Best Fixed Deposit Accounts In Malaysia - December 2023
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Last update: 4 December 2023

Best Fixed Deposit Promos – December 2023

BankEffective Rate (% p.a.)Minimum DepositMaximum DepositTenurePromotion Period
Affin Bank
(Banca Deposit Campaign – requires customers to purchase selected bancassurance product)
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 (fixed deposit)
– RM10,000 (term deposit-i)

Regular premium or contribution
– RM10,000 (fixed deposit and term deposit-i)
N/A – 1  months

– 3 months

– 6 months
1 Oct 2023 – 31 Jan 2024
Affin Bank
(Wealth Deposit Campaign – requires customers to invest in selected unit trusts or ASNB)
– 13.38 (1 month)

– 7.38 (3 months)

– 5.38 (6 months)
RM10,000 (FD placement amount)N/A– 1  months

– 3 months

– 6 months
1 Oct – 31 Dec 2023
Alliance Bank
(Dash4Cash eFD promotion – requires customers to open a SavePlus account)
4.20RM1,000RM100,00012 months1 Oct – 31 Dec 2023
Alliance Bank
(Alliance Privilege FD/TD-i promotion – open to new Alliance Privilege Banking customers, over-the-counter offer)
4.10RM1,000RM300,0006 months1 Oct 2023 – 31 Mar 2024
Alliance Bank
(Alliance Personal TD-i promotion – open to new Alliance Personal customers, over-the-counter offer)
4.10RM1,000RM100,0006 months1 Oct 2023 – 31 Mar 2024
Alliance Bank
(Alliance Bank Bancassurance & FD campaign – requires customers to invest in selected bancassurance regular premium products)
– 6.50 (RM10,000 bancassurance amount)

– 8.50 (RM50,000 bancassurance amount)

– 9.50 (RM100,000 bancassurance amount)
RM1,000 (FD placement amount)N/A6 months1 Sept 2023 – 31 Mar 2024
Alliance Bank
(New Investor campaign – for new investment customers on selected conventional unit trust products)
9.50RM1,000N/A3 months1 Oct 2023 – 31 Mar 2024
Alliance Bank
(Investment and FD bundle campaign – requires customers to invest in selected investment products)

Retail securities & FD bundle
– 7.50

Structured investment & FD bundle
– 7.50

Unit trust & FD bundle
– 8.50
RM1,000N/A3 months1 Oct 2023 – 31 Mar 2024
Bank Muamalat
(Fixed Term Account Fantastic Pocket Campaign)
4.05RM10,000RM800 million6 months1 Dec 2023 – 31 Jan 2024
Bank Simpanan Nasional
(BSN Term Deposit-i with BSN SSP Platinum bundle campaign)
– 5.70 (for customers who did not participate in previous 5.88% p.a. BSN TD-i and BSN SSP Platinum campaign)

– 5.88 (for customers who participated in previous 5.88% p.a. BSN TD-i and BSN SSP Platinum campaign)
– RM5,000 fresh funds (customers who did not participate in previous campaign)

– Matured principal amount from previous campaign + minimum RM5,000 fresh funds (for customers who participated in previous campaign)
N/A6 months17 Aug – 31 Dec 2023
CIMB Bank
(eFD/eFRIA-i campaign)
Funds from CIMB current/savings account/-i
– 3.53 (3 months)
– 3.70 (6 months)
– 3.75 (12 months)

Funds from other banks via FPX
– 3.65 (2 months)
– 3.80 (7 months)
RM1,000Subject to FPX transaction limit– 2  months

– 3 months

– 6 months

– 7 months

– 12 months
23 Nov 2023 – 17 Jan 2024
Hong Leong Bank
(HLB eFD/eFD-i 8-month promo)
3.90RM1,000RM200,0008 months23 Nov – 8 Dec 2023
Hong Leong Bank
(HLB eFD/eFD-i promo)
– 3.88 (3 months)

– 3.90 (6 months)

– 3.75 (12 months)
RM1,000RM200,000– 3 months

– 6 months

– 12 months
1 – 8 Dec 2023
Hong Leong Bank
(HLB Priority Banking Welcome Proposition Fixed Deposit promo – exclusively for new Priority Banking customers)
4.08RM10,000RM500,0003 months2 Nov – 31 Dec 2023
HSBC Bank
(HSBC Time Deposit promo)
– 4.00 (FD only)
– 7.00 (FD and invest in selected unit trusts or structured investments)
– RM50,000 (for 4% p.a. promo)
– RM100,000 (for 7% p.a. promo)
– RM200,000 (for 4.00% p.a. promo)

