Best Fixed Deposit Accounts In Malaysia - April 2024
ringgitplus
1st April 2024 - 6 min read
Last update: 1 April 2024
Best Fixed Deposit Promos – April 2024
| Bank | Effective Rate (% p.a.) | Minimum Deposit | Maximum Deposit | Tenure | Promotion Period |
| Affin Bank (Banca Deposit Campaign – requires customers to purchase selected bancassurance products) | Single premium or contribution – 12.88 (1 month) – 7.88 (3 months) – 5.88 (6 months) Regular premium or contribution – 28.88 (1 month) – 13.88 (3 months) – 8.88 (6 months) | Single premium or contribution RM50,000 Regular premium or contribution RM10,000 | N/A | – 1 months – 3 months – 6 months | 1 Feb – 31 July 2024 |
| Bank Islam (MaxCash Campaign – deposit to be placed in Term Deposit-i Tawarruq and Al-Awfar accounts) | 5.50 | RM10,000 | N/A | 6 months | 2 Feb – 30 Apr 2024 |
| Bank Islam (TDT Extra Campaign) | 4.15 | RM10,000 | N/A | 6 months | 2 Feb – 30 Apr 2024 |
| Bank Simpanan Nasional (BSN Term Deposit-i with BSN SSP Platinum bundle campaign) | 5.70 | RM5,000 | N/A | 6 months | 1 Jan – 30 Apr 2024 |
| CIMB Bank (eFD/eFD-i campaign via CIMB Clicks web) | Funds from CIMB current/savings account/-i – 3.65 (6 months) – 3.70 (12 months) Funds from other banks via FPX – 3.60 (3 months) – 3.75 (7 months) | RM1,000 | Subject to FPX transaction limit | – 3 months – 6 months – 7 months – 12 months | 1 Mar – 1 Apr 2024 |
| Hong Leong Bank (HLB eFD/eFD-i Raya promo) | – 3.50 (3 months) – 3.70 (6 and 10 months) – 3.65 (12 months) – 3.35 (18 months) – 3.45 (24 months) | RM1,000 | RM200,000 | – 3 months – 6 months – 10 months – 12 months – 18 months – 24 months | 1 – 30 Apr 2024 |
| Maybank (eFD-i promo – only for transfers from other banks via FPX) | – 3.55 (3 months) – 3.70 (6 months) | RM1,000 | RM30,000 per transaction, up to RM50,000 daily (max RM15 million per customer during campaign period) | – 3 months – 6 months | 19 Mar – 19 Apr 2024 |
| OCBC Bank (FD/FD-i promo) | 3.50 | RM1,000 | N/A | 6 months | 1 Mar – 30 Apr 2024 |
| Public Bank (PB RCB Special FD/TD-i campaign) | RCB Gold – 3.60 (3 months) – 3.65 (6 months) – 3.70 (9 months) – 3.75 (12 months) RCB Elite – 3.65 (3 months) – 3.70 (6 months) – 3.75 (9 months) – 3.80 (12 months) | RM10,000 | RM10 million | – 3 months – 6 months – 9 months – 12 months | 1 Apr – 30 June 2024 |
| Public Bank (PB Special Fixed Deposit campaign) | – 3.55 (3 months) – 3.60 (6 months) – 3.65 (9 months) – 3.70 (12 months) | RM5,000 | RM10 million | – 3 months – 6 months – 9 months – 12 months | 1 Apr – 30 June 2024 |
| Public Bank (PB eFD via FPX campaign) | – 3.60 (3 months) – 3.65 (6 months) – 3.70 (9 months) – 3.75 (12 months) | RM5,000 | RM2 million | – 3 months – 6 months – 9 months – 12 months | 1 Apr – 30 June 2024 |
| Public Bank (50 Golden Journey campaign – only for customers aged 50 years old and above, as well as have 50 PLUS Savings account and PB Golden 50 PLUS Fixed Deposit Account) | – 3.60 (3 months) – 3.65 (6 months) – 3.70 (9 months) – 3.75 (12 months) | RM5,000 | RM10 million | – 3 months – 6 months – 9 months – 12 months | 1 Apr – 30 June 2024 |
| Public Bank (Power Invest FD bundle campaign– requires customers to also invest in selected unit trust or bancassurance products) | Unit trust/ bancassurance + FD bundle (2:1 ratio) RM10,000 to less than RM300,000 in FD – 4.65 (3 months) – 3.95 (8 months) RM300,000 and above in FD – 5.45 (3 months) – 4.25 (8 months) Unit trust/ bancassurance + FD bundle (5:1 ratio) RM10,000 to less than RM300,000 in FD – 9.05 (3 months) – 5.60 (8 months) RM300,000 and above in FD – 13.05 (3 months) – 7.10 (8 months) | RM10,000 | N/A | – 3 months – 8 months | 1 Jan – 30 June 2024 |
| RHB Bank (Term Deposit & e-Term Deposit campaign) | Term deposit All RHB Customers 3.70 RHB Premier customers 3.80 e-Term deposit (all RHB customers) 3.70 | Term deposit – RM1,000 (all RHB customers) – RM10,000 (RHB Premier customers) e-Term deposit RM1,000 | N/A | 12 months | Term deposit 13 Mar – 30 Apr e-Term deposit 16 Mar – 30 Apr 2024 |
