I happened to talk to the bank officers one day and asked him
why was the interest so low e.g. 1.3 % pa for up to $0.5 mil.
He told me that bank will not increase the FD interest because
at every renewal, the bank will deduct a percentage representing
inflation for their own protection.
In doing any business, can we charge our customers an additional
profit representing inflation?
Obviously this deduction of an inflation is unheard of in the
outside business world except in our little red dot where the
government seems to govern using power of politics to protect their
own interest.
Just throw open the door like the way the government invites
foreign talents to take over any jobs to outside banks and increase
the banking licence by one to three more to free up the cartel and
conspiracy going on between the banks and MAS who obviously are now
trying to protect their own GLCs to make more monies for surpluses
at the expense of citizens' retirement saving.
Abolish the Association of Banks as at their own meetings there
probably conspire not to rock the boat by allowing individual to
offer their own FD rates. They probably quietly toe the line not to
offer anything outside the band of 1.3-1.5% pa for up to $0.5
mil.
Don't believe me so go and take the ABS to read.