– N/A (for 7% p.a. promo)
6 months21 Aug – 31 Dec 2023
Maybank
(e-Islamic Fixed Deposit campaign – only for deposits from other banks via Maybank2u web)
– 3.60 (3 months)

– 3.85 (6 months)
RM1,000Subject to FPX transaction limit (capped at RM15 million for whole campaign period)– 3 months

– 6 months
16 Oct – 31 Dec 2023
OCBC Bank
(FD/FD-i promo – requires customers to also have an OCBC 360 savings account/-i)
4.18RM1,000 RM5 million– 6 months15 Nov – 31 Dec 2023
Public Bank
(PB RCB Special FD/TD-i campaign – Red Carpet Banking customers are required to maintain a minimum
aggregated deposit amount)
RCB Gold
– 3.60 (3 months)
– 3.70 (6 months)
– 3.80 (9 months)
– 3.85 (12 months)

RCB Elite
– 3.65 (3 months)
– 3.75 (6 months)
– 3.85 (9 months)
– 3.90 (12 months)
RM10,000RM10 million– 3 months

– 6 months

– 9 months

– 12 months
1 Oct – 31 Dec 2023
Public Bank
(PB Special Fixed Deposit campaign – for PLUS Fixed Deposit)
– 3.55 (3 months)

– 3.65 (6 months)

– 3.75 (9 months)

– 3.80 (12 months)
RM5,000 per receiptRM10 million per customer– 3 months

– 6 months

– 9 months

– 12 months
1 Oct – 31 Dec 2023
Public Bank
(PB eFD via FPX campaign)
– 3.60 (3 months)

– 3.70 (6 months)

– 3.80 (9 months)

– 3.85 (12 months)
RM5,000RM2 million– 3 months

– 6 months

– 9 months

– 12 months
1 Oct – 31 Dec 2023
RHB Bank
(RHB Term Deposit & e-Term Deposit campaign)
Term Deposit
– 3.85 (all RHB customers)
– 3.95 (RHB Premier customers)

e-Term Deposit
3.85 (all RHB customers)
Term Deposit
– RM5,000 (all RHB customers)
– RM10,000 (RHB Premier customers)

e-Term Deposit
RM5,000 (all RHB customers)
N/A6 months1 – 31 Dec 2023
RHB Bank
(RHB Banca FD/CMD-i campaign – requires customers to purchase selected bancassurance products)
With minimum premium/
contribution of RM10,000
– 7.88 (3 months)
– 5.88 (6 months)

With minimum premium/
contribution of RM50,000
– 10.88 (3 months)
– 6.88 (6 months)
– RM10,000
– RM50,000
N/A– 3 months

– 6 months
1 Oct – 31 Dec 2023

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% for 6-month tenure).
  • The highest interest rate recorded in this month’s round-up is 3.45% (Agrobank; 12-month FD), whereas the lowest stood at 2.65% (Standard Chartered Bank; 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 NameProduct NameMinimum DepositInterest/Profit Rate Profit on RM10,000Depositor’s Insurance
Bank RakyatBank Rakyat Term Deposit Account-iRM5003.00%RM25.00Malaysian Govt
Bank MuamalatBank Muamalat Fixed Term Account-iRM1,0002.95%RM24.58PIDM
Bank of ChinaBank of China Fixed Deposit AccountRM1,0002.90%RM24.17PIDM
Alliance BankAlliance Bank Fixed DepositRM5002.75%RM22.92PIDM
Standard Chartered BankStandard Chartered Fixed DepositRM1,0002.65%RM22.08PIDM

Top 3-month FD rates in Malaysia

Bank NameProduct NameMinimum DepositInterest/Profit Rate Profit on RM10,000Depositor’s Insurance
MBSB Bank MBSB Term Deposit-iRM5003.10%RM77.50PIDM
Bank Simpanan Nasional BSN Term DepositRM5003.05%RM76.25PIDM
Bank of ChinaBank of China Fixed Deposit AccountRM1,0003.00%RM75.00PIDM
India International BankIndia International Bank Fixed DepositRM1,0002.95%RM73.75PIDM
Al Rajhi BankAl-Rajhi Term Deposit-i RM5002.75%RM68.75PIDM