| RHB Bank (FD/CMD-i and investment products bundle campaign – requires customers to invest in selected products) | Unit Trust & FD /CMD-i bundle – 15.20 (1 month) – 7.50 (3 months) ASNB & FD /CMD-i bundle – 9.20 (1 month) – 5.50 (3 months) Direct bond/ sukuk & FD /CMD-i bundle – 15.20 (1 month) – 7.50 (3 months) Structured investment & FD /CMD-i bundle – 15.20 (1 month) – 7.50 (3 months) | Unit Trust & FD /CMD-i bundle RM30,000 ASNB & FD /CMD-i bundle RM10,000 Direct bond/ sukuk & FD /CMD-i bundle RM83,333 Structured investment & FD /CMD-i bundle RM16,666 | N/A | – 1 month – 3 months | 1 Apr – 30 June 2024 |
| RHB Bank (FD/CMD-i & bancassurance or bancatakaful campaign – requires customers to purchase insurance or takaful products) | RM10,000 regular premium – 7.88 (3 months) – 5.88 (6 months) RM50,000 regular premium – 10.88 (3 months) – 6.88 (6 months) | Ratio depends on customer’s top-up choices | N/A | – 3 months – 6 months | 1 Apr – 30 June 2024 |
Monthly Update
Here’s a roundup of this month’s updates to the best fixed deposit accounts in Malaysia.
- Overall, Islamic FD products continue to offer higher interest rates compared to conventional FD products.
- Junior savers can opt for MBSB Junior Term Deposit-i (3.20% p.a. interest for 6-month tenure).
- Senior savers, meanwhile, can tap into the BSN Term Deposit Senior Citizen (3.05% p.a. interest for 12-month tenure).
- The highest interest rate recorded in this month’s round-up is 3.45% (Agrobank; 12-month FD), whereas the lowest stands at 2.60% (Bank Islam; 1-month FD).
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 | RM5,000 | 3.00% | RM25.00 | Malaysian Govt |
| Bank of China | Bank of China Fixed Deposit Account | RM5,000 | 2.90% | RM24.17 | PIDM |
| Alliance Bank | Alliance Bank Fixed Deposit | RM5,000 | 2.75% | RM22.92 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit | RM1,000 | 2.65% | RM22.08 | PIDM |
| Bank Islam | Bank Islam Term Deposit-i | RM1,000 | 2.60% | RM21.67 | PIDM |
Top 3-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| MBSB Bank | MBSB Term Deposit-i | RM500 | 3.10% | RM77.50 | PIDM |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 3.05% | RM76.25 | Malaysian Govt |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 3.00% | RM75.00 | PIDM |
| India International Bank | India International Bank Fixed Deposit | RM1,000 | 2.95% | RM73.75 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit-i | RM500 | 2.80% | RM70.00 | PIDM |
Top 6-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 3.30% | RM165.00 | Malaysian Govt |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 3.25% | RM162.50 | Malaysian Govt |
| MBSB Bank | MBSB Junior Term Deposit-i | RM500 | 3.20% | RM160.00 | PIDM |
| Bank of Nova Scotia | Bank of Nova Scotia Fixed Deposit | RM1,000 | 3.05% | RM152.50 | PIDM |
| Al Rajhi Bank | Al-Rajhi Term Deposit-i | RM500 | 2.85% | RM142.50 | PIDM |
Top 9-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 3.40% | RM255.00 | Malaysian Govt |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 3.30% | RM247.50 | Malaysian Govt |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 3.10% | RM232.50 | PIDM |
| Alliance Bank | Alliance Bank Fixed Deposit | RM500 | 3.05% | RM228.75 | PIDM |
| Al Rajhi Bank | Al Rajhi Term Deposit-i | RM500 | 2.90% | RM217.50 | PIDM |
Top 12-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Agrobank | Agrobank Fixed Return Investment Account-i | RM1,000 | 3.45% | RM345.00 | Malaysian Govt |
| MBSB Bank | MBSB Term Deposit-i | RM500 | 3.40% | RM340.00 | PIDM |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 3.15% | RM315.00 | PIDM |
| Alliance Bank Islamic | Alliance Islamic Term Deposit-i | RM500 | 3.10% | RM310.00 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit Senior Citizen | RM5,000 | 3.05% | RM305.00 | 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!
