Kenanga Investment Bank has announced an update to the promotional interest rates of its savings product KDI Save, now offering up to 4% p.a. effective annual rate (EAR) on customers’ funds. This update takes effect immediately.

According to Kenanga, this updated promo will apply to both existing investments as well as any new deposits made into KDI Save. Note that the 4% p.a. rate is not applicable to all your funds in KDI Save. Instead, it is only valid for your funds of between RM100 to RM50,000 in the platform; subsequent investment amounts, meanwhile, will earn you either 3.0% p.a. or 3.5% p.a. EAR, as indicated in the table below:

Tier	Investment amount (RM)	Effective Annual Rate (%)
Tier 1	RM100 – RM50,000	4
Tier 2	RM50,000.01 – RM200,000	3.5
Base tier	RM200,000.01 and above	3.0

Kenanga has also once again made this promotion an open-ended one; while the investment bank clarified that these rates will take effect starting from 14 June 2023, it did not mention an end date to the promo, so savvy investors may want to move fast and take advantage of it for as long as they can. If you’re interested in tapping into KDI Save’s promotional rate, you can deposit funds into the platform via a direct deposit or by transferring existing investments from KDI Invest – KDI’s investment platform/robo-advisor that complements KDI Save (if you have).

Prior to this latest update, the promotional rate for KDI Save had been set at 3.5% p.a. EAR since October 2022. This revision is likely made as an update following Bank Negara Malaysia’s (BNM) recent move in increasing the overnight policy rate (OPR) –  now at 3.00% – which, in turn, has also boosted the interest rate of savings instruments and products in Malaysia in general.

(Source: Kenanga Digital Investing)

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• KDI Save
• Kenanga Digital Investing
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