Top 6-month FD rates in Malaysia

Bank NameProduct NameMinimum DepositInterest/Profit Rate Profit on RM10,000Depositor’s Insurance
Agrobank Agrobank Fixed Return Investment Account-iRM1,0003.30% RM165.00Malaysian Govt
Bank RakyatBank Rakyat Term Deposit Account-iRM5003.25%RM162.50Malaysian Govt
MBSB Bank MBSB Junior Term Deposit-iRM5003.20%RM160.00PIDM
Bank of ChinaBank of China Fixed Deposit AccountRM1,0003.05%RM152.50PIDM
HSBC Bank HSBC Time DepositRM1,0002.85%RM142.50PIDM

Top 9-month FD rates in Malaysia

Bank NameProduct NameMinimum DepositInterest/Profit Rate Profit on RM10,000Depositor’s Insurance
Bank RakyatBank Rakyat Term Deposit Account-iRM5003.30%RM247.50Malaysian Govt
Bank MuamalatBank Muamalat Fixed Term Account-iRM1,0003.20%RM240.00PIDM
Bank of ChinaBank of China Fixed Deposit AccountRM1,0003.10%RM232.50PIDM
Bank of Nova ScotiaBank of Nova Scotia Fixed DepositRM1,0003.05%RM228.75PIDM
Al Rajhi BankAl Rajhi Term Deposit-iRM5002.90%RM217.50PIDM

Top 12-month FD rates in Malaysia

Bank NameProduct NameMinimum DepositInterest/Profit Rate Profit on RM10,000Depositor’s Insurance
Agrobank Agrobank Fixed Return Investment Account-i RM1,0003.45%RM345.00Malaysian Govt
MBSB Bank MBSB Bank Term Deposit-iRM5003.40%RM340.00PIDM
Bank Simpanan NasionalBSN Term Deposit-iRM5003.35%RM335.00PIDM
Bank of ChinaBank of China Fixed Deposit AccountRM1,0003.15%RM315.00PIDM
India International BankIndia International Bank Fixed DepositRM1,0003.10%RM310.00PIDM

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
3 years 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
2 years 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

Anonymous
1 year ago

what is the name of the fund??

Anonymous
6 months ago

Keep in your EPF, bullshit just want to eat your money.

ckc
5 months ago

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.

Anonymous
1 month ago

Don’t trust any unit trust package, invested for more than 10 years with poor single digit return!

CK LIM
2 years ago
Reply to  Martin

You better off stick with EPF, which gives about 100k annual return which you want to.

mugun
1 year ago
Reply to  CK LIM

He need monthly withdraw ….EPF can withdraw monthly?

Anonymous
1 year ago
Reply to  mugun

Yes you can request monthly withdrawal.

Anonymous
1 year ago
Reply to  mugun

Can

Anonymous
1 year ago
Reply to  mugun

He can coz he is a retiree soon

Anonymous
10 months ago
Reply to  mugun

Can be arranged with EPF .

Anonymous
2 months ago
Reply to  mugun

Can withdraw daily, 30k per day

Kevin
1 month ago
Reply to  mugun

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

Helen Mee Tsin Ryder
1 year ago
Reply to  CK LIM

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.

Azizan
1 year ago

Got.
There are a few depending on your risk appetite.

Anonymous
9 months ago
Reply to  CK LIM

U cannot deposit 2m

Anonymous
2 months ago
Reply to  CK LIM

Agree

James
1 year ago
Reply to  Martin

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

Jimmy
7 months ago
Reply to  James

What’s the point of saying this? 🤦🏻‍♂️

Naz
6 months ago
Reply to  Jimmy

hahahahahhaha

Nalni Parthipan
1 year ago
Reply to  Martin

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.

Azizan
1 year ago

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.

Anonymous
9 months ago
Reply to  Martin

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

Jimmy
7 months ago
Reply to  Anonymous

Epf already can more than meet the rm8000 per month Martin requires.

Elena
2 months ago
Reply to  Anonymous

300k can get ard 300sf for new projects

Anonymous
7 months ago
Reply to  Martin

EPF

Anonymous
6 months ago
Reply to  Anonymous

EPF only allowed max 60K deposit per year. For RM2M, he needs 33 years to deposit all in 😛

Joe
6 months ago
Reply to  Martin

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.

Karen
2 months ago
Reply to  Martin

EPF is my best choice

Patrick Liew
3 years ago

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

Sasa
3 years ago

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

ALAN CONRAD CHEONG CHI LOONG
3 years ago

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

Jessie
2 years ago

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

Arultharuman
2 years ago
Reply to  Jessie

For 200’000 rm pls inform public mutual interest rate

lim
1 year ago
Reply to  Jessie

local banks gives pathetic interest rate. Where else overseas investment s gives 6 to 7 precent per month!!!

