Thursday, February 28, 2008

Reducing Deposit Rates

Hearsay, our deposit rates will be reduced in the next few months. Maybe as early as next month which is a day away.
It will begin with savings accounts but I foresee it will soon have domino effects on Fixed Deposit rates as well.
Most banks savings deposit interest rates are based on tiers.
Reduction for the initial tiers are quite significant to laymen (like me)
This will automatically lead to the question of inflation...
How are we going to survive just by saving in bank savings account??
the peanut rates offer doesn't even cover 2/3 of inflation rate we are living in each day.

It's already not easy to earn money, what more, it's even harder now to save money.
How are we suppose to survive?

For those friends whom I may have spoken to ... please believe me when I say we need to have more than 1 source of income ... in other words, multiple source of income ... build your pipeline slowly if you must but keep on building because these pipelines are your lifelines in time of dire need. These pipelines will ensure sufficient supply of water especially when it's need most.

2 comments:

anechoic said...

FD rates reduce?? die lor..

banks want more ppl buy UT and share is it?? :X :X

Su said...

they are starting with savings accounts interest rates but sooner or later, it will come to FD rates.
I think the objective could be to stimulate spending which in turn stimulate economy.

If you are interested, stay tuned for a later post on the world and Malaysia properties market which a friend of mine shared with me...

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