About THE AUTHOR
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Comments (97)
I am retiring soon. Looking to park my pension Rm2m approx in a safe product with monthly devidents of Rm8k.
Any ideas?
Public Mutual have product called unit trust money market which provide dividend every month with no sales charge, if you interested to know further, let me know. I’m please to help
what is the name of the fund??
Keep in your EPF, bullshit just want to eat your money.
Although unit trusts do give dividends but the nett asset value (NAV) is adjusted to a lower value accordingly. If you reinvest the dividend, you end up with exactly the same value but with more units at a lower adjusted NAV. If you take out the dividend, your fund value becomes lower. Profits from unit trust have to come from capital appreciation of NAV due to stock or bond appreciation.
Yes, true. Don’t invest in unit trust. Keep in EPF.
Don’t trust any unit trust package, invested for more than 10 years with poor single digit return!
True
You better off stick with EPF, which gives about 100k annual return which you want to.
He need monthly withdraw ….EPF can withdraw monthly?
Yes you can request monthly withdrawal.
Can
He can coz he is a retiree soon
Can be arranged with EPF .
Can withdraw daily, 30k per day
Yes you can . Even now as long as you have > 1 million you can take the excess out any amount any time. I have 2.2 million in EPF and take 5 to 7k every month and I am 52
Epf only accept RM60k voluntary contribution annually only… not 2M. There is no way RM8000/month with RM2M. Unless you are good in stock market. Equity and unit trusts bonds all depreciating in this pandemic period. No interests incomes can be fixed. Except conventional bank FD only. Interest rates are still very low.
Got.
There are a few depending on your risk appetite.
U cannot deposit 2m
Agree
This is absolutely for sure!
If u can have 2m pension but don’t know where to park it.. U likely don’t belong to blue collar group and not have the 2m
What’s the point of saying this? 🤦🏻♂️
hahahahahhaha
All Banks and Insurance companies are regulated under BNM, instead insurance one step forwards not only given dividends and Interest . Perhaps given coverage as well.
Rule of thumb: Insurance/Takaful meant for coverage purposes not investment.
Yeah, there are product linked to the investment platform, but still cannot rely there to get good profits.
Uncle go buy ETF…average 7-10% p.a.
or leave it in EPF average 6%/p.a. roughly 120K/yr
low risk and reasonable return
or go buy a few 300k house and collect rent..reasonable yield and future house appreciation.
Good luck
Epf already can more than meet the rm8000 per month Martin requires.
300k can get ard 300sf for new projects
EPF
EPF only allowed max 60K deposit per year. For RM2M, he needs 33 years to deposit all in 😛
put in EPF…little did I expect that there are so many kind soul here asking you to park in EPF…pls listen to them…dont listen to those asking you to invest.
EPF is my best choice
Inform me the best All FD offer by banks
Other products offer are also welcome
ambank got new promo 2.98% 9 months until year end only
Hi, is the OCBC FD rate 2.9% until the end of Dec 2020?
Hi, what is the interest rate in Public Mutual unit trust money market ?
For 200’000 rm pls inform public mutual interest rate
local banks gives pathetic interest rate. Where else overseas investment s gives 6 to 7 precent per month!!!
Park inside EPF.
yah – Japan offers close to zero rate
pakistan with 14% interest rate lol
Yeah but is their central bank governing the safety of your money?
Tomorrow your money may disappear like Alibaba.
Hi is it possible to put 1bil in FD for 12months?
Hi, for the top 1 month FD rates, is no. 1 Bank Rakyat or Bank Muamalat? Thank you.