Anonymous
1 year ago
Reply to  lim

Park inside EPF.

Anonymous
1 year ago
Reply to  lim

yah – Japan offers close to zero rate

Anonymous
1 year ago
Reply to  lim

pakistan with 14% interest rate lol

Anonymous
7 months ago
Reply to  Anonymous

Yeah but is their central bank governing the safety of your money?
Tomorrow your money may disappear like Alibaba.

Anonymous
1 year ago

Hi is it possible to put 1bil in FD for 12months?

Jan
1 year ago

Hi, for the top 1 month FD rates, is no. 1 Bank Rakyat or Bank Muamalat? Thank you.

Philip Lee
1 year ago

Latest updated & promo FD term rate.
Thank you.

jessy
1 year ago

hi there, pls advise best bank interest FD rates for RM 50K or RM 100K for 2 years, pls share

chookn
1 year ago

How about UOB?

Anonymous
10 months ago
Reply to  chookn

uob has good rate.with monthly interest payout..

Pat Liew
1 year ago

The best FD rate bank offer ?

Anonymous
1 year ago

Affin has good promotional 6,9,12m FD rate too(I can’t find online, but visible when I apply new FD).

Anonymous
1 year ago
Reply to  Anonymous

Why considering FD where you have the EPF who offers 6% annually?

Anonymous
1 year ago
Reply to  Anonymous

because FD is not liquid enough la

Anonymous
1 year ago

MBSB bank giving 3.6% on 12M basis

Shu Jean
1 year ago

The FD interest rate is higher now

amad663
1 year ago
Reply to  Shu Jean

Yup maybank offer as high as 3.85% for fresh funds. Crazy deals !!

Captain Jack Sparrow
1 year ago

Acquire a shop house and rent it out. Make sure the rental can generate RM8k a month.

Anonymous
11 months ago

better return rate if buying a factory lot

nis
1 year ago

If I’m nit mistaken maybank has other promos to like fresh funds (28/11-7/12) and their rates are superb

Pang Tun Yau
1 year ago
Reply to  nis

Yup, saw the flash deal. Keep an eye out for our updated FD promo for December post tomorrow!

Henry Lim
8 months ago
Reply to  Pang Tun Yau

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.

dania
1 year ago
Reply to  nis

that one with 3.85%? yeaaaa that deal is very tempting, might place funds on maybank soon

Lmp
1 year ago
Reply to  dania

Deal for 6 months

Bathe
11 months ago
Reply to  Lmp

AM Bank 4.5 for 18mnths

fateh12
1 year ago

For sure will go maybank bcs I heard that it is shariah compliant + their rates is 3.85%, who wouldn’t want that?

ENCIK NIK
1 year ago

I AM SO HAPPY FOR THE DETAILS FIX DEPOSIT INFORMATION AND I ANALYSIS FIRST ,THANK YOU.

G.P
11 months ago

Which is best investment platform FD or Unit trust? with low risk

Jimmy
7 months ago
Reply to  G.P

Lowest risk is FD. So depends on your appetite

Ren
11 months ago

Hi Agrobank have promo until 24/2/2023. 4.25% for 12 months, 4.1% for 6 months.

Pat
9 months ago
Reply to  Ren

Are all the banks now asking to register CRS before u can place a fix deposit ? And why ?

Shirley Erndt
10 months ago

Life is too short the world is wide.. I would’ve spent some.

Jimmy
7 months ago
Reply to  Shirley Erndt

Do spend in Malaysia. Thank you

Anonymous
4 months ago
Reply to  Jimmy

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.

Anonymous
7 months ago

MBSB Bank offrering 4.3 % effective rate as of now April 25th 2023

Anonymous
6 months ago
Reply to  Anonymous

Now BSN is High rate 5.8% untill 15 ogos 2023.

Sindy
7 months ago

Can someone explain about the 6months & 12 months FD which one is better?

Retiree
6 months ago

Your best option is to leave them in EPF. Visit EPF to apply a fixed monthly of your choice and that’s it.

Nona
5 months ago
Reply to  Retiree

What’s min epf Fixed monthly?

Tin
5 months ago

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.

Yumi
4 months ago

Is it safe to deposit of over RM2m to public bank fd personally?

Anonymous
4 months ago
Reply to  Yumi

You will be marked for kidnapping….

Anonymous
4 months ago

The above is outdated. PB is only 3.8% for 12mths since 12th July 2023

Anonymous
2 months ago

why all fixed deposit for individuals no companies ?

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