CIMB CASA Bundled Step Up FD

CIMB just started a step up FD campaign from 6th May to 31st July 2013 for its individual customers. The promotion is a CASA bundled 8-month step up FD.

Eligible customers just need to place a minimum fresh fund of RM 1000 into their CASA to enjoy the 8-month step up FD promotional interest rates of up to 4% p.a. The maximum placement for the FD can only be up to 2 times of the CASA placement amount, which means about 33% of the total amount needs to be bundled with CASA.

The promotional interest rates for the 8-month step up FD are as follows:

Tenure	Promotional Rate
Month 1 -- 2	3.25% p.a.
Month 3 -- 4	3.30% p.a.
Month 5 -- 6	3.35% p.a.
Month 7 -- 8	4.00% p.a.

The promotional interest rates are applicable for placement of 1 cycle only. Interests will be paid out upon completion of each single cycle. Payment of interest earned will be credited to the eligible customer's CASA.

The effective interest rate for the 8-month step up FD is 3.475% p.a. only, which is very low because 30% of the placement amount still needs to be bundled with CASA.