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 July 2020

Best Fixed Deposit Promos – July 2020

 

Bank Effective Rate (% p.a.) Minimum Deposit Maximum Deposit Tenure Promotion Period
Affin Bank/Affin Islamic Bank
(eFixed Deposit Campaign)
  • 2.60 (3 months)
  • 2.70 (6 months)
RM10,000 RM10,000
  • 3 months
  • 6 months
1 July to 7 July 2020
AmBank/AmBank Islamic
(Fixed Deposit/Term Deposit-i – only through AmOnline Web via FPX)
2.65 RM10,000 N/A 6 months 16 June to 8 July 2020
AmBank/AmBank Islamic
(FD/TD-i and Current/Savings Account Combined Promotion)
  • 3.30
  • 3.50 (for AmBank SIGNATURE Priority Banking customers)
  • RM7,000 (for FD)
  • RM3,000 (for current/savings account)
  • RM700,000 (for FD)
  • RM300,000 (for current/savings account)
6 months 4 June to 31 Aug 2020
Bank Rakyat
(Term Deposit-i Campaign – only for existing customers)
  • 2.80 (7 months)
  • 3.00 (11 months)
RM10,000 N/A
  • 7 months
  • 11 months
15 June to 15 Nov 2020
Hong Leong Bank
(eFixed Deposit/eFixed Deposit-i – 1-Day Special Promotion)
2.80 RM5,000 RM200,000 3 months Only on 7 July 2020 (6am to 11.55pm)
Hong Leong Bank
(eFixed Deposit/eFixed Deposit-i Digital Days Promotion)
2.75 RM5,000 RM2 million 3 months 1 to 31 July 2020
OCBC Bank
(Fixed Deposit Online Promotion – for online placements only)
2.60 RM1,000 RM50,000 10 months 22 June to 7 July 2020
OCBC Bank
(Premier Deal)
3.15 RM10,000 RM3 million 3 months 1 Apr to 31 Dec 2020
Public Bank
(FD/TD-i Campaign)
2.30 RM10,000 RM10 million 3 months 1 to 31 July 2020
RHB Bank
(Commodity Murabahah Deposit-i Promotion)
  • 2.60 (3 months)
  • 2.70 (6 months)
RM10,000 N/A
  • 3 months
  • 6 months
26 June to 31 Aug 2020

Monthly Update

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

  • Overall, Islamic FD products are offering higher interest rates compared to conventional FD products across board.
  • Bank Rakyat Term Deposit Account-i offers one of the best rates for 3-month, 6-month, and 9-month FD savings – making it a promising FD option. However, note that it is not protected by PIDM.
  • The rates for the top 12-month FD savings have the biggest profit/interest gap between products.

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
Affin Bank Affin Bank Fixed Deposit RM500 2.10% RM17.50 PIDM
India International Bank India International Bank Fixed Deposit RM1,000 2.05% RM17.08 PIDM
Bank Simpanan Nasional BSN Term Deposit RM500 2.00% RM16.67 PIDM
Bank of Nova Scotia Bank of Nova Scotia Fixed Deposit RM1,000 1.95% RM16.25 PIDM
Bank of China Bank of China Fixed Deposit Account RM1,000 1.90% RM15.83 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 2.25% RM56.25
Affin Islamic Bank Affin Islamic Term Deposit-i RM500 2.20% RM55.00 PIDM
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 2.15% RM53.75
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 2.10% RM52.50 PIDM
Al-Rajhi Bank Al-Rajhi Term Deposit-i RM500 2.05% RM51.25 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 2.40% RM120.00
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 2.30% RM115.00
Affin Islamic Bank Affin Islamic Term Deposit-i RM500 2.25% RM112.50 PIDM
MBSB Bank MBSB Junior Term Deposit-i RM500 2.20% RM110.00 PIDM
Bank Islam Bank Islam Term Deposit-i RM500 2.10% RM105.00 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 2.45% RM183.75
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 2.35% RM176.25
MBSB Bank MBSB Junior Term Deposit-i RM500 2.30% RM172.50 PIDM
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 2.20% RM165.00 PIDM
Al-Rajhi Bank Al-Rajhi Term Deposit-i RM500 2.15% RM161.25 PIDM

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
Kuwait Finance House KFH Junior International Commodity Murabahah Deposit-i RM1,000 2.65% RM265.00 PIDM
Bank Simpanan Nasional BSN Term Deposit-i RM500 2.45% RM245.00 PIDM
MBSB Bank MBSB Term Deposit-i RM500 2.40% RM240.00 PIDM
Bank Simpanan Nasional BSN Term Deposit-i Senior Citizen RM5,000 2.35% RM235.00 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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