Fixed deposit is known by several other names such as term deposit, time deposit, or certificate of deposit. It is the type investment by depositing certain amount of funds in financial institution with specific period or maturity date, which typically is referred as ‘term’, where it is got its name from.
By investing your money through fixed deposit account, you’d be able to earn higher interest rate compared to other financial products. This article will walk you through several banks that offer the best fixed deposit rates in Malaysia.
Fixed deposit is different from other banking services such as saving account or checking account, because you wouldn’t be able to withdraw the fund anytime as you’d like. Withdrawal of money prior to agree maturity date may result in penalty, unless stated otherwise by the bank or in case you are allowed to provide withdrawal notice in advance.
The fund within fixed deposit account also typically cannot be transferred, so you need to consult to the financial institution if you really need to cash out your deposit fund prematurely.
Certain countries guarantee the fund inside fixed deposit account that provided either by government or by deposit insurance. In Malaysia, it is protected by Perbadanan Insurans Deposit Malaysia (PIDM) that’s available for all commercial banks with license of 2013 the Financial Services Act (FSA) and Islamic banks with license of 2013 Islamic Financial Services Act (IFSA), as well as the subsidiaries of foreign banking companies that are already locally incorporated in Malaysia.
The eligible amount of money that’s protected under this regulation is RM250,000 per accountholder of the bank. The limit includes the initial amount of deposited fund and the interest.
Best Fixed Deposit Rates in Malaysia
If you are interested in knowing which bank institution has the best fixed deposit rates in Malaysia, then you may scroll down and read about each listed bank along with their great promo.
| Banks Name | Saving Account | Interest Rate | Interest Earned |
|---|---|---|---|
| Bank Simpanan Nasional | BSN Term Deposit | 0.0185 | RM9.25 |
| Bank of Nova Scotia | Bank of Nova Scotia Fixed Deposit | 0.018 | RM9 |
| Bank of China | Bank of China Fixed Deposit Account | 0.018 | RM9 |
| Public Bank | Public Bank eFixed Deposit | 0.018 | RM9 |
| Maybank | Maybank eFixed Deposit | 0.018 | RM9 |
| Maybank | Maybank Fixed Deposit | 0.018 | RM9 |
| RHB Bank | RHB Ordinary Fixed Deposit | 0.018 | RM9 |
| Public Bank | Public Bank PLUS Fixed Deposit Account | 0.018 | RM9 |
| CIMB | CIMB Unfixed Deposit | 0.018 | RM9 |
| Alliance Bank | Alliance Bank Fixed Deposit | 0.018 | RM9 |
| Affin Bank | Affin Bank Fixed Deposit | 0.018 | RM9 |
| Ambank | Ambank Conventional Fixed Deposit | 0.017 | RM8.50 |
| UOB | UOB Fixed Deposit | 0.0165 | RM8.25 |
| Hong Leong Bank | Hong Leong e-Fixed Deposit | 0.016 | RM8 |
| Standard Chartered | Standard Chartered Fixed Deposit | 0.016 | RM8 |
| OCBC | OCBC MYR Fixed Deposit | 0.016 | RM8 |
| Hong Leong Bank | Hong Leong Fixed Deposit | 0.016 | RM8 |
| HSBC | HSBC Time Deposit | 0.016 | RM8 |
| India International Bank | India International Bank Fixed Deposit | 0.013 | RM6.50 |
| Citibank | Citibank Time Deposit | 0.013 | RM6.50 |
Public Bank Fixed Deposit Promotions
One of the notable promotions you can get to open fixed deposit account in Public Bank is PB eFD via FPX Campaign. This promo offers up to 2.2% of interest rate per annum. To apply for the promo, you have to place minimum deposit amount of RM5,000 and maximum deposit of RM2,000,000.
There are three options of tenure: one, two, and three months. At one month, the offered interest rate is 2% p.a.; at two months it is 2.1% p.a.; and at three months it is 2.2% p.a. The promotion period is between January 1 – April 30, 2021.
Another promo worth to consider getting is the PB Journey Golden Savers Campaign, that’s applicable from February 1 to June 30, 2021. Offering one of the best fixed deposit rates in Malaysia, it provides up to 2.3% of interest rate per annum. In order to get the benefit, you have to place minimum RM5,000 of deposit and maximum RM5,000,000. The tenure options range from three, six, and nine months.
Check for Public Bank Fixed Deposit Malaysia
Bank of China Fixed Deposit Promotions
The next considerable options from this list of the best fixed deposit rates in Malaysia come from Bank of China Malaysia. There are three promotions from this banking company that are worth to compare.
First is the Safe & Save Deposit Promotion: Fixed Deposit Special Rate for New Wealth Management (WM) customers. It offers 2.3% per annum of interest rate with minimum deposit of RM50,000 and tenure of 12 months. The promo is being offered from March 16 to June 30, 2021.
Second one is the Safe & Save Deposit Promotion: Fixed Deposit Special Rate with interest rate as high as 2.25% per annum. To sign up and obtain advantage of this promotion, you are required to put deposit fund in the minimum amount of RM20,000 for 12 months of tenure. The offer is applicable starting from March 16 to June 30, 2021.
Third option is Safe & Save Deposit Promotion – Fixed Deposit & CASA Combo. Through this promo, you’d be able to gain 2.55% per annum interest rate by placing minimum RM10,000 of deposit fund. It allows you to choose between 3 months (with 2.4% p.a. interest rate) or 6 months (with 2.55% p.a. interest rate) of tenure. The promotion period applies from March 16 to June 30, 2021.
Check for Bank of China Fixed Deposit Malaysia
CIMB Bank Fixed Deposit Promotion
The promo offered by CIMB Bank Malaysia is called e-Fixed Deposit March 2021 Campaign. As one of the bank promos with the best fixed deposit rates in Malaysia, it offers up to 2.2% p.a. of interest rate. To roll up for the program, you need to place minimum deposit fund of RM5,000.
The promotional program allows you to pick the tenure between three, six, and twelve-month options. For three months, you’d get 2.05% p.a. of interest rate; for six months, you’d get 2.15% p.a. of interest rate; while for 12 months, you’d get 2.2% p.a. of interest rate. The promo is up from March 22 to May 6, 2021.
Check for CIMB Bank Fixed Deposit Malaysia
Hong Leong Bank Deposit Promotion
The fixed deposit promo offered by HLB Malaysia is called Hong Leong Bank April 2021 Online FD Promo. This promotional program offers up to 2.4% p.a. of interest rate. The customers will be required to place minimum deposit amount of RM10,000. The maximum limit for money deposit amount is RM2,000,000.
The service provides much diversified options of tenure compared to other bank which range from 3 months to 24 months. 3 months tenure is provided with 2.3% p.a. of interest rate; 6 and 12 months of tenure is provided with 2.35% p.a. of interest rate; while 18 and 24 months of tenure is provided with 2.4% p.a. of interest rate.
Check for Hong Leong Bank Fixed Deposit Malaysia
Waiting promotion period to sign up for fixed deposit account is always worth it before you commit the cash. It is because you won’t be able to access the money once it is being ‘held’ by the bank institutions, and you don’t want the wait to end up with low interest rate upon withdrawal.
Some examples of the best fixed deposit rates in Malaysia might be able to help you find the greatest chance in the financial market and start the investment journey.
