CIMB premium fixed deposit... not sure about the actual name but here is the details

(1) Need to deposit 5k per year for 5 years
(2) Need to put for another 5 years.
(3) The interest rate for the first five years is 2.98% while for the another 5 years, the interest rate is 3.78%.
(4) Not sure if there is any penalty cost or admin expense involved in this.

I need to know if this plan is good or is there any possibility of losing the capital. can anyone give advice?

 

[Dividends Warrior]

my dad is going to take this CIMB premium fixed deposit... not sure about the actual name but here is the details

(1) Need to deposit 5k per year for 5 years
(2) Need to put for another 5 years.
(3) The interest rate for the first five years is 2.98% while for the another 5 years, the interest rate is 3.78%.
(4) Not sure if there is any penalty cost or admin expense involved in this.

I need to know if this plan is good or is there any possibility of losing the capital. can anyone give advice?

Fixed deposit is safe.

 

[blurblur123]

not sure if it is fixed deposit or what.

 

[bigass]

guaranteed and fixed interest?

 

[blurblur123]

guaranteed and fixed interest?

he dun know what kind of interest it is...

 

[Dividends Warrior]

my dad is going to take this CIMB premium fixed deposit... not sure about the actual name but here is the details

(1) Need to deposit 5k per year for 5 years
(2) Need to put for another 5 years.
(3) The interest rate for the first five years is 2.98% while for the another 5 years, the interest rate is 3.78%.
(4) Not sure if there is any penalty cost or admin expense involved in this.

I need to know if this plan is good or is there any possibility of losing the capital. can anyone give advice?

I dunno the age of your Dad, but you may wanna ask him.....

"Are you sure you want to lock up your money for the next 10 years?"

 

[blurblur123]

I dunno the age of your Dad, but you may wanna ask him.....

"Are you sure you want to lock up your money for the next 10 years?"

I asked him already. He said that is his purpose. he wants to lock his money for the next 10 years... but he is already 58 years old... I am worried if he will still be employed for the next 5 years.

 

[Keverus]

pretty sure this is an endowment plan, not a fd.

 

[RockyHero]

sounds more like a structured deposits for me, likely to have penalty for early withdrawal.

 

[blurblur123]

pretty sure this is an endowment plan, not a fd.

indeed. either that or structured deposit...

sounds more like a structured deposits for me, likely to have penalty for early withdrawal.

Yes, that is what I told him... he kept telling me that there is no penalty fee involved... he cannot remember much as he is a bit senile now. he insists that this is good for him so he will have some money for retirement.

 

[derrickgoh]

Doesn't sound like FD to me, better clarify with CIMB. Only Sing dollar FD, savings ac and current ac are protected up to $50,000 hor. Structured deposit and other stuff not covered.