Fixed Deposits (FD) are a financial instrument from banks providing FD holders with higher returns than a normal savings/checking account.

Updated: February 2025

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Fixed Deposits

  • According to data from the World Bank, individual banks in Malaysia typically offer Fixed Deposit (FD) rates at 3%, but this could be higher depending on promotions.
  • FD rates increase or decrease depending on the base rate, which is determined by the Overnight Policy Rate (OPR) set by Bank Negara Malaysia.
  • FD can be placed on auto-renewal (see FAQ below).
  • FD interest can be deposited into another account (i.e. savings account) OR included in the FD for renewal.

Types of Fixed Deposits

FD vs eFD

  • FD: over the counter transactions
  • eFD: most banks now allow you to place/uplift FD online via internet banking

Conventional vs Islamic FD

ConventionalIslam
Interest RatePredetermined between the depositor and the bankNo interest rate, but profit-sharing between buyer and seller
Early Withdrawal ClauseAllowed with penaltyAllowed with rebate
Who Can InvestAll but not Muslim-friendly as it violates the principles of riba.All and is Muslim-friendly.

Which Fixed Deposit to choose?

  • There are a couple of factors that you will need to consider:
    • Duration: Longer-duration FDs give you higher rates typically.
    • Total funds: If you have more funds, the banker will normally give you a better rate.
    • Urgency: Depends on when you need cash. If you commit to a long-term FD (more than 12 months), you will incur a penalty if you withdraw the money before that.
    • Minimum deposit requirements: Some FDs have high minimum deposit requirements. You might need to come up with more cash to invest.
    • Survivorship clause: Touch wood, if the holder of the account passes away with joint ownership with one of the family members, there needs to be a clause that allows them to claim it.
    • Ease of administration: For over-the-counter transactions, you need to be there in person to invest or withdraw. eFD enables you to do it online so you can save time.
  • Some fixed deposit promotions require placement into 2 separate accounts: part into a fixed deposit account, and part into a current or savings accounts (CASA). The effective returns will then be based on both the fixed deposit portion and CASA portion.
    E.g. 75% x 5.50% = 4.125% + 25% x 0.50% = 0.125% = Effective rate 4.25%

Best FD Rates

FD Promotions

  1. BSN: 5.50% per annum for 6 months (min 5k; until March 31, 2025) (More Info)
  2. Public Bank: 3.50% – 3.70% 3, 6, 9, or 12 months (min 5k; until March 31, 2025) (More Info)
  3. Hong Leong Bank: 5.08% – 6.28% 6 – 12 months (min 20k or 50k; until February 28, 2025) (More Info)
  4. CIMB: 3.55% – 3.68% 3 – 6 months (min 1k; until February 25, 2025) (More Info)
  5. Maybank: 3.68% – 3.78% 3 – 6 months (min 15k; until February 15, 2025) (More Info)
  6. MBSB: 4.10% 12 months (min 10k; until February 28, 2025) (More Info)
  7. RHB: 3.60% – 3.70% 6 months (min 5k or 10k, until February 28, 2025) (More Info)
  8. Standard Chartered: 3.80% 12 months (min 30k, until March 31, 2025) (More Info)

Private/Preferred Banking FD/Savings Accounts Rates

  1. Public Bank Red Carpet Premier High Yield Fixed Deposit: 4.55% – 7.00% 8 months (min 50k; until June 30, 2025) (More Info)
  2. Alliance Bank: 8.50% 3 months (min 1k; requires investments into Unit Trust, Retail Securities/Sukuk, or Structured Investment to quality; until March 31, 2025) (More Info)
  3. CIMB Prime Enhanced Campaign: Up to 4.00% | Minimum Deposit of RM10,000 (More Info)

