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: 4 January 2021

Best Fixed Deposit Promos – January 2021

Bank Effective Rate (% p.a.) Minimum Deposit Maximum Deposit Tenure Promotion Period
Affin Bank
(Combo Special Campaign – requires the opening and maintenance of a current/savings account to qualify for the campaign)
– 1.98 (3 months)

– 2.18 (6 months)

– 2.22 (9 months)

– 2.28 (12 months)

– RM10,000 (RM9,000 in FD and RM1,000 in current or savings account) – RM1 million (RM900,000 in FD and RM100,000 in current or savings account) – 3 months

– 6 months

– 9 months

– 12 months

1 to 19 Jan 2021
Alliance Bank
(2021 Wealth and Fixed Deposit Campaign – requires investment in selected unit trust funds or purchase Banca Regular Premium products to qualify for the promotion)
– 20.21 (1 month)

– 6.38 (3 months)

RM1,000 N/A – 1 month

– 3 months

4 Jan to 31 Mar 2021
CIMB
(eFixed Deposit Promotion on CIMB Clicks Web/Desktop only)
– 2.10 (3 months)

– 2.20 (6 months)

– 2.25 (12 months)

RM5,000 N/A – 3 months

– 6 months

– 12 months

11 Nov 2020 to 20 Jan 2021
HSBC Premier
(Wealth and Banca Bundle Q1 2021 – requires investment in selected banca/wealth products to qualify for the campaign)
– 2.88

– 4.38

– 6.38

RM50,000 N/A – 3 months 4 Jan to 31 Mar 2021
Hong Leong Bank
(FD Pledge Credit Cards Campaign – requires customers to apply for a new HLB credit card by pledging an FD)
4.00 RM2,000 RM50,000 – 3 months 1 Jan to 31 Mar 2021
Hong Leong Bank
(eFixed Deposit-i)
– 2.30 (3 months)

– 2.35 (6 months)

– 2.30 (12 months)

RM10,000 RM2 million – 3 months

– 6 months

– 12 months

8 Jan to 31 Mar 2021
OCBC Bank 
(Online FD Promo)
1.90 RM1,000 Subject to online banking withdrawal limit by customer’s bank 12 months 5 Nov to 31 Jan 2021
Public Bank
(PB Fixed Deposit/Term Deposit-i Campaign)
– 2.08 (3 months)

– 2.28 (8 months)

RM10,000 RM10 million – 3 months

– 8 months

1 Jan to 31 Mar 2021
Public Bank
(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 Jan to 30 Apr 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.
  • Bank Rakyat offers the best rate for most FD products this month (3, 6 and 9-month tenure). However, do take note that Bank Rakyat’s FD products are not protected by PIDM.
  • The highest interest rate recorded in this month’s round-up is 2.40% (KFH Malaysia; 12-month FD), whereas the lowest stood at 1.50% (Maybank; 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 Junior Term Deposit-i RM500 1.85% RM15.42 PIDM
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 1.80% RM15.00 PIDM
Bank of Nova Scotia Bank of Nova Scotia Fixed Deposit RM1,000 1.70% RM14.17 PIDM
Bank of China Bank of China Fixed Deposit Account RM1,000 1.65% RM13.75 PIDM
Maybank Maybank Fixed Deposit RM1,000 1.50% RM12.50 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 2.00% RM50.00
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 1.90% RM47.50
India International Bank India International Bank Fixed Deposit RM1,000 1.85% RM46.25 PIDM
Al-Rajhi Bank Al-Rajhi Term Deposit-i RM500 1.80% RM45.00 PIDM
Alliance Bank Alliance Islamic Term Deposit-i RM500 1.75% RM43.75 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
Agrobank Agrobank Fixed Return Investment Account-i 45 Plus RM1,000 2.00% RM100.00
Bank Muamalat Bank Muamalat Fixed Term Account-i RM1,000 1.95% RM97.50 PIDM
Affin Bank Affin Bank Fixed Deposit RM500 1.85% RM92.50 PIDM
RHB Islamic Bank RHB Islamic Commodity Murabahah Deposit-i 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
Bank Rakyat Bank Rakyat Term Deposit Account-i RM500 2.20% RM165.00
MBSB Bank MBSB Term Deposit-i RM500 2.05% RM153.75
Bank Simpanan Nasional BSN Term Deposit RM500 1.90% RM142.50 PIDM
Kuwait Finance House Malaysia KFH International Commodity Murabahah Deposit-i RM1,000 1.85% RM138.75 PIDM
CIMB Bank CIMB Unfixed Deposit RM1,000 1.80% RM135.00 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
Agrobank Agrobank Fixed Return Investment Account-i RM1,000 2.35% RM235.00
MBSB Bank MBSB Term Deposit-i RM500 2.15% RM215.00 PIDM
Al-Rajhi Bank Al-Rajhi Term Deposit-i RM500 2.00% RM200.00 PIDM
India International Bank India International Bank Fixed Deposit RM1,000 1.95% RM195.00 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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Patrick Liew
5 months ago

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

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