Best Fixed Deposit Accounts In Malaysia

We provide monthly updates on the best fixed deposit rates in Malaysia with tables showing the top 5 rates for the duration of 1, 3, 6, 9, and 12 months.

 

Best Fixed Deposit Accounts In Malaysia

Last update: 1 June 2020

Best Fixed Deposit Promos – June 2020

Bank Effective Rate (% p.a.) Minimum Deposit Maximum Deposit Tenure Promotion Period
Affin Bank/Affin Islamic Bank
(Banca Deposit Campaign)
  • 17 (1 month for Fixed Deposit/AFFIN Maximiser Premium bundle)
  • 7 (3 months for i-Great Invest/AFFIN Islamic Term Deposit-i bundle)
  • RM50,000 at 1:1 ratio (Fixed Deposit/AFFIN Maximiser Premium bundle)
  • RM10,000 at 1:1 ratio (i-Great Invest/AFFIN Islamic Term Deposit-i bundle)
N/A
  • 1 month
  • 3 months
1 Mar to 30 June 2020
Affin Bank/Affin Islamic Bank
(eFixed Deposit Campaign)
  • 2.68 (3 months)
  • 2.88% (6 months)
RM10,000 RM10,000
  • 3 months
  • 6 months
14 May to 30 June 2020
Alliance Bank
(Alliance Bank Fixed Deposit Campaign)
  • Up to 8.88 (3 months)
  • Up to 3.60 (5 months)
  • 3 months
    • 1:2 ratio for FD/Unit Trust at RM25,000:RM50,000
    • 1:1 ratio for FD/Banca Regular Premium at RM10,000:RM10,000
  • 5 months
    • RM50,000 in FD
    • RM10,000 in savings account
  • 3 months
    • N/A
  • 5 months
    • RM1 million in FD
  • 3 months
  • 5 months
1 April to 30 September 2020
Citibank
(Citi Priority Time Deposit Promotion – only for new customers)
9.38 Must maintain minimum assets under management (AUM) threshold of at least:

  • RM400,000 (Citigold clients)
  • RM200,000 (Citi Priority clients)

(Of the minimum AUM threshold mentioned, at least RM must be invested in eligible investment/insurance products for 6 months.)

N/A 1 month 1 Apr to 30 June 2020
Hong Leong Bank
(FD-CASA Bundle Promotion)
2.90 RM50,000 at 10:1 ratio for fixed deposit:current account/savings account RM2 million
  • 3 months
  • 6 months
12 May to 30 June 2020
Hong Leong Bank
(eFixed Deposit-i)
2.60 RM5,000 RM2 million 3 months 15 May to 30 June 2020
Maybank
(Islamic Fixed Deposit-i via FPX)
  • 2.43 (2 months)
  • 2.59 (6 months)
RM5,000 RM15 million (RM30,000 max per FPX transaction)
  • 2 months
  • 6 months
18 May to 18 June 2020
OCBC Bank
(OCBC Online FD Promotion)
2.65 RM1,000 RM50,000 10 months 1 to 30 June 2020
OCBC Bank
(Premier Deal)
3.15 RM10,000 RM3 million 3 months 1 Apr to 31 Dec 2020

Monthly Update

Here’s a roundup of this month’s updates to the best fixed deposit accounts in Malaysia.

  • Bank Negara Malaysia (BNM) has slashed the overnight policy rate (OPR) for the third time this year, bringing it down from 2.5% to 2.0% – the lowest in a decade.
  • This cut has caused the interest/profit gap between conventional and Islamic FD products to become smaller. However, Islamic FD products still offer higher rates compared to conventional FD products.
  • Bank Rakyat and Affin Bank/Affin Islamic Bank dominated across board, offering the highest and second highest interest/profit rates this month. However, the FD product offered by Bank Rakyat is not protected by PIDM.

Original article follows below.

“What’s the best fixed deposit in Malaysia?” It’s one of the most common questions we hear from Malaysians who want a stable and secure form of savings. With its combination of zero risks, guaranteed returns, and the flexibility of choosing the duration of the deposit, many turn to fixed deposits as a reliable form of short to medium-term savings.

Most fixed deposit accounts in Malaysia are also regulated by Perbadanan Insurans Deposit Malaysia (PIDM) that gives protection for your investment in the unlikely event of member bank failure. So when identifying which fixed deposit account to put your money in, the main points of consideration should be interest rates, minimum deposit amount, and if they are insured by PIDM.

Here are the highest interest fixed deposit accounts in Malaysia, arranged by duration. The tables below will be updated every month.

Top 1-month FD rates in Malaysia

Bank Name Product Name Minimum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Bank Rakyat Bank Rakyat Term Deposit Account-i RM500 2.20% RM18.40
Affin Bank Affin Bank Fixed Deposit RM500 2.10% RM17.60 PIDM
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 2.05% RM17.00 PIDM
Bank Islam Bank Islam Term Deposit-i RM500 2.00% RM16.60 PIDM
Bank of Nova Scotia Bank of Nova Scotia Fixed Deposit RM1,000 1.95% RM16.20 PIDM

Top 3-month FD rates in Malaysia

Bank Name Product Name Minimum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Bank Rakyat Bank Rakyat Term Deposit Account-i RM500 2.35% RM58.80
Affin Islamic Bank Affin Islamic Term Deposit-i RM500 2.20% RM55.00 PIDM
MBSB Bank MBSB Junior Term Deposit-i RM500 2.15% RM53.80 PIDM
Public Bank Public Bank PB Golden 50 PLUS FD Account RM30,000 2.10% RM52.60 PIDM
Al-Rajhi Bank Al-Rajhi Term Deposit-i RM500 2.05% RM51.20 PIDM

Top 6-month FD rates in Malaysia

Bank Name Product Name Minimum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Bank Rakyat Bank Rakyat Term Deposit Account-i RM500 2.50% RM125.00
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 2.30% RM115.00 PIDM
Affin Bank Affin Bank Fixed Deposit RM500 2.25% RM112.60 PIDM
MBSB Bank MBSB Term Deposit-i RM500 2.20% RM110.00 PIDM
India International Bank India International Bank Fixed Deposit RM1,000 2.15% RM107.60 PIDM

Top 9-month FD rates in Malaysia

Bank Name Product Name Minimum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Bank Rakyat Bank Rakyat Term Deposit Account-i RM500 2.55% RM191.20
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 2.35% RM176.20 PIDM
MBSB Bank MBSB Term Deposit-i RM500 2.30% RM172.60 PIDM
Affin Bank Affin Bank Fixed Deposit RM500 2.20% RM165.00 PIDM
Bank Simpanan Nasional BSN Term Deposit RM500 2.15% RM161.20

Top 12-month FD rates in Malaysia

Bank Name Product Name Minimum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Alliance Islamic Bank Alliance Islamic Junior Smart Term Deposit-i RM500 3.10% RM310.00 PIDM
Bank Rakyat Bank Rakyat Term Deposit Account-i RM500 2.75% RM275.00
Kuwait Finance House KFH International Commodity Murabahah Deposit-i RM500 2.65% RM265.00 PIDM
Bank Simpanan Nasional BSN Term Deposit-i RM500 2.45% RM245.00
MBSB Bank MBSB Junior Term Deposit-i RM500 2.40% RM240.00 PIDM

Ready to apply? Check out the RinggitPlus Fixed Deposits page, where you’ll find useful information for fixed deposit promotions available in Malaysia, as well as a useful fixed deposit calculator!

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