Best Fixed Deposit Accounts In Malaysia - December 2023
ringgitplus
4th December 2023 - 7 min read
Last update: 4 December 2023
Best Fixed Deposit Promos – December 2023
| Bank | Effective Rate (% p.a.) | Minimum Deposit | Maximum Deposit | Tenure | Promotion 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) | 4.20 | RM1,000 | RM100,000 | 12 months | 1 Oct – 31 Dec 2023 |
| Alliance Bank (Alliance Privilege FD/TD-i promotion – open to new Alliance Privilege Banking customers, over-the-counter offer) | 4.10 | RM1,000 | RM300,000 | 6 months | 1 Oct 2023 – 31 Mar 2024 |
| Alliance Bank (Alliance Personal TD-i promotion – open to new Alliance Personal customers, over-the-counter offer) | 4.10 | RM1,000 | RM100,000 | 6 months | 1 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/A | 6 months | 1 Sept 2023 – 31 Mar 2024 |
| Alliance Bank (New Investor campaign – for new investment customers on selected conventional unit trust products) | 9.50 | RM1,000 | N/A | 3 months | 1 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 | RM1,000 | N/A | 3 months | 1 Oct 2023 – 31 Mar 2024 |
| Bank Muamalat (Fixed Term Account Fantastic Pocket Campaign) | 4.05 | RM10,000 | RM800 million | 6 months | 1 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/A | 6 months | 17 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) | RM1,000 | Subject 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) | 3.90 | RM1,000 | RM200,000 | 8 months | 23 Nov – 8 Dec 2023 |
| Hong Leong Bank (HLB eFD/eFD-i promo) | – 3.88 (3 months) – 3.90 (6 months) – 3.75 (12 months) | RM1,000 | RM200,000 | – 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) | 4.08 | RM10,000 | RM500,000 | 3 months | 2 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 months | 21 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) | RM1,000 | Subject 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) | 4.18 | RM1,000 | RM5 million | – 6 months | 15 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) | RM10,000 | RM10 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 receipt | RM10 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) | RM5,000 | RM2 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/A | 6 months | 1 – 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 Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 3.00% | RM25.00 | Malaysian Govt |
| Bank Muamalat | Bank Muamalat Fixed Term Account-i | RM1,000 | 2.95% | RM24.58 | PIDM |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 2.90% | RM24.17 | PIDM |
| Alliance Bank | Alliance Bank Fixed Deposit | RM500 | 2.75% | RM22.92 | PIDM |
| Standard Chartered Bank | Standard Chartered Fixed Deposit | RM1,000 | 2.65% | RM22.08 | 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 |
| Bank Simpanan Nasional | BSN Term Deposit | RM500 | 3.05% | RM76.25 | PIDM |
| 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 |
| Al Rajhi Bank | Al-Rajhi Term Deposit-i | RM500 | 2.75% | RM68.75 | PIDM |
Top 6-month FD rates in Malaysia
| Bank Name | Product Name | Minimum Deposit | Interest/Profit Rate | Profit on RM10,000 | Depositor’s Insurance |
| 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 China | Bank of China Fixed Deposit Account | RM1,000 | 3.05% | RM152.50 | PIDM |
| HSBC Bank | HSBC Time Deposit | RM1,000 | 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 |
| Bank Rakyat | Bank Rakyat Term Deposit Account-i | RM500 | 3.30% | RM247.50 | Malaysian Govt |
| Bank Muamalat | Bank Muamalat Fixed Term Account-i | RM1,000 | 3.20% | RM240.00 | PIDM |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 3.10% | RM232.50 | PIDM |
| Bank of Nova Scotia | Bank of Nova Scotia Fixed Deposit | RM1,000 | 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 Bank Term Deposit-i | RM500 | 3.40% | RM340.00 | PIDM |
| Bank Simpanan Nasional | BSN Term Deposit-i | RM500 | 3.35% | RM335.00 | PIDM |
| Bank of China | Bank of China Fixed Deposit Account | RM1,000 | 3.15% | RM315.00 | PIDM |
| India International Bank | India International Bank Fixed Deposit | RM1,000 | 3.10% | RM310.00 | 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
ringgitplus
Top Banking Articles
Top Banking Articles
Best Fixed Deposit Accounts In Malaysia – December 2023
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.
Frequently Asked Questions About Credit Cards
Do you have questions about credit cards or are you looking to apply for your first credit card? Check out our FAQ on credit cards for all the need-to-know information.
Best High Interest Savings Accounts In Malaysia (September 2023)
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!
Old Malaysian Ringgit Notes and Coins Are Worth More Than You Think
Through the years there have been certain denominations of our Malaysian Ringgit that has been discontinued. Do you have any of these? It may be worth a lot now.
Comments (80)
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.
Don’t trust any unit trust package, invested for more than 10 years with poor single digit return!
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
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
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 ?