KDI Journey: A little over 2 working days, finally approved!
After patiently waited, while rushing multiple task and day job, the day has come that I can roll up my sleeve and see what adventures lied ahead for me to see if there's something stable.
image.png Extracted from Linkedin
For many, they prefer the high risk earning that can go up to API 100%; but one must not put all eggs in one basket; for you will never know what happens to the basket with such uncertain trying times.
With my approved account, what are they offering me after my selection?
My lady boss who introduced me to this special "term-less" savings suggested that this is way much better than the Fixed Deposit rate in all the local banks in Malaysia; *however there s a "Terms and Conditions apply" stated, where most people do not bother to have a look in there
Let's take a look what it is inside for the sake of TLDR for some of the readers here
As you can see, there is a catch! the more you put into this promotional savings, the less you are going to get.
Which means they are not encouraging you to dump every single penny by the millions in and harvest its dividend fruits.
Actually Fixed Deposit that is above 15K MYR actually has way higher interest rate; but with locked term conditions, unlike this flexible piece
And I think each deposit is set as a "new investment / savings docket" ; otherwise it will not have the "First-in, Last-out" principle applied.
Let's give it a try now
Ah, the interesting part is that once your bank account is registered to this account (for withdrawals) , you MUST use the same bank account to place deposit. This is to ensure a cleaner transition (I suppose) and whoever needs to declare it later as side investment tax relief (in Malaysia) it is clearer.
Perhaps for some who has the time in the world to religiously separate their investment documentation with different banks, then you will just need to remember the bank account that is used and be ready for any highlighting statements needed when deposit and withdrawals happen to this site
How much am I going to invest?
For starters, as I have been using too much to pay utility and settle mom's medical bills, I have decided to just start small: where the minimum is allowed.
MYR 100 isn't a lot and if anything (touchwood !) happens, it is not painful.
Once clicking on "Proceed" the system will ask again to confirm the deposit
Not to mention that there is a time limit to deposit to ensure security is intact
After that, a simple e-payment page that all of us (in Malaysia) are very familiar is processed, and within 1 minute it is done
All I need to do is just complete the transaction.
As long as the Internet connection is good. I am not seeing any trouble at all settling a simple deposit.
Do take note that I am doing this after working hours; therefore the payment process that needs to (probably) be verified by an officer can only update it tomorrow.
That is one of the drawbacks about conventional financial service. Maybe one day this can be processed with a proper smart contract that automates and verifies transactions.
Then again... this could just be CBDC in the making... since we have to do KYC
Another perk for this site is that though they have referral ID for me, but this is only viable for KDI investment portfolio that has a totally different package all together.
And to make it fair and not treated as a ponzi scheme (that takes on %), they only reward a one time* MYR 10 per referral.
And that is probably one of the important step that got the National Bank regulated and approved
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