Latest updated & promo FD term rate.
Thank you.
hi there, pls advise best bank interest FD rates for RM 50K or RM 100K for 2 years, pls share
How about UOB?
uob has good rate.with monthly interest payout..
The best FD rate bank offer ?
Affin has good promotional 6,9,12m FD rate too(I can’t find online, but visible when I apply new FD).
Why considering FD where you have the EPF who offers 6% annually?
because FD is not liquid enough la
Problem with EPF can only invest $60k per year.
MBSB bank giving 3.6% on 12M basis
The FD interest rate is higher now
Yup maybank offer as high as 3.85% for fresh funds. Crazy deals !!
Acquire a shop house and rent it out. Make sure the rental can generate RM8k a month.
better return rate if buying a factory lot
If I’m nit mistaken maybank has other promos to like fresh funds (28/11-7/12) and their rates are superb
Yup, saw the flash deal. Keep an eye out for our updated FD promo for December post tomorrow!
Foreigners can apply for Sg Gov Treasury Bill for 6 months or 12 months, In Dec I placed S$600k in treasury bill at 4.4% cut-off year, equivalent to 4.5% per annum.
that one with 3.85%? yeaaaa that deal is very tempting, might place funds on maybank soon
Deal for 6 months
AM Bank 4.5 for 18mnths
For sure will go maybank bcs I heard that it is shariah compliant + their rates is 3.85%, who wouldn’t want that?
I AM SO HAPPY FOR THE DETAILS FIX DEPOSIT INFORMATION AND I ANALYSIS FIRST ,THANK YOU.
Which is best investment platform FD or Unit trust? with low risk
Lowest risk is FD. So depends on your appetite
Hi Agrobank have promo until 24/2/2023. 4.25% for 12 months, 4.1% for 6 months.
Are all the banks now asking to register CRS before u can place a fix deposit ? And why ?
Life is too short the world is wide.. I would’ve spent some.
Do spend in Malaysia. Thank you
Malaysia is boring shit place. I will rather stay at home turn on air cond and watch Netflix. Just spent RM30k in Japan for Sakura season this year. Worth every cent.
MBSB Bank offrering 4.3 % effective rate as of now April 25th 2023
Now BSN is High rate 5.8% untill 15 ogos 2023.
Can someone explain about the 6months & 12 months FD which one is better?
Your best option is to leave them in EPF. Visit EPF to apply a fixed monthly of your choice and that’s it.
What’s min epf Fixed monthly?
Current safe and best bet for you monies still keep them safe in your EPF, unless the EPF changed their policy to force everyone and allow only monthly widrawer and No more One lump sum and flexible widrawer any Time you want like current practise.If government can suka suka change their policy,then better keep your hard earned monies outside of EPF.
Is it safe to deposit of over RM2m to public bank fd personally?
You will be marked for kidnapping….
The above is outdated. PB is only 3.8% for 12mths since 12th July 2023
why all fixed deposit for individuals no companies ?
Alliance offer FD 4.2% pa, this should be the quite high rate the list with no investiment requirement. Why this is not call out in author’s summary? Just wonder.
For Alliance you need to place FD with other investment product.
6 month not accurate. I calculated BSN Term Deposit-i + SSP platinium campaign is still the highest at almost 4% p/a
5.88%
Try to put in bank’s FD, I was told banks’ VIP got good FD rate so you don’t have to switch banks for it’s FD Promo… but put in EPF is a better options cause now FD around 3-4% and EPF got average 6%. Don’t recommend unit trust myself cause you don’t have control.
if you guy have children, put your money in SSPN ( joint acct with your Children ). T
he return is much better the bank FD rate at the same time you can get tax rebate.
going to retire soon. going to look for good investment or FD rate. dont have EPF so cant park it inside.
any good recommendation?
the fund i have is around 10m.
cheers.
You can consider diversifying your investments across stocks, bonds, real estate, and fixed deposits. Consult a financial advisor for personalized guidance based on your goals and risk tolerance.
You can consider investing in me.
invest in Maybank shares with approx. 6.1% dividend annually and you can also have capital returns.
there is no max. amount to invest.
Thank you for sharing! It’s a promising opportunity. =)
how is it ,there is no mention of BSN FD at 5.7 % this month ,or Bank Islam at 5.5% ? any comments?
It’s there – under the Promos table right at the start of the article 🙂