Best Fixed Deposit Accounts In Malaysia
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Best Fixed Deposit Accounts In Malaysia

Last update: 2 August 2021

Best Fixed Deposit Promos – August 2021

Bank Effective Rate (% p.a.) Minimum Deposit Maximum Deposit Tenure Promotion Period
Alliance Bank
(Cash Oh Cash eFD Campaign – requires customers to open an Alliance SavePlus account)
2.40 RM1,000 N/A (until total allocation has been reached) 12 months 1 Aug – 31 Oct 2021
Bank Muamalat
(FTA-i Special Rates Campaign)
– 2.40 (3 months)

– 2.45 (6 months)

– 2.50 (9 months)

– 2.60 (12 months)

– 2.80 (18 months)

RM5,000 Subject to capping limit for each tenure – 3 months

– 6 months

– 9 months

– 12 months

– 18 months

1 Aug – 31 Dec 2021
Bank Rakyat
(Term Deposit-i Over-The-Counter Promotion)
– 2.48 (8 months)

– 2.58 (11 months)

– 2.78 (18 months)

RM10,000 N/A – 8 months

– 11 months

– 18 months

16 May – 31 Aug 2021
CIMB Bank
(CIMB Fixed Return Income Account-i via CIMB Clicks Promo)
– 2.00 (3 months)

– 2.10 (6 months)

– 2.15 (12 months)

RM5,000 N/A – 3 months

– 6 months

– 12 months

2 June – 9 Sept 2021
Public Bank
(PB eFD via FPX campaign)
– 2.00 (1 month)

– 2.10 (2 months)

– 2.20 (3 months)

RM5,000 RM2 million – 1  month

– 2 months

– 3 months

1 July – 30 Sept 2021
Public Bank
(PB Journey Golden Savers Campaign – requires customers to also have/open a savings account)
– 2.20 (6 months)

– 2.30 (9 months)

RM5,000 RM5 million – 6 months

– 9 months

1 July – 31 Dec 2021
RHB Bank
(e-Commodity Murabahah Deposit-i Promotion 2021)
– 2.50 (12 months)

– 2.55 (15 months)

RM10,000 N/A – 12 months

– 15 months

Over-the-counter

11 June – 31 August 2021

FPX

1 July – 31 August 2021

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.
  • MBSB dominates across the board, offering high interest rates for FD with 1-month, 3-month, and 9-month tenures.
  • Junior savers can opt for MBSB Junior Term Deposit-i (1.90% for 3-month tenure) or KFH Junior International Commodity Murabahah Deposit-i (2.40% for 12-month tenure) for a relatively good profit rate.
  • Meanwhile, senior citizens can apply for Agrobank Fixed Return Investment Account-i 45 Plus (2.00% for 6-month tenure) or BSN Term Deposit Senior Citizen (2.10% for 12-month tenure). Note that BSN has a slightly higher minimum deposit of RM5,000 as compared to Agrobank’s RM1,000.
  • The highest interest rate recorded in this month’s round-up is 2.40% (Kuwait Finance House Malaysia; 12-month FD), whereas the lowest stood at 1.60% (AmBank Islamic; 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
MBSB Bank MBSB Term Deposit-i RM500 1.85% RM15.42 PIDM
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 1.80% RM15.00 Malaysian Govt
Al Rajhi Bank Al Rajhi Term Deposit-i RM500 1.70% RM14.17 PIDM
Bank Islam Bank Islam Term Deposit-i RM500 1.65% RM13.75 PIDM
AmBank Islamic AmBank Islamic Term Deposit-i RM500 1.60% RM13.33 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 Junior Term Deposit-i RM500 1.90% RM47.50 PIDM
Bank Simpanan Nasional BSN Term Deposit RM500 1.80% RM45.00 PIDM
Bank of Nova Scotia Bank of Nova Scotia Fixed Deposit RM1,000 1.75% RM43.75 PIDM
Public Bank Public Bank eFixed Deposit RM1,000 1.70% RM42.40 PIDM
Affin Bank Affin Bank Fixed Deposit RM500 1.65% RM41.25 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 2.15% RM107.50 Malaysian Govt
Agrobank Agrobank Fixed Return Investment Account-i 45 Plus RM1,000 2.00% RM100.00 Malaysian Govt
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 1.95% RM97.50 PIDM
Al Rajhi Bank Al Rajhi Term Deposit-i RM500 1.85% RM92.50 PIDM
Bank of China Bank of China Fixed Deposit RM1,000 1.80% RM90.00 PIDM

Top 9-month FD rates in Malaysia

Bank Name Product Name Minimum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
MBSB Bank MBSB Term Deposit-i RM500 2.05% RM153.75 PIDM
Bank Simpanan Nasional BSN Term Deposit-i RM500 1.90% RM142.50 PIDM
Kuwait Finance House Malaysia KFH International Commodity Murabahah Deposit-i RM500 1.85% RM138.75 PIDM
RHB Bank RHB Ordinary Fixed Deposit RM500 1.80% RM135.00 PIDM
UOB Bank UOB Fixed Deposit RM500 1.75% RM131.25 PIDM

Top 12-month FD rates in Malaysia

Bank Name Product Name Minimum Deposit Interest/Profit Rate Profit on RM10,000 Depositor’s Insurance
Kuwait Finance House Malaysia KFH Junior International Commodity Murabahah Deposit-i RM1,000 2.40% RM240.00 PIDM
Bank Simpanan Nasional BSN Term Deposit Senior Citizen RM5,000 2.10% RM210.00 PIDM
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 2.05% RM205.00 PIDM
Bank of China Bank of China Fixed Deposit Account RM1,000 1.90% RM190.00 PIDM
CIMB Bank CIMB Islamic Fixed Return Income Account-i Monthly Returns RM1,000 1.85% RM185.00 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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Martin
1 year ago

I am retiring soon. Looking to park my pension Rm2m approx in a safe product with monthly devidents of Rm8k.
Any ideas?

Kasman Muslimin
26 days ago
Reply to  Martin

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

Patrick Liew
11 months ago

Inform me the best All FD offer by banks
Other products offer are also welcome

Sasa
8 months ago

ambank got new promo 2.98% 9 months until year end only

ALAN CONRAD CHEONG CHI LOONG
7 months ago

Hi, is the OCBC FD rate 2.9% until the end of Dec 2020?

Jessie
23 days ago

Hi, what is the interest rate in Public Mutual unit trust money market ?

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