Senior Citizens FD Rate

  1. CIMB Golden Time 2 (Big Plus for 50 Plus): 2.55% 15-24 months | 2.60% 36 – 60 months | Minimum Deposit of RM30k (More Info)
  2. Public Bank PB Golden 50 PLUS: 2.60% 6-60 months | 2.55% 3-5 months | 2.25% 2 months | 2.20% 1 month | RM10k – RM30k minimum deposit according to the tenure of fixed deposit (More Info)
  3. RHB Senior Fixed Deposit: 2.50% 12 months (More Info)
  4. BSN i-Senior Citizen: 3.05% 12 – 60 months | Minimum Deposit of RM5,000 or RM50,000 (More Info)
  5. Hong Leong Senior Savers Flexi FD: 2.15% – 2.50% 1 – 12 months | Minimum Deposit of RM10,000 (More Info)

Junior Saving Accounts

  1. AmBank Savers G.A.N.G: 2.05% (up to 100k) | 0.30% (above 100k) (More Info)
  2. Affin Junior Saver/School Adoption: 2.00% (up to 250k) | 0.50% (above 250k) (More Info)
  3. BSN Smart Junior: 2.50% (up to 50k) | 0.25% (above 50k) (More Info)
  4. RHB Junior Saver: 2.40% (up to 50k) | 0.55% (above 50k) (More Info)
  5. Public Bank WISE Savings Account: 2.10% (up to 50k) | 0.35% (above 50k) (More Info)
  6. Maybank imteen/Yippie: 2.30% (up to 50k) | 0.40% (above 50k) (More Info)
  7. Hong Leong Junior Fixed Deposit: 2.15% – 2.50% 1 – 12 months | Minimum Deposit of RM1,000 (More Info)

High Yield Savings Accounts

  1. SCB Privilege$aver: Up to 6.15% (0.05% base + 0.70% bonus deposit + 0.70% credit card + 0.70% JomPay payments + 2.00% investment products + 2.00% payroll) (More Info)
  2. UOB Stash: up to 2.38% effective rate (200k deposit) (More Info)
  3. Hong Leong Bank Pay & Save: up to 4.15% (2.25% min 2k monthly savings + pay 0.50% + spend 0.50% + invest 0.90%) (More Info)
  4. OCBC 360: up to 5.00% (0.10% base + 2.80% deposit + 1.05% pay + 1.05% spend) (Valid till 30 April 2025) (More info)
  5. M2U Savers/i: 0.20% (below 2k) + 0.70% (2k – 50k) / 1.00% (balance above 50k) (More Info)
  6. MBSB Peak Savers Campaign: 0.5% (below 10k) + 2.80% (above 10k) (until March 31, 2025) (More Info)

Maybank Fixed Deposits Rates

Maybank (non-promotional) fixed deposit rates by comparison (updated September 2024)

  • 1 month: 2.30%
  • 2 months: 2.35%
  • 3 – 5 months: 2.45%
  • 6 – 12 months: 2.50%
  • 13 – 35 months: 2.55%
  • 36 – 60 months: 2.60%

Maybank General Investment Account (GIA)

Maybank’s GIA-i is an investment account which gives your profit sharing returns at approximately FD rates. No PIDM protection. GIA no longer offers no penalty withdrawals (wef Aug 1, 2017).

FAQ

Q: Are there any concerns on FDs?
A: If your FD is on auto-renewal, it is considered as untouched money if passes 7 years and can be forfeited. (more info).
Furthermore, non-Islamic fixed deposits normally incur penalties if you withdraw them early.

Q: What is the difference between a high yield savings account vs FD?
You can put in & take out funds from a savings account at anytime with no penalties or affecting your returns %. The monthly interest will be based on your average account balance. Some “unfixed” FDs work in a similar way (but do check the T&C).

Q: What happens if I uplift (end) my FD early?
For a short-term FD (3 months or less), you will lose all FD interest* for early uplifting. For longer term FD (above 3 months), you will lose ~50% of FD interest for early uplifting. (*Profit sharing for Islamic FD)

Q: Can non-Muslims use Islamic FDs?
A: Yes, no restrictions.

Q: Can Muslims use conventional FDs?
A: For Muslims, on e an Islamic alternative is available, it is recommended to do so.

More